Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.

Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.

Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.

Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.

Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.

The post Elon Musk Becomes First Individual to Reach Net Worth of $400 Billion appeared first on theprimarymarket.com.

Nvidia is now considered one of the biggest and most valuable tech companies thanks to its prominent role in fueling the artificial intelligence boom with its AI chips and software. Huang is a driving force behind that success, steering the company away from gaming and multimedia to AI sectors.

However, in 2013, Nvidia was still lagging behind its rivals and wasn’t even in the top 10 biggest chipmakers in the world. Meanwhile, TSMC firmly positioned itself as one of the leaders in the semiconductor industry.

 Around that time, Chang was getting to retire and was looking for a successor in the position of TSMC’s CEO. He recognized Huang’s “professional experience and semiconductor expertise” and approached him with an offer for the job.

Despite an attractive offer, Huang didn’t even take time to consider it and rejected it on the spot, saying he “already has a job.” Chang tried once again several weeks later but received the same response.

“Jensen’s response to me was honest: He ‘already had a job!’ That job was to elevate Nvidia to what it is today, 11 years later,” Chang added.

The post TSMC Founder Reveals He Tried to Hire Nvidia’s Jensen Huang in 2013 appeared first on theprimarymarket.com.

In a recent conversation with CNBC, Gates said that if he were to do it all over again, he would focus on artificial intelligence.

“Today, somebody could raise billions of dollars for a new AI company [that’s just] a few sketch ideas,” Gates shared.

Gates also laid out his plan for a hypothetical scenario. If he had enough capital, he would build a company that could challenge the AI giants like Nvidia, Google, or ChatGPT maker OpenAI. If not, he would look to tap into some unique aspects of AI and focus on employing artificial intelligence in a way that hasn’t been done before.

“I was lucky that my belief in software made me unique,” Gates explained. “ … Just believing in AI, that’s not very unique. So I would have to develop some unique view of how you design AI systems — something that other people didn’t get.”

Gates also had advice for young entrepreneurs who are looking to make their mark in AI. Instead of trying to compete with giants of the industry, they should think about ways the artificial technology could help businesses grow or improve everyday life.

The post Bill Gates Says He Would Focus on AI if He Was to Start Microsoft Today appeared first on theprimarymarket.com.

Back in 2018, Cohen, who is also a founder of an online retailer for pet food and pet products, acquired more than 562,000 Wells Fargo voting shares, approximately worth around $100 million. While Cohen was required to report the acquisition to federal antitrust agencies under the Hart-Scott-Rodino (HSR) Act due to the size of the stake, he failed to do so until 2021.

“Cohen’s acquisition of Wells Fargo voting securities was not exempt under the Investment-Only Exemption of the HSR Act, even though his holding represented less than 10 percent of the outstanding voting securities of Wells Fargo,” FTC said in a press release.

According to FTC, Cohen actively tried to get involved in Wells Fargo’s business decisions, corresponding with the company’s leadership and making suggestions for improvements. He also actively pursued a board seat but failed in his attempts.

In order to settle the charges brought against him by FTC, Cohen agreed to pay a civil penalty of $985,320.

Cohen and his investment vehicle RC Ventures were recently also the subject of a lawsuit by Bed Bath & Beyond. The suit, which accused Cohen of engaging in insider trading to make a $47 million profit, was dismissed in June.

The post GameStop CEO Ryan Cohen to Pay Fine of Nearly $1 Million for Failing to Disclose Wells Fargo Stake appeared first on theprimarymarket.com.

During a conference call with analysts earlier this week, Barry found himself engaged in a heated discussion with Wells Fargo’s analyst Finian O’Shea.

It all started when O’Shea asked under which circumstances would the company “force the conversion of some of its preferred stock into common shares.”

Barry responded to O’Shea in an animated manner.

“No, we’re not running over and looking at break glass here. I just am amazed at these questions,” Barry said. “Is the house on fire? Why are we talking about something like that?”

Barry branded O’Shea’s questions as “absurd” later in the exchange.

“By the way, why don’t you do the world a favor and do a little research before you come on an earnings call with absurd questions like this? You don’t even know what you’re talking about,” he added.

Prospect has found itself under pressure recently due to concerns over its finances, dependence on outside investments, and allowing troubled borrowers to pay interests with debt.

The post Prospect CEO Engages in Heated Discussion With Wells Fargo Analyst During Conference Call appeared first on theprimarymarket.com.

In a recent interview with Money.com, Cuban described a number of frugal habits he had in his youth. According to him, they were part of his goal to retire early.

Cuban shared that he drove beat-down cars that didn’t cost more than $200 until he was 25. One of those vehicles was a Fiat that had a hole in its floor.

“It was crazy. But that was my decision. I was determined to save money,” Cuban shared.

According to Cuban, the major source of inspiration for these kinds of decisions was Paul Terhorst’s book Cashing in on the American Dream: How to Retire at 35. The book proposes a five-year plan that should, in theory, allow people to accumulate enough money and retire at a young age.

“I believed heavily in that book. It was a big motivator for me. I did things like having five roommates and living off macaroni and cheese, and I was very, very frugal,” Cuban explains.

Cuban didn’t follow up on his intentions, but things worked out well for him regardless. He amassed great wealth and can retire anytime he wants, although that doesn’t seem to be his primary motivation anymore. 

The post Mark Cuban Describes Youth Frugal Habits as He Attempted to Retire Early appeared first on theprimarymarket.com.

According to the filing, Berkshire snapped up 690,106 shares of Ulta Beauty, worth around $266 million in the second quarter.

The stake comes as a surprise, considering that Ulta Beauty struggled in 2024 and saw its stock drop 33% year-to-date. However, analysts believe that Buffet and Berkshire perceive the stock as undervalued.

“We view this development as a vote of confidence for the company’s longer-term prospects and a further validation of ULTA’s significantly discounted valuation,” Oppenheimer analyst Rupesh Parikh wrote in a note sent to clients.

Ulta Beauty, which is one of the biggest beauty product retailers in the U.S., had a promising second quarter in which it increased its sales by 3.5% compared to the same period in 2023. However, a lot of investors were unimpressed with CEO Dave Kimbell’s warning that the company would experience “a slowdown in the total category across price points and segments” and quickly sold off their holdings to send the stock crashing.

Ulta Beauty’s stock slightly recovered after Berkshire unveiled its stake in the company. It surged more than 17% for the week and closed at $377.06 per share on Friday.

The post Berkshire Hathaway Unveils $266 Million Stake in Cosmetics Retailer Ulta Beauty appeared first on theprimarymarket.com.

In a Securities and Exchange Commission (SEC) filing made earlier this week, Bezos revealed that he plans to sell 25 million of Amazon shares. Based on Wednesday’s close price of $197.59, this amounts to around $5 billion.

This wouldn’t be the first time Bezos is taking the opportunity and selling Amazon shares while they are on a high. In early 2024, after the stock jumped by 80%, Bezos offloaded approximately $8.5 billion worth of the company’s shares. This was his first sale since 2021.

The shares of Amazon have benefited from a recent artificial intelligence craze. The company’s stock crossed the $200 per share mark on Thursday to reach a record high before sliding on Wednesday. Still, Amazon shares remain 31.79% up year to date.

Even with the most recent sale, Bezos will still own 8.8% of Amazon’s outstanding stock or 912 million shares. Bloomberg Billionaires Index places him second on the list of richest people in the world with an estimated personal wealth of $221.6 billion.

The post Jeff Bezos Plans to Sell $5 Billion in Amazon Stock appeared first on theprimarymarket.com.

According to the Bloomberg Billionaires Index, Ballmer’s personal wealth recently surpassed the one of his former boss and Microsoft founder Bill Gates.

Ballmer is currently estimated to be worth $157.2 billion, making him the sixth richest person in the world. Gates, on the other hand, is worth $156.7 billion.

Ballmer originally joined Microsoft in 1980, becoming the company’s 30th employee. He fronted several divisions during his first 18 years with Microsoft before becoming its President in 1998. Two years later, he succeeded Gates as the CEO and remained in the position until 2014.

As part of Ballmer’s original employment agreement, he received an 8% stake in the company. He would go on to sell 4% of his shares in the early 2000s but still owns the remaining 4% and is Microsoft’s largest single shareholder. These shares are the main source of his wealth as the company’s stock skyrocketed in recent years. He is also the owner of the NBA franchise Los Angeles Clippers.

At the price of $460.77, the shares of Microsoft are 236.18% up in the past five years and 24.24% up year-to-date.

The post Ex-Microsoft CEO Steve Ballmer is Now Richer Than His Former Boss Bill Gates appeared first on theprimarymarket.com.

The biggest donation, consisting of around $4 billion, went to the Gates Foundation. Founded by Bill Gates and Melinda French Gates, the foundation aims to “enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S.”

Susan Thompson Buffett Foundation will receive $400 million. This foundation, which makes charitable efforts in healthcare and education, was founded by Buffet and his late wife.

Lastly, the foundations of Buffet’s three children – Peter, Howard Graham, and Susan Alice – will each get Berkshire Hathaway stock worth $285 million.

After making the donation, Buffet had an interview with The Wall Street Journal in which he detailed how he plans to give away his fortune after his death, something he has pledged to do in 2006. According to Buffet, his wealth will go into a charitable trust controlled by his children, and they will unanimously have to decide how to disperse it.

“It should be used to help the people that haven’t been as lucky as we have been,” Buffett told The Wall Street Journal. “There’s eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1% or something. There’s lots of ways to help people.”

The post Warren Buffett Donates Berkshire Hathaway Stock Worth $5.3 Billion to Charities appeared first on theprimarymarket.com.

Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.

Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.

Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.

Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.

Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.

The post Elon Musk Becomes First Individual to Reach Net Worth of $400 Billion appeared first on theprimarymarket.com.

Nvidia is now considered one of the biggest and most valuable tech companies thanks to its prominent role in fueling the artificial intelligence boom with its AI chips and software. Huang is a driving force behind that success, steering the company away from gaming and multimedia to AI sectors.

However, in 2013, Nvidia was still lagging behind its rivals and wasn’t even in the top 10 biggest chipmakers in the world. Meanwhile, TSMC firmly positioned itself as one of the leaders in the semiconductor industry.

 Around that time, Chang was getting to retire and was looking for a successor in the position of TSMC’s CEO. He recognized Huang’s “professional experience and semiconductor expertise” and approached him with an offer for the job.

Despite an attractive offer, Huang didn’t even take time to consider it and rejected it on the spot, saying he “already has a job.” Chang tried once again several weeks later but received the same response.

“Jensen’s response to me was honest: He ‘already had a job!’ That job was to elevate Nvidia to what it is today, 11 years later,” Chang added.

The post TSMC Founder Reveals He Tried to Hire Nvidia’s Jensen Huang in 2013 appeared first on theprimarymarket.com.

In a recent conversation with CNBC, Gates said that if he were to do it all over again, he would focus on artificial intelligence.

“Today, somebody could raise billions of dollars for a new AI company [that’s just] a few sketch ideas,” Gates shared.

Gates also laid out his plan for a hypothetical scenario. If he had enough capital, he would build a company that could challenge the AI giants like Nvidia, Google, or ChatGPT maker OpenAI. If not, he would look to tap into some unique aspects of AI and focus on employing artificial intelligence in a way that hasn’t been done before.

“I was lucky that my belief in software made me unique,” Gates explained. “ … Just believing in AI, that’s not very unique. So I would have to develop some unique view of how you design AI systems — something that other people didn’t get.”

Gates also had advice for young entrepreneurs who are looking to make their mark in AI. Instead of trying to compete with giants of the industry, they should think about ways the artificial technology could help businesses grow or improve everyday life.

The post Bill Gates Says He Would Focus on AI if He Was to Start Microsoft Today appeared first on theprimarymarket.com.

Back in 2018, Cohen, who is also a founder of an online retailer for pet food and pet products, acquired more than 562,000 Wells Fargo voting shares, approximately worth around $100 million. While Cohen was required to report the acquisition to federal antitrust agencies under the Hart-Scott-Rodino (HSR) Act due to the size of the stake, he failed to do so until 2021.

“Cohen’s acquisition of Wells Fargo voting securities was not exempt under the Investment-Only Exemption of the HSR Act, even though his holding represented less than 10 percent of the outstanding voting securities of Wells Fargo,” FTC said in a press release.

According to FTC, Cohen actively tried to get involved in Wells Fargo’s business decisions, corresponding with the company’s leadership and making suggestions for improvements. He also actively pursued a board seat but failed in his attempts.

In order to settle the charges brought against him by FTC, Cohen agreed to pay a civil penalty of $985,320.

Cohen and his investment vehicle RC Ventures were recently also the subject of a lawsuit by Bed Bath & Beyond. The suit, which accused Cohen of engaging in insider trading to make a $47 million profit, was dismissed in June.

The post GameStop CEO Ryan Cohen to Pay Fine of Nearly $1 Million for Failing to Disclose Wells Fargo Stake appeared first on theprimarymarket.com.

During a conference call with analysts earlier this week, Barry found himself engaged in a heated discussion with Wells Fargo’s analyst Finian O’Shea.

It all started when O’Shea asked under which circumstances would the company “force the conversion of some of its preferred stock into common shares.”

Barry responded to O’Shea in an animated manner.

“No, we’re not running over and looking at break glass here. I just am amazed at these questions,” Barry said. “Is the house on fire? Why are we talking about something like that?”

Barry branded O’Shea’s questions as “absurd” later in the exchange.

“By the way, why don’t you do the world a favor and do a little research before you come on an earnings call with absurd questions like this? You don’t even know what you’re talking about,” he added.

Prospect has found itself under pressure recently due to concerns over its finances, dependence on outside investments, and allowing troubled borrowers to pay interests with debt.

The post Prospect CEO Engages in Heated Discussion With Wells Fargo Analyst During Conference Call appeared first on theprimarymarket.com.

In a recent interview with Money.com, Cuban described a number of frugal habits he had in his youth. According to him, they were part of his goal to retire early.

Cuban shared that he drove beat-down cars that didn’t cost more than $200 until he was 25. One of those vehicles was a Fiat that had a hole in its floor.

“It was crazy. But that was my decision. I was determined to save money,” Cuban shared.

According to Cuban, the major source of inspiration for these kinds of decisions was Paul Terhorst’s book Cashing in on the American Dream: How to Retire at 35. The book proposes a five-year plan that should, in theory, allow people to accumulate enough money and retire at a young age.

“I believed heavily in that book. It was a big motivator for me. I did things like having five roommates and living off macaroni and cheese, and I was very, very frugal,” Cuban explains.

Cuban didn’t follow up on his intentions, but things worked out well for him regardless. He amassed great wealth and can retire anytime he wants, although that doesn’t seem to be his primary motivation anymore. 

The post Mark Cuban Describes Youth Frugal Habits as He Attempted to Retire Early appeared first on theprimarymarket.com.

According to the filing, Berkshire snapped up 690,106 shares of Ulta Beauty, worth around $266 million in the second quarter.

The stake comes as a surprise, considering that Ulta Beauty struggled in 2024 and saw its stock drop 33% year-to-date. However, analysts believe that Buffet and Berkshire perceive the stock as undervalued.

“We view this development as a vote of confidence for the company’s longer-term prospects and a further validation of ULTA’s significantly discounted valuation,” Oppenheimer analyst Rupesh Parikh wrote in a note sent to clients.

Ulta Beauty, which is one of the biggest beauty product retailers in the U.S., had a promising second quarter in which it increased its sales by 3.5% compared to the same period in 2023. However, a lot of investors were unimpressed with CEO Dave Kimbell’s warning that the company would experience “a slowdown in the total category across price points and segments” and quickly sold off their holdings to send the stock crashing.

Ulta Beauty’s stock slightly recovered after Berkshire unveiled its stake in the company. It surged more than 17% for the week and closed at $377.06 per share on Friday.

The post Berkshire Hathaway Unveils $266 Million Stake in Cosmetics Retailer Ulta Beauty appeared first on theprimarymarket.com.

In a Securities and Exchange Commission (SEC) filing made earlier this week, Bezos revealed that he plans to sell 25 million of Amazon shares. Based on Wednesday’s close price of $197.59, this amounts to around $5 billion.

This wouldn’t be the first time Bezos is taking the opportunity and selling Amazon shares while they are on a high. In early 2024, after the stock jumped by 80%, Bezos offloaded approximately $8.5 billion worth of the company’s shares. This was his first sale since 2021.

The shares of Amazon have benefited from a recent artificial intelligence craze. The company’s stock crossed the $200 per share mark on Thursday to reach a record high before sliding on Wednesday. Still, Amazon shares remain 31.79% up year to date.

Even with the most recent sale, Bezos will still own 8.8% of Amazon’s outstanding stock or 912 million shares. Bloomberg Billionaires Index places him second on the list of richest people in the world with an estimated personal wealth of $221.6 billion.

The post Jeff Bezos Plans to Sell $5 Billion in Amazon Stock appeared first on theprimarymarket.com.

According to the Bloomberg Billionaires Index, Ballmer’s personal wealth recently surpassed the one of his former boss and Microsoft founder Bill Gates.

Ballmer is currently estimated to be worth $157.2 billion, making him the sixth richest person in the world. Gates, on the other hand, is worth $156.7 billion.

Ballmer originally joined Microsoft in 1980, becoming the company’s 30th employee. He fronted several divisions during his first 18 years with Microsoft before becoming its President in 1998. Two years later, he succeeded Gates as the CEO and remained in the position until 2014.

As part of Ballmer’s original employment agreement, he received an 8% stake in the company. He would go on to sell 4% of his shares in the early 2000s but still owns the remaining 4% and is Microsoft’s largest single shareholder. These shares are the main source of his wealth as the company’s stock skyrocketed in recent years. He is also the owner of the NBA franchise Los Angeles Clippers.

At the price of $460.77, the shares of Microsoft are 236.18% up in the past five years and 24.24% up year-to-date.

The post Ex-Microsoft CEO Steve Ballmer is Now Richer Than His Former Boss Bill Gates appeared first on theprimarymarket.com.

The biggest donation, consisting of around $4 billion, went to the Gates Foundation. Founded by Bill Gates and Melinda French Gates, the foundation aims to “enhance healthcare and reduce extreme poverty across the world, and to expand educational opportunities and access to information technology in the U.S.”

Susan Thompson Buffett Foundation will receive $400 million. This foundation, which makes charitable efforts in healthcare and education, was founded by Buffet and his late wife.

Lastly, the foundations of Buffet’s three children – Peter, Howard Graham, and Susan Alice – will each get Berkshire Hathaway stock worth $285 million.

After making the donation, Buffet had an interview with The Wall Street Journal in which he detailed how he plans to give away his fortune after his death, something he has pledged to do in 2006. According to Buffet, his wealth will go into a charitable trust controlled by his children, and they will unanimously have to decide how to disperse it.

“It should be used to help the people that haven’t been as lucky as we have been,” Buffett told The Wall Street Journal. “There’s eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1% or something. There’s lots of ways to help people.”

The post Warren Buffett Donates Berkshire Hathaway Stock Worth $5.3 Billion to Charities appeared first on theprimarymarket.com.