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248

AI boom adds more than half a trillion dollars to wealth of US tech barons in 2025 (www.theguardian.com)

submitted 1 day ago by HellsBelle@sh.itjust.works to c/news@lemmy.world

51 comments fedilink hide all child comments

A stock market boom in artificial intelligence companies has added more than half a trillion dollars to the wealth of America’s tech barons in the past year, data shows.

The top 10 US founders and bosses of some of the world’s largest technology companies saw their finances swell to nearly $2.5tn, up from $1.9tn, in the year to Christmas Eve, according to figures from Bloomberg.

Elon Musk, already the world’s richest man, has again proved to be one of biggest winners as the AI gold-rush has pushed US stock markets to record highs.

Musk’s net worth increased by nearly 50% year-on-year to $645bn. The tycoon, whose business interests include xAI, an artificial intelligence company, became the first person to have a net-worth of more than $500bn in October this year. He could become the world’s first trillionaire if he hits targets set by Tesla, the electric car company he runs.

Musk sits ahead of Google co-founder Larry Page and Amazon founder Jeff Bezos in the overall rankings of the world’s wealthiest billionaires. Page is estimated to be worth $270bn, and Bezos $255bn.

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[–] thedeadwalking4242@lemmy.world 8 points 20 hours ago (1 children)

I don't know how Elon is the richest man. At least Amazon and Google actually do things and make a profit. Not a single one of musks ventures is profitable????

[–] stringere@sh.itjust.works 8 points 16 hours ago (1 children)

Overvalued stocks. Tesla stock has no business being vakued at what it is. Elon's wealth is all based on imaginary money until he cashes out. Unfortunately, he can borrow against those stocks while still owning them so it does give him some liquidity.

By the way, that's why the rich really want low interest rates: so the loans they take out against their stocks have a low rate. If that rate is lower than what their stocks pay out they have a magical cash machine. And tha's why we need to fix capital gains taxes; if you can borrow against stocks then that should be considered profiting from them and taxed accordingly.

Oh, and capital gains taxes, along with corporate taxes, should far exceed income taxes from labor, but I've digressed far enough.

[–] sin_free_for_00_days@sopuli.xyz 2 points 7 hours ago

Highly progressive wealth tax, starting super high. Like $50Million. That would be a start.