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Perplexity has launched Perplexity Labs for its Pro subscribers, enabling the creation of reports, spreadsheets, and dashboards to enhance research and productivity. This expansion aligns with the company's aggressive growth strategy, negotiating a $500 million funding round at a $14 billion valuation, reflecting a shift towards specialized AI tools to compete in a crowded market. The introduction of advanced functionalities addresses previous limitations in content generation and customization, positioning Perplexity to challenge established players in the AI space.
Elon Musk's Department of Government Efficiency (DOGE) has reportedly saved $170 billion in federal spending, achieving 17% of its $1 trillion goal. Major cuts include a $3.3 billion program cancellation by the Department of the Interior and over $3 billion from the Department of Homeland Security. Despite criticism over the accuracy of its savings tracker, Musk anticipates further reductions and plans to step back from his public role in DOGE to focus on Tesla.
Tesla is generating excitement for its upcoming Robotaxi event by showcasing its Full Self-Driving (FSD) technology, with a recent video demonstrating a vehicle navigating traffic near LAX. Meanwhile, Jeff Bezos-backed Slate has secured 100,000 orders for its electric pickup truck, posing a challenge to Tesla's Cybertruck. In legislative news, House Republicans are pushing a bill to eliminate the electric vehicle tax credit, raising concerns about potential disruptions in the auto industry.
Elon Musk's net worth has surged to $381 billion, nearing $400 billion, primarily due to a 44% recovery in Tesla's stock, which now has a market cap of $1.13 trillion. Despite challenges, including a decline in vehicle deliveries and competition in China, Musk's wealth is bolstered by significant stakes in SpaceX, valued at $350 billion, and xAI, which recently raised $6 billion.
Elon Musk, Jeff Bezos, and Mark Zuckerberg saw their net worths increase by over $30 billion on May 12, 2025, as US stock markets rallied following a US-China tariff agreement. Musk's wealth rose by $11 billion, Bezos by $13 billion, and Zuckerberg by $12 billion, with significant gains in their companies' market capitalizations. The Dow Jones, S&P 500, and Nasdaq Composite all experienced notable increases, reflecting investor optimism after the tariff reductions proposed by both nations.
Warren Buffett is the most favorably viewed billionaire in America, with 52% of the public holding a positive opinion of him, significantly ahead of peers like Elon Musk and Jeff Bezos. His long-term investment strategy, frugal lifestyle, and commitment to philanthropy contribute to his widespread trust and relatability, especially in an era of skepticism towards the ultra-wealthy. Buffett's clear communication and focus on fundamental business principles further reinforce his appeal, making him a symbol of stability amid economic uncertainty.
Nineteen American households, including Elon Musk, Jeff Bezos, and Bill Gates, amassed $1 trillion in wealth in 2024, marking the largest one-year increase to date. This elite group, part of the richest 0.00001 percent, saw their collective wealth rise from 1.2 percent in 2023 to 1.8 percent in 2024. Musk currently holds the title of the world's richest person, with a net worth surpassing $400 billion, despite a significant decline following political ties in 2025.
A UBS executive sold 130,435 shares worth CHF 3.3 million just before the bank's stock rose by 1.9%. Meanwhile, the DAX index fell 1.1% following Friedrich Merz's defeat in the German election, and oil prices dropped to their lowest since 2021 after Opec+ announced increased production. The US economy unexpectedly shrank by 0.3% in Q1 2025, causing stock markets to decline, while Bitcoin surged nearly 4% to $97,200, defying economic concerns.
The U.S. government is actively encouraging countries to approve licenses for Elon Musk's Starlink satellite service, particularly in nations facing tariffs, as part of broader trade negotiations. Countries like Lesotho and India have expedited approvals, viewing them as strategic moves to foster better trade relations with the U.S. Amidst competition with China in telecommunications, U.S. officials see Starlink's global expansion as vital for maintaining American dominance in satellite internet connectivity.
Amazon's Jeff Bezos has spearheaded a new investment in the AI data company Toloka. This move highlights the growing interest and potential in artificial intelligence technologies as major players continue to seek innovative solutions in the sector.
Jeff Bezos
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