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<ul class="summary-list"><li>Tech mogul <a href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has an estimated net worth of $264 billion.</li><li>His estimated fortune peaked at around $340 billion in November 2021 as Tesla shares soared.</li></ul>Elon Musk has a net worth of around $264 billion, according to estimates by <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg</a>.His net worth, which is closely tied to Tesla's share price, received a huge boost in the wake of the news that Donald Trump had won reelection as Tesla shares soared to their highest level since the beginning of the year.But the tech mogul's wealth comes from a number of sources and it isn't stable. Musk is currently the world's richest person and other billionaires are close on his heels, too: <a href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> is $43 billion behind Musk, while Meta CEO <a href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a> is currently $18 billion below Bezos.<h2>How has Musk's net worth changed over time?</h2>Musk, who was born in South Africa, moved to Canada and dropped out of a Ph.D. at Stanford, became a millionaire before he hit 30. Musk started Zip2, a website that provided city travel guides to newspapers, with his brother Kimbal Musk, and sold it to Compaq for more than $300 million in 1999. Musk, then aged 27, is believed to have got $22 million from the deal.He went on to cofound online bank X.com in 1999. It soon merged with Peter Thiel's Confinity to become PayPal, and the company was bought for $1.5 billion by eBay in 2002. Despite having been ousted as CEO, Musk walked away with around $165 million. Musk cofounded space-exploration company <a href="https://www.businessinsider.com/spacex-elon-musk">SpaceX</a> in 2002. In 2004, he became an investor in and chairman of EV company Tesla.During the financial crisis in 2008, he saved Tesla from bankruptcy with a $40 million investment and a $40 million loan. That same year, he was named <a href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla's CEO</a>.Musk said 2008 was "the worst year of my life." Alongside problems in his personal life, Tesla kept losing money and SpaceX was having trouble launching the first version of its <a href="https://www.businessinsider.com/spacex-falcon-9-launches-updates-schedule">Falcon rocket</a>. By 2009, Musk was living off personal loans.But <a href="https://www.businessinsider.com/tesla">Tesla</a> went public in 2010, and Musk's estimated net worth steadily climbed. In 2012 he debuted on Forbes' Billionaires List with an estimated wealth of $2 billion. In 2016, Musk set up the tunnel-digging business <a href="https://www.businessinsider.com/elon-musk-the-boring-company">the Boring Company</a>.The next year, he founded neurotechnology startup <a href="https://www.businessinsider.com/neuralink">Neuralink</a>.Musk's net worth began a rapid ascent at the start of the pandemic as <a href="https://markets.businessinsider.com/stocks/tsla-stock" target="_blank" rel="noopener">Tesla stock</a> prices soared. Musk started 2020 with an estimated net worth of just under $30 billion and was worth around $170 billion just a year later – a more than five-fold increase in just a year. His estimated fortune peaked at around $340 billion in November 2021.<a href="https://www.businessinsider.com/did-elon-musk-buy-twitter-acquisition-details">Musk also bought Twitter</a> for $44 billion in October 2022, serving as its CEO until he stood down in early June 2023.But it's tumbled since then: Tesla stock was down 56% by the end of January 2024, slashing the company's value from over $1.2 trillion to below $600 billion.<a href="https://www.businessinsider.com/elon-musk-net-worth-tesla-robotaxi-event-2024-10">Musk's net worth declined by $15 billion</a> after Tesla's "We, Robot" day on October 10 when it unveiled its highly anticipated robotaxi lineup. While the event turned heads with dancing robots and sleek autonomous vehicles offering rides to guests, it left investors with question marks surrounding the economics of the ride-hailing service. Following a big earnings beat later that month, Tesla's stock surged by 22%, leading <a href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-gains-tesla-stock-price-earnings-tsla-2024-10">Musk's net worth to increase by about $30 billion</a>. The morning of Trump's reelection on November 6, which Musk heavily campaigned for, Tesla's stock was up about 15% to $289.37 per share after the market opened, the highest it's hit all year. <h2>Where does Musk's fortune come from?</h2>Musk's wealth is largely dependent on Tesla shares. Though he takes no <a href="https://www.businessinsider.com/elon-musk-tesla-salary-dropped-zero-2020-pay-electric-vehicles-2021-8">salary from Tesla</a>, he's awarded stock options when the company hits challenging performance metrics."Elon will receive no guaranteed compensation of any kind — no salary, no cash bonuses, and no equity that vests simply by the passage of time," Tesla said in 2018 when the company announced a 10-year performance award for Musk. "Instead, Elon's only compensation will be a 100% at-risk performance award, which ensures that he will be compensated only if Tesla and all of its shareholders do extraordinarily well."Investors had initially approved the $55 billion compensation plan in 2018, but a Delaware judge <a href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1" target="_blank" rel="noopener">voided it in January</a> on grounds that Musk had undue influence over the package and its approval due to close ties with several board members.At its annual shareholder meeting in June, <a href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">investors voted to approve Musk's pay package</a>.According to Bloomberg, close to half of Musk's net worth comes from Tesla shares, while just over 20% comes from <a href="https://www.businessinsider.com/spacex-stock">SpaceX stock</a>.The rest of his wealth comes from shares in <a href="https://www.businessinsider.com/elon-musk-twitter">Twitter</a> and The Boring Company, as well as other miscellaneous liabilities.

What is Elon Musk's net worth? Find out the wealth of the Tesla, SpaceX CEO

<ul class="summary-list"><li>Elon Musk is close to setting a new wealth record following a Tesla stock surge since the election.</li><li>The Tesla and SpaceX CEO has grown $105 billion richer this year, fueled by Tesla's 41% jump.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> is close to breaking his wealth record following Tesla's <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11">postelection rally</a>.The <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">world's richest person</a> gained almost $21 billion on Monday as Tesla stock jumped 9%, boosting his net worth to $335 billion, per the Bloomberg Billionaires Index.Tesla shares rose as much as 2.6% in premarket trading on Tuesday before reversing direction and dropping 4%. Their initial gain briefly lifted Musk's wealth on paper to about $342 billion, per Business Insider estimates, surpassing his record high of $340.4 billion in 2021.The Tesla and SpaceX CEO's <a target="_blank" class="" href="https://www.businessinsider.com/elon-musks-net-worth-soars-past-300b-trump-election-win-2024-11">net worth has soared</a> by an unmatched $105 billion this year, putting him more than $100 billion ahead of the runner-up on the rich list, Amazon founder Jeff Bezos, who is worth $228 billion.Tesla stock has surged since Donald Trump's victory in the US presidential election to close on Monday at $350, as investors wagered the electric-vehicle maker would benefit from Musk's close ties to the president-elect.Mark Malek, the chief investment officer at Siebert, recently <a target="_blank" class="" href="https://www.businessinsider.com/election-musk-cuban-trump-meme-stocks-gamestop-dogecoin-crypto-markets-2024-11">told BI</a> that "some sort of premium has been placed on the stock as a result of Musk's very public involvement in Trump's campaign."The tech billionaire <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-pennsylvania-america-pac-donald-trump-harris-2024-11">championed Trump</a> on X, and his super PAC spent an estimated $200 million to get the former president back into office, The Associated Press reported.Trump has <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">suggested</a> Musk could run a government efficiency commission aimed at cutting costs and bureaucracy in the federal government.Tesla stock was up 41% for the year at Monday's close, leaving it some way off its record close of $410 on November 4, 2021. The automaker's market capitalization has ballooned to more than $1.1 trillion, making it more valuable than Warren Buffett's $1 trillion conglomerate, Berkshire Hathaway.Musk's roughly 13% stake in the company has jumped in value as a result. At $335 billion, his personal fortune isn't far off Netflix's $344 billion market value — and comfortably exceeds Salesforce's $327 billion.

Elon Musk is close to breaking his $340 billion wealth record as Tesla stock keeps rising

The deluge of funds in sectoral, or <keyword id="20296225" type="General" weightage="20" keywordseo="Thematic-Funds" source="keywords">thematic funds</keyword> continued unabashed in September, with investors pouring in Rs 13,254.63 crore via 183 schemes into this category, as <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="261" meta.entityid="AMFI">AMFI</keyword> data showed. In August too, investors had put in Rs 18,117.18 crore via 179 schemes here. The trend has been going strong since July, 2024, which saw <keyword id="20444306" type="General" weightage="100" keywordseo="Sectoral-Funds" source="keywords">sectoral funds</keyword> garner Rs 18,386.35 crores via 174 schemes. In August, 5 new thematic funds were launched on the momentum, which raised Rs 10,202 crore. Last month saw the launch of 4 new sectoral schemes, which garnered around Rs 8,000 crore. However, inflows into <keyword id="21366551" type="General" weightage="20" keywordseo="Equity-Schemes" source="keywords">equity schemes</keyword> fell by 10% in September to Rs 34,419 crore, as compared to Rs 38,239 crore in August 2024. Between April and June 2024, equity <keyword id="19929240" type="General" weightage="20" keywordseo="Mutual-Funds" source="keywords">mutual funds</keyword> had seen a total inflow of Rs 94,222.27 crore, out of which inflows in sectoral funds (Rs 46,731.17 crore) alone were a whopping 50%. While the quantum of inflow in equities, and sectoral funds certainly seems to have tapered down a bit, it continues to remain significantly strong, indicating heavy <keyword id="20354507" type="General" weightage="20" keywordseo="Investor-Interest" source="keywords">investor interest</keyword> in this largely risky segment. Over the last year, AMCs have been pumping out more and more NFOs in this space in a bid to get a bigger chunk of investor's money, and also regulations restrict them from launching new schemes under other categories. However, with the ongoing geopolitical concerns in Middle East, and rising prices of crude oil, the equity markets are set for volatile, uncertain times ahead. However. thematic funds have had a good run so far this year, with YTD (yield to date) of 28.69%, and returns worth 44.71% over the past year. Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "On the prima facie, it looks like investors are concerned about the valuation, increasing geo-political uncertainty and moderation in earnings and hence, we have seen redemption from funds. But we will have to wait for how the global events play out – like the Chinese stimulus, the Fed Decision and the RBI’s MPC policy stance in the months to come". As such, you should think twice and carefully assess the risks involved before dipping your hands in the gush of sectoral funds right now. While they may be all the rage, identifying the right sector or theme at the right time is a job best done by professionals. <h2>Don't ignore the risks involved</h2>Siddharth Alok, AVP Investments, Multi Ark Wealth-Epsilon Money explains that sectoral funds come with high risk, since they are more vulnerable to sector-specific downturns. This might not suit the risk palate of many investors. "All markets have cycles, where some sectors naturally outperform while some underperform in the short to medium term. For instance, industrial and consumer discretionary sectors may perform well in a growing economy, while defensive sectors like utilities or healthcare may perform better during downturns". "To make the most of your investments in sectoral funds, it is essential to time your entry and exit in these sectors, which is a difficult job for a regular investor", he continued. In order to maximise your returns in thematic funds, either investors i.e. you should understand the dynamics of the underlying sector or theme, or you should have qualified and experienced advisors who can help you take the right decision with regards to such investments. As a matter of fact, you should approach any new funds only after comparing them with similar existing offerings and ensuring their aptness in your portfolio. As an astute investor, you should understand that such funds offer a very high-risk high return investment proposition and may not fit in the portfolio of every investor. Investing in every <keyword id="20498936" type="General" weightage="20" keywordseo="NFO" source="keywords">NFO</keyword> (New Fund Offering) without assessing the sector's viability and future growth, merely on the back of its current hype is unadvisable.

The newest fad in mutual fund multiverse: Sectoral Funds. Here's why you should not over-invest in them

George Wilson learned the hard way that there's no such thing as a free lunch — or, in his case, a free dinner that cost him a chunk of his retirement savings.As a retiree, he regularly received postcards in the mail, offering to teach him about finance and how to make money in retirement. They usually involved a presentation at a nice restaurant, and he would go without acting on any of the investment advice.But on one occasion, Wilson did take the bait after a brochure he received in 2010 inviting him to an evening at Ruth's Chris Steak House ended up costing him $158,000."It was a very good restaurant. And so, of course, it caught my attention," Wilson said in an interview.At that fateful dinner, he enjoyed his favorite top sirloin steak, asparagus tips, and a "fabulous" chocolate cake. He also met David Escarcega, one of the hosts and a broker who would eventually advise him to invest in so-called non-correlated, fixed-income alternative products from the <a target="_blank" class="" href="https://www.investmentnews.com/alternatives/gwg-holdings-files-for-bankruptcy/220355">now-bankrupt firm GWG</a>.Years later, Wilson is still fighting to regain what he lost from that investment. An arbitration decision recently awarded him $267,252 in compensation, including emotional distress damages from the last broker who facilitated the transaction. But the respondent only paid approximately $103,363.40 toward sanctions and the award. After costs, Mr. Wilson will end up with almost no payout, according to his attorney.Fancy restaurants with presentations are a common practice in the industry, says financial planner Michael Murray, adding that there are services that provide mailing lists of people with a certain net worth, and retirees are often on them because it's where wealth tends to be concentrated.But those meals aren't really free, Murray said. They're predominantly set up to sell high-commission products. In GWG's case, brokers earned up to 8% in commissions. What advisors can earn from one of these events pays for the meals and more. Picture a scenario where an advisor signs up $500,000 worth of investments with an 8% commission rate; that's a $40,000 payout. The math is very favorable for those who do this regularly, he added.Meanwhile, invitees feel like the hosts have done something nice for them and there's an implication that they should do something back, Murray noted. "So I think certain people will go to these dinner seminars and almost feel an obligation to work with someone."They're referred to as "free lunch seminars," said Adam Gana, a securities attorney who worked on Wilson's case. They're common in the industry. But Gana says that when brokerage firms offer them, he tells clients to run the other way."We see them all the time," Gana said. "I've represented 3,000 investors over the last 15 years, and in so many of those instances when we're dealing with a horrific product, a non-traded product, a product that's just terrible for investors, it usually starts with a free lunch."<h2 id="74285f86-a363-43ff-b132-9ec411f82f14">Risky business</h2>After the dinner, Wilson and his ex-wife Jean followed up with Escarcega at his office to discuss alternative investment options."We sat down with him, and he went through various opportunities that he could present to us, and we asked for several," Wilson said. "And the one that seemed the most attractive and that he extolled the virtues of the most was GWG. And so we thought about it for several weeks and went back and forth and then ultimately decided to do it."The products were non-publicly traded so-called LifeNotes, high-yield debt securities that paid a 9% monthly interest rate by GWG Holdings, according to documents viewed by Insider. They were based on life insurance policies purchased on the secondary market, with the expectation that death benefits would be paid to GWG's bondholders when the insured died. One brochure, viewed by Insider, advertised them as a "secured investment backed by a large portfolio of high-quality life insurance policies""Escarcega had pitched them as a safer alternative to the volatile stock market that could provide steady dividend payouts while preserving the principal investments, Wilson said."Of course, we want to leave our equity to our children but have some kind of income coming from it while we're still here," Wilson said. "And so that was very attractive to us, that we preserve our equity."Wilson initially purchased $180,000 worth of the notes using funds from his IRA, according to documents viewed by Insider. He later reduced his investment to $158,000 and flipped it to GWG preferred stock. For the next few years, things were looking good. Wilson received payouts monthly. In 2017, he decided to renew his investment, according to documents viewed by Insider.What he didn't know was that by then, Escarcega had been barred from selling securities after misrepresenting investment risks, according to FINRA. So Escarcega used his brother Adrian's license to submit the transactions through AGES Financial Services, according to arbitration documents from Wilson's attorneys. The Escarcegas could not be reached for comment.It was one of many details Wilson wasn't aware of. Thus far, the payouts had always been timely, he said. So, there was no reason to suspect there were problems. But there were. GWG's balance sheet wasn't adding up. FINRA had determined that it hadn't been profitable in over a decade. The firm had been selling new bonds to pay dividends to existing bondholders. The underlying collateral wasn't generating an income and multiple accounting firms refused to audit it, according to the amended statement of claim.The doom loop would eventually come to a screeching halt due to GWG's accounting issues, an SEC investigation, and failure to file its annual SEC report. By 2021, it could no longer sell bonds which led to its bankruptcy by 2022 and the halting of dividend payments, according to the amended statement of claim.Craig McCann, a consultant providing expert testimony in investment cases, including this one, said that GWG's insurance contracts were being overvalued on its balance sheet and the firm was assuming that people would die earlier. As a result, they estimated receiving the death benefits sooner. Simply put, there were not enough benefits being paid on the insurance contracts to cover the interest and principal due."There were lots of signals," McCann said. "There were lots of problems with their SEC filings and lots of reasons to believe that it was imminently going to happen, but most investors were very unsophisticated investors."In 2019, <a target="_blank" class="" href="https://www.investmentnews.com/alternatives/clients-win-another-gwg-bond-claim-this-time-against-b-d/245442">AGES had ended its relationship with GWG</a> due to a change in the company's business model, according to the firm. But Wilson says he was not informed by the firm, <a target="_blank" class="" href="https://www.investmentnews.com/fixed-income/investors-claiming-emotional-distress-damages-win-lawsuit-involving-gwg-bonds/257068">preventing him from selling his shares in time</a> (AGES disputes this). An arbitration panel found that the investment scheme was so egregious that they awarded him $267,252.00 in compensation that included emotional distress damages, according to the order. AGES paid $103,000 for all claimants.<h2 id="9e594bc3-8860-404f-8b63-aeb5d0906705">Risk reward</h2>Wilson's situation is a cautionary tale. He used his IRA to make the investment, so he's also faced with a required minimum distribution, which includes the amount invested in GWG even though it's nominal. He told Insider he must withdraw from other investments to meet the minimum.His case isn't an isolated one. There may have been thousands of brokers selling GWG bonds, based on data pulled from ADV filings as reported by McCann. Wilson says he lives with the guilt of advising his ex-wife and a friend who also invested in the bonds and lost their principal.Truth be told, it's difficult for the average retiree who is not financially savvy to understand the mechanics of many of these alternative investments, even when there are red flags, Murray said. Non-publicly traded investments take time to build capital before generating free cash flow. For those with lower cash reserves, they don't make much sense because they lack liquidity, he added.But Murray also emphasized that not all alternative investments are bad. He just thinks that if you're considering them, you must be financially savvy and have the ability to dig into offering statements, look at fee structures, and related party transactions. Even then, investors should resort to a second opinion from a fiduciary advisor, a CPA, or an attorney.Finally, understand that risk and reward are always tied together. Outsized promises of yields that are much higher than, say, the 10-Year Treasury is a red flag and means there's elevated risk, Murray said.

How a free meal cost an investor his retirement savings

<ul class="summary-list"><li>The ultra-rich owners of the world's leading luxury brands took a hit to their fortunes on Tuesday.</li><li>Declines in LVMH and Kering shares cut the value of Bernard Arnault and François Pinault's stakes.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-arnault-kering-pinault-chanel-loreal-luxury-wealth-china-stimulus-2024-9">billionaires behind</a> some of the world's most iconic fashion brands took a blow to their fortunes on Tuesday as disappointed investors dumped luxury stocks.<a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a>, the founder and CEO of LVMH Moët Hennessy Louis Vuitton, owns nearly 49% of Dior and Sephora's parent company, filings show. LVMH shares fell as much as 7% in Paris on Tuesday, slashing the value of his stake by about $13 billion, before paring their decline to 3%.Arnault ranked as the world's fourth-richest person with a $197 billion net worth at Monday's market close, per the Bloomberg Billionaires Index. He was the <a target="_blank" class="" href="https://www.businessinsider.com/bernard-arnault-lvmh-worlds-richest-person-overtakes-jeff-bezos-2024-3">wealthiest person on the planet</a> a few months ago, but flagging demand for luxury goods in China has cut LVMH stock by 11% this year, and his wealth by <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-bernard-arnault-wealth-rich-list-billionaires-luxury-musk-bezos-2024-9">more than $10 billion</a>.One of only two people on Bloomberg's rich list who've lost more money this year is Arnault's arch rival, <a target="_blank" class="" href="https://www.businessinsider.com/francois-pinault-kering-art-collection-gucci-house-christies-net-worth-2019-3">François Pinault</a> — the founder of Gucci and Balenciaga owner Kering.Kering shares tanked by as much as 8% on Tuesday, trimming the value of Pinault's roughly 41% stake by more than $1 billion, before narrowing their decline to 5%. Pinault was 83rd in the wealth rankings with a $24 billion fortune at Monday's close, down more than $11 billion this year.Other luxury names suffered <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-kering-shares-slump-china-luxury-sector-stimulus-2024-10">similar declines</a>, shrinking the fortunes of their biggest shareholders too. For example, the <a target="_blank" class="" href="https://www.businessinsider.com/dumas-family-hermes-wealth-net-worth-heirs-fortune-lifestyle-birkin-2019-3">Dumas family</a> owes most of its estimated $150 billion fortune to Hermès stock, which slid 3% on Tuesday.Former Richemont CEO Johann Rupert's family derives the bulk of its $14 billion fortune from the company behind Cartier and Piaget, which dropped 3%.Moncler CEO Remo Ruffini isn't quite rich enough to appear on Bloomberg's index (the lowest-ranked person is worth almost $6.4 billion), but Forbes pegs his net worth at $3.4 billion. The ski-jacket maker's stock also fell 3% on Tuesday.Chanel isn't publicly traded, but Bloomberg's list shows that co-owners <a target="_blank" class="" href="https://www.businessinsider.com/wertheimer-family-chanel-fortune-gerard-alain-vineyards-thoroughbred-net-worth-2019-2">Alain and Gérard Wertheimer</a> were worth about $46.6 billion apiece at Monday's close. Given the valuation declines across many other luxury brands on Tuesday, they're probably worth less now.The selloff was sparked by China's economic planners holding a press conference but not detailing their <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">stimulus plans</a>. The promise of interest-rate cuts, looser bank regulations, liquidity support, and even a stock stabilization fund had boosted markets worldwide.

Dior and Gucci owners suffer $14 billion wealth crash as luxury stocks slide

<ul class="summary-list"><li>Elon Musk is breaking ground as a pro-Trump megadonor.</li><li>While he may not donate the most money this cycle, Musk is behaving unlike any of the uber wealthy Americans before him.</li></ul>America has never seen a megadonor quite like <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-campaign-trail-pennsylvania-donald-trump-key-swing-state-2024-10">Elon Musk</a>.On Thursday, the world's richest man held a town hall event in Pennsylvania, the largest swing state in the 2024 race. The Tesla CEO has pledged to hold more events to promote former President Donald Trump's election. Musk has also seeded at least<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10"> $75 million</a> into a pro-Trump super PAC. His pro-Trump group, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/elon-musk-trump-america-pac-targets-young-men-vote-2024-9">America PAC</a>, even offers to pay people $47 if they get supporters to sign a petition, which in turn gives the outside group valuable data on potential swing voters. On Friday, Musk upped the offer even further, pledging $100 for every Pennsylvania voter."Elon Musk is sort of a natural for Donald Trump, " journalist Roger Lowenstein, who wrote a biography about Warren Buffett, told Business Insider.Musk, despite his $247 billion estimated net worth, isn't the biggest donor this presidential election cycle. According to <a target="_blank" class="" href="https://www.opensecrets.org/outside-spending/top_donors">OpenSecrets</a>, among disclosed donors, that title belongs to banking heir <a target="_blank" class="" href="https://www.businessinsider.com/who-timothy-mellon-robert-kennedy-donald-trump-billionaire-2024-6">Timothy Mellon</a>, who has spent a staggering $165 million on boosting Trump and Robert F. Kennedy Jr. (We won't know the full extent of 2024 donations until after the election, and that excludes so-called "dark money" groups, which, unlike super PACs, do not have to disclose their donors.)But where Musk stands out is among the richest of the rich. While there have been plenty of wealthy mega-donors -- the Koch brothers, the Adelsons, Michael Bloomberg, and others have spent hundreds of millions on super PACs -- the men who recently preceded Musk as the wealthiest American and the world's richest person have not been nearly as involved. Musk is taking a far different tact than Bill Gates, Jeff Bezos, and Warren Buffett."The richest man in the world fluctuates over time but not all of them have been able or even wanted to spend money in politics in the past four presidential elections," Ciara Torres-Spelliscy, a law professor at Stetson University, who has studied big money in politics, told Business Insider.Lowenstein pointed out how even Musk's temperament differs exceptionally from someone like Buffett."Warren just couldn't be more different," Lowenstein said. "This isn't affected by the fact that Warren was measured to be the richest person in the world. He is very careful about what he says. He does not like personal confrontations. He has always been fascinated by the pragmatic issues of policy. He doesn't get out there and say, you know, so and so is running the country or all the name-calling that is the political system these days. It's just not his bag."Even Musk has changed. Before this cycle, the largest single political donation he had ever given was $75,000 to Californians for Clean Alternative Energy in 2006. His final 2024 total is already more than 1,000 times that.<div type="image" title="Elon Musk with former president Donald Trump" height="2633" width="3949" msid="114397395" hostid="261" sizebytes="148502"></div>It remains to be seen what the South African-born tech titan has in store, but already he is showing an openness to rely on his fortune and his businesses in distinct ways the other three have not.Just look at how Musk has shaped X, formerly known as Twitter. It begins with his own account, which has roughly 202 million followers.Musk, who once said he voted for Barack Obama, has pushed memes and misinformation on the platform as he's become increasingly vocal about his views. He also lifted bans on Trump and other right-wing voices. According to The New York Times, X blocked links to a report with hacked information about Sen. JD Vance, Trump's running mate, after the Trump campaign reached out. Recently, Musk's company seized the @America handle to boost his super PAC.In the post-<a target="_blank" class="" href="https://www.businessinsider.com/citizens-united-supreme-court-precedent-political-hypocricy-desantis-disney-feud-2023-4">Citizens United</a> world, the nation's billionaires have dug deep to support outside organizations whose ad spending blitzes can shape elections. Over time, the hard ban on campaigns coordinating with super PACs, a limit that always allowed for some creative loopholes, has been further eroded. Super PACs can now explicitly partner with the campaigns on get-out-the-vote efforts for the first time. Trump's campaign is relying on America PAC along with other outside groups to make up the difference for this once critical role for campaigns.<h2 id="254490b1-6509-4044-ae33-54464a618e95">Citizens United blew open the door to big money in politics.</h2>The Supreme Court's 2010 landmark decision and related lower court rulings opened the door to super PACs. There was almost immediate concern about how the nation's wealthiest would shape elections, especially presidential races. According to reporter Ken Vogel's 2012 book, "Big Money," President Barack Obama told a room that included Bill Gates, then-the wealthiest American and previously the world's richest person, that he and a small group of people now had outsize power."You now have the potential of 200 people deciding who ends up being elected president every single time," Obama told the room that also included Steve Ballmer, who later replaced Gates as Microsoft CEO.Around the same time, Buffett, who briefly replaced Gates as the world's richest person in 2008, made clear that he would stay out of the super PAC business."I don't want to see democracy go in that direction," Buffett told Berkshire Hathway shareholders during an open Q and A at the multinational's 2012 meeting in Omaha. "You have to take a stand some place."It wasn't that Buffett and Gates didn't have political power.The Oracle of Omaha was the face of the Obama administration's push to raise taxes on the wealthy, the so-called "Buffett rule." And during a 2008 presidential debate, both Obama and Republican presidential nominee John McCain floated the investor as a potential Treasury secretary. (Buffett never joined the Obama administration.)Buffett also publicly endorsed Hillary Clinton in 2016 and Joe Biden in 2020. He held a fundraiser for Obama in 2012. Thanks to Nebraska's way of awarding Electoral College votes, he's also lived through the era in which the <a target="_blank" class="" href="https://www.businessinsider.com/trump-nebraska-2nd-electoral-college-vote-omaha-harris-mcdonnell-2024-9">Nebraska 2nd Congressional Distric</a>t, which covers Omaha and some of the metro area, has become a fierce political battleground. The city's oracle has yet to make a 2024 endorsement.<div type="image" title="Warren Buffett speaks at a 2016 rally in Omaha where he talked about his support for Hillary Clinton" height="1472" width="2500" msid="114397396" hostid="261" sizebytes="124894"></div>Gates praised Harris after she replaced Biden earlier this summer. He has also been a more outspoken critic of Trump. Gates, through his and his now-ex-wife Melinda French Gates' foundation, played a major role in shaping the US response to the COVID-19 pandemic. He also arguably held the largest media presence of the American billionaires until Musk rocketed into the top slot.None of the other recent wealthiest men have come close to Musk's super PAC spending. Bezos made the biggest splash in 2018 when they donated <a target="_blank" class="" href="https://www.cnbc.com/2018/09/05/jeff-bezos-donates-10-million-to-super-pacwith-honor-fund.html">$10 million to With Honor</a>, a super PAC that supported veteran candidates. Unlike America PAC, though, With Honor was geared to support candidates from both parties.Both Buffett and Bezos also held or held stakes in media companies. Bezos still owns The Washington Post (which, full disclosure, previously employed me.) But neither man positioned those publications in the way Musk has harnessed X.Of the unofficial group, Buffett was arguably the best positioned for a career in politics. While he's most associated with Nebraska's largest city, he was born in the nation's capital, the son of an avowed anti-Communist congressman. Instead, he has pursued a much softer and less public power flexing."He's a pretty good listening post, and for those who want, a pretty good advice giver," Lowenstein said. "That way, he has a lot of influence. Obviously, that effectiveness wouldn't be there if it became public."

Elon Musk is flexing his wealth and political power unlike any of the richest men before him

<ul class="summary-list"><li>Devoting your life to making money can leave you lonely and aimless, Matthew McConaughey says.</li><li>The actor warned against chasing cash at the cost of relationships and other valuable parts of life.</li></ul>People who spend their whole lives trying to get as rich as possible risk winding up <a target="_blank" class="" href="https://www.businessinsider.com/downsides-of-getting-rich-2014-6">lost and alone</a>, Matthew McConaughey says.The Oscar-winning actor spoke about the <a target="_blank" class="" href="https://www.businessinsider.com/fire-movement-financial-independence-retire-early-millennial-goals-saving-wealth-2024-5">downsides of success</a> on an episode of the "Modern Wisdom" podcast released on Monday.<a target="_blank" class="" href="https://www.businessinsider.com/matthew-mcconaughey-career-advice-going-to-film-school-new-book-2020-10">McConaughey</a>, 55, said he's met many ultrawealthy people who have "chased that dollar to be successful and to be relevant for having the most money, that the last 15, 20, even younger years were bewildered, lost, had no relationships, didn't have a purpose."The "Interstellar" and "Dallas Buyers' Club" star said there are <a target="_blank" class="" href="https://www.businessinsider.com/money-can-buy-happiness-helps-explain-income-inequality-study-2024-10">diminishing returns</a> to how much wealth improves your quality of life — yet American culture reinforces the idea that more is always better."It's also why I wasn't surprised when <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">Trump</a> first got elected," McConaughey said. "He had fame, he had money. We sell that every day in the West as this is how you make it, this is what you do."The actor said he <a target="_blank" class="" href="https://www.businessinsider.com/money-can-buy-you-happiness-economy-wealth-research-paper-kahneman-2023-3">loves money</a> and what it lets him provide for his family, his wife, and himself."But would I be any less happy if I had a 30th, a 40th, a 50th of what I have right now?" McConaughey asked. "There's no way I'd be any less happy."A bigger bank balance doesn't always translate into a more fulfilling life. "Watch out just drinking the Kool-Aid," he said, advising people to ask themselves what they want from life and what they value most."Just check your quality as you're chasing your quantity and make sure that whatever you're succeeding at is giving you actual profit and actually paying you back," he added.<div type="image" title="Matthew McConaughey and Camila Alves McConaughey." height="2407" width="3610" msid="115215852" hostid="261" sizebytes="430360"></div>McConaughey pointed to <a target="_blank" class="" href="https://www.businessinsider.com/billionaire-charlie-munger-business-advice-for-success-cut-toxic-people-2023-5">relationships</a> and how you treat yourself and others as examples of the "profit" reaped from earning money.He said his comments might seem out of touch to people struggling financially, but he was giving his perspective.The impact of higher inflation and interest rates has <a target="_blank" class="" href="https://www.businessinsider.com/economy-pomboy-consumer-spending-savings-debt-inflation-interest-rates-recession-2024-5">pinched household budgets</a> since the pandemic. Steeper living costs were a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-analysis-harris-immigration-abortion-economy-musk-2024-11">central issue</a> in the US presidential race and other elections worldwide this year.Many rich people have said there's more to life than accumulating wealth and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-is-a-billionaire-who-doesnt-care-about-money-2020-5">material possessions</a>, and have warned against losing sight of what truly matters.<a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a> once told a group of college students that close relationships are much more valuable than net worth, according to a biography of the billionaire investor titled "The Snowball: Warren Buffett and the Business of Life.""Basically, when you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you," the <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-cash-stocks-buybacks-trump-harris-election-2024-11">Berkshire Hathaway</a> CEO said."If you get to my age in life and nobody thinks well of you, I don't care how big your bank account is — your life is a disaster."

Matthew McConaughey says chasing wealth can leave you lost and alone — and he'd be happy with 1/50th of his fortune

Rising awareness of <keyword id="20041501" type="General" weightage="20" keywordseo="financial-planning" source="keywords">financial planning</keyword> has fueled a 256 % increase in retirement mutual fund <keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword> in the last five years, according to a report. Factors such as rising <keyword id="21344413" type="General" weightage="20" keywordseo="healthcare-costs" source="keywords">healthcare costs</keyword>, increasing nuclear families, and higher <keyword id="20188311" type="General" weightage="20" keywordseo="life-expectancy" source="keywords">life expectancy</keyword> are likely to fuel further growth in this sector, an ICRA Analytics report said. "Assets under Management (AUM) of these funds have grown by over 256 % in the last five years, reaching Rs 29,903 crore in July 2024, compared to Rs 8395 crore in July 2019," it said. ICRA said the growing awareness has led to a surge in the number of folios, which has increased by 17.44 % in the last five years to 29.36 lakh in July 2024, up from 25 lakh in July 2019. The number of schemes has also increased from 21 in 2019 to 29 as of July 2024. In July 2024, retirement funds received net inflows worth Rs 147.16 crores. The net inflows dipped in the month prior, standing at Rs 125.06 crore. Retirement funds have seen a consistent stream of inflows this year, with the January-March quarter recording inflows worth Rs 406.90 crore, which grew slightly to Rs 602.46 crore between April-June 2024. A retirement mutual fund is a specialized investment vehicle, also known as a solution oriented fund, which is designed to provide a secure and comfortable post-retirement life. The fund focuses more on equity, or growth opportunities early on in the tenure of the fund. But, in order to provide stability, the fund begins to rebalance and invests more in debt securities, as the individual ages and approaches retirement, where they will need a constant stream of income. These funds invest in both equity and debt, aiming to balance <keyword id="23041622" type="General" weightage="20" keywordseo="wealth-appreciation" source="keywords">wealth appreciation</keyword> and preservation offering a <keyword id="23041623" type="General" weightage="20" keywordseo="regular-income-stream" source="keywords">regular income stream</keyword> during retirement. The focus is largely on investing in steady instruments such as government bonds and more, in order to cushion any equity-related risks. Tpically, these funds have a lock-in period of five years or until retirement, which is generally between 58-60 years. However, experts note that a 5-year lock-in period could be discouraging for some investors. The average compound annualised returns on these funds stood at 26.21 %, 12.97 % and 14.09 % for a one-year, three-year and five-year period, the analysis found.

Assets under management of retirement mutual funds jumps 256% in 5 years

<ul class="summary-list"><li>Mark Zuckerberg and Jensen Huang have collectively gained $150 billion this year.</li><li>The Meta and Nvidia CEOs have both grown over $75 billion richer. </li></ul><a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a> and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5">Jensen Huang</a> have collectively grown over $150 billion richer this year, a figure that exceeds <a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a>'s net worth.Zuckerberg, the CEO and cofounder of Meta, has <a target="_blank" class="" href="https://www.businessinsider.com/meta-zuckerberg-wealth-nvidia-huang-tech-stock-ai-wealth-billionaires-2024-9">added</a> $76.1 billion to his fortune in 2024, making him the <a target="_blank" class="" href="https://www.businessinsider.com/wealth-gain-rich-list-billionaires-nvidia-huang-meta-zuckerberg-buffett-2024-9">largest wealth gainer</a> on the Bloomberg Billionaires Index. He's worth $204 billion as of Thursday's close, ranking him as the world's <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-net-worth-wealth-rich-list-musk-bezos-2024-9">third-wealthiest person</a> after Tesla CEO Elon Musk ($242 billion) and Amazon founder Jeff Bezos ($210 billion).Huang, the CEO and cofounder of Nvidia, has <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">gained</a> $75.6 billion in net worth this year, second only to Zuckerberg. He ranked 11th on the <a target="_blank" class="" href="https://www.businessinsider.com/wealth-billionaires-musk-bezos-zuckerberg-net-worth-jensen-huang-waltoans-2024-8">rich list</a> with a $120 billion fortune ahead of Friday's open.The two tech titans have gained a combined $152 billion this year, which alone would make them the 7th richest person on earth. Zuckerberg and Huang's joint wealth has jumped to $324 billion —more than Coca-Cola ($301 billion) or Netflix ($295 billion) were worth at the end of Thursday trading.The pair owe their massive wealth gains to the stellar performance of their companies, in which they hold roughly 13% and 3.5% stakes respectively. Meta and Nvidia stock have surged 67% and 184% each year to date to rade at record levels, boosting the value of their bosses' equity.Meta shares have ballooned more than six-fold from their sub-$90 low in November 2022 to trade above $570. On a split-adjusted basis, Nvidia shares have skyrocketed from under $15 in late 2022 to north of $135 — an increase of more than 800%.Both companies —and their bosses — have benefited from <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">enormous buzz</a> around artificial intelligence, sparked by ChatGPT's release in November 2022.Investors have lifted tech stocks to unprecedented highs as they bet on a paradigm shift, and wager the revolution will be powered by Nvidia's microchips and run on Meta's platforms.

Mark Zuckerberg and Jensen Huang's combined wealth gains this year equate to the 7th richest person in the world       

<ul class="summary-list"><li>Investors Marc Andreessen and Ben Horowitz expressed their happiness over Trump's win on their podcast.</li><li>The VCs previously criticized the impact of the Biden administration's crypto regulations on some startups.</li></ul>Marc Andreessen and Ben Horowitz, the founders of the famed venture capital firm Andreessen Horowitz, are the latest of Donald Trump's <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">billionaire backers</a> to celebrate his return to the White House.In a <a target="_blank" class="" href="https://www.youtube.com/watch?v=g4jWb-0nj44">recent episode</a> of their podcast, "The Ben and Marc Show," Andreessen said that Trump's victory was a relief from the "repression" he and other startup founders in the crypto space had felt under President Joe Biden's administration."It felt like a boot off the throat," Andreessen said. "Every morning I wake up happier than the day before."Under Biden, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/sec-crypto-crackdown-unregistered-security-winklevoss-gemini-kraken-ftx-2023-2">regulators cracked down</a> on what SEC Chairman Gary Gensler called the "wild west" of the crypto industry. In particular, regulators took action against some startups and other companies over allegations that the firms offered unregistered securities when they rolled out some crypto products.The stricter crypto regulations were ultimately one of the main factors in Andreessen and Horowitz's endorsement of Trump earlier this year.Despite decades of supporting Democratic presidential candidates, including Barack Obama in 2008 and Hillary Clinton in 2016, Andreessen <a target="_blank" class="" href="https://www.businessinsider.com/andreessen-horowitz-founders-explain-trump-support-over-biden-podcast-2024-7">said in a previous episode</a> of their podcast that tech billionaires were increasingly being criticized for donating their wealth instead of paying more taxes.Biden's plan for taxing unrealized capital gains was the "final straw" in deciding to endorse Trump, Andreessen said in July."This makes startups completely implausible, because why on Earth is anybody going to go do this instead of going to work for Google and getting paid a lot of money every year in cash?" he said at the time.The two investors each <a target="_blank" class="" href="https://www.businessinsider.com/marc-andreessen-ben-horowitz-donated-millions-pro-trump-pac-2024-10">donated $2.5 million</a> to the pro-Trump "Right for America" super PAC. However, after Biden dropped out and Vice President Kamala Harris entered the race, Horowitz said he was planning a "significant" donation to her campaign.In their most recent podcast, Andreessen said that the incoming Trump administration meant that founders were now able to work on "legitimate things" that had previously been blocked."I've talked to so many crypto founders who are just like, 'We can build these products now,'" Horowitz added.Andreessen and Horowitz did not immediately respond to a request for further comment from Business Insider.On Sunday, Andreessen Horowitz published <a target="_blank" class="" href="https://a16zcrypto.com/posts/article/a-positive-path-forward/">a blog post titled "A positive path forward"</a> aimed at crypto founders in the firm's portfolio."The good news is that there is now a pathway for constructive engagement with regulatory agencies and legislation that can bring regulatory clarity," the blog post said. "You should now all feel empowered to explore all of the groundbreaking products and services that blockchains enable, including tokens.""While we'll likely have greater flexibility to experiment, we can't forget that the fundamental regulatory principles applicable to blockchain systems remain unchanged," it continued. "This means that 'where there is trust, there is regulation' still applies."

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