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The PwC Tower (left) has a zero vacancy factor. Photo / Michael Craig
Don’t call them ghost towers any longer because the chief of a billionaire landlord and a research boss have cited rising numbers of workers back in Auckland’s heart.
On Monday, Precinct Properties chief executive Scott
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Nithin Kamath, co-founder and CEO of Zerodha, took to Twitter on Saturday to discuss the differences between hemp and marijuana, as well as the latter’s advantages as a superfood and the fact that, unlike marijuana, hemp ‘doesn’t make you high’.
Hemp, (cannabis sativa)generally known as industrial hemp, is a plant in the Cannabaceae family that is grown for its edible seeds or bast fibre. Some people confuse hemp with the cannabis plants that are used to make the drugs hashish and marijuana.
“Hemp belongs to the Cannabis sativa family—the same as marijuana. They look similar, but hemp is versatile and has multiple uses, including as a superfood. It’s also good for the planet,” Kamath said. “Unlike its notorious cousin, hemp doesn’t get you high. Partly why it isn’t popular.”
Hemp belongs to the Cannabis sativa family—the same as marijuana. They look similar, but hemp is versatile and has multiple uses, including as a superfood. It’s also good for the planet.
Unlike its notorious cousin, hemp doesn’t get you high . Partly why it isn’t popular. 1/4 pic.twitter.com/HBa2m3mkU6
— Nithin Kamath (@Nithin0dha) April 22, 2023
Hemp and marijuana are closely related and sometimes confused with one another, the wealthy businessman continued, which is one of the reasons it isn’t more widely used.
Nithin Kamath chooses to spread awareness and says, “I learned about hemp when evaluating a startup working on hemp protein. We’re now convinced about allocating capital…
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There is currently no dispute over who wears the crown of world’s wealthiest person. It isn’t Tesla Chief Executive Elon Musk.
The net worth of Bernard Arnault, the founder and chairman and chief executive officer of LVMH Moet-Hennessy Louis Vuitton SE
MC,
stood at $210 billion as of Thursday, according to the Bloomberg Billionaire Index. That makes him the world’s richest person by that marker, with an increasingly comfortable lead over Tesla’s
TSLA,
Musk, who also leads SpaceX and Twitter and whose wealth stands at $180 billion. At times the two have been in a neck-and-neck race for that top spot.
LVMH shares closed at a record €883 on Thursday, helping lift the French CAC-40
PX1,
to an all-time high. That followed forecast-beating first-quarter sales from the luxury giant, thanks to returning China shoppers as COVID-19 restrictions eased, and rebounding international travel that drove duty-free sales. Up 7% so far this week, LVMH shares rose another 0.5% on Friday to €888.70.
The stock surge padded Arnault’s fortune by $11.6 billion on Thursday, the second-biggest single-day gain ever for him and a fresh record fortune, according to Bloomberg. Musk didn’t do badly.
He increased his wealth by $3.83 billion on Thursday, before Tesla and U.S. equities
SPX,
generally retreated a bit on Friday.
Read: Who is Bernard Arnault, the world’s richest person after surpassing Elon Musk?
LVMH owns jewelers Bulgari and Tiffany, alongside fashion houses Louis Vuitton and Dior. Results released late Wednesday showed the luxury standard-bearer beating expectations across every division, led by fashion and leather goods, the latter of which is significant, Berenberg analysts observed.
“As the most profitable division, this also bodes well for margin development,” said Berenberg analyst Graham Renwick, in a note to clients on Friday.
“This performance sets the standard for [first quarter] luxury reporting and gives encouragement on China’s recovery from pandemic disruption. Overall, we think these results continue to demonstrate LVMH’s strong momentum and best-in-class execution — again reaffirming its high quality and strong track record, which we believe investors are favoring in this uncertain macro environment,” said Renwick, who reiterated a buy rating on LVMH’s stock and lifted his share-price target to €960.
The luxury sector got another confidence boost on Friday, as Hermès International SCA
RMS,
revealed sales momentum in the first quarter, driven by a bump in tourism and new stores. The maker of the legendary Birkin handbag saw a 23% annual increase in first-quarter sales and backed “ambitious” organic revenue-growth targets.
Luxury stocks have seen an impressive rebound in 2023, after a weak 2022 — LVMH shares fell 6% in 2022 as travel restrictions in China and overall economic worries weighed on shoppers.
LVMH shares are up 30% so far in 2023, with Hermès up 36% and Christian Dior SE
CDI,
and Gucci owner Kering SA
KER,
up 26% and 21%, respectively.
As for Musk, his wealth is divided among his businesses. While Tesla accounts for $76 billion, Bloomberg estimates his share of SpaceX is worth $49 billion, and his share of Tesla is worth nearly $10 billion. He paid $44 billion for Twitter last year, after an attempt to wriggle out of the deal, and its current valuation is a matter of much speculation. Musk has fired thousands of employees and claimed this week that a return to profitability is now just around the corner.
Tesla is slated to report quarterly results next week, and some analysts aren’t optimistic due to persistent price cuts of its models.
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Elon Musk is many things, but as of this week, he is no longer the world’s wealthiest person. That status now belongs to France’s Bernard Arnault, chairman and CEO of luxury goods maker LVMH, according to Forbes and Bloomberg News.
It is the first time the Tesla and SpaceX owner has slipped from atop the rankings since he overtook Amazon founder Jeff Bezos as the richest person in September of 2021.
During a tumultuous year, Musk’s wealth has dropped by over $100 billion, more than the GDP of Bulgaria, Croatia, Iceland and Uruguay, according to World Bank data.
The 51-year-old Musk’s wealth is largely tied to the price of Tesla stock, which has lost more than half its value since January, with the slide only steepening after Musk’s $44 billion purchase of Twitter.
Arnault’s net worth now stands at $190.9 billion, while Musk is worth $174 billion, according to Forbes, which had Musk ceding the top spot on its rankings late Monday. Arnault, 73, owns 48% of LVMH, the owner of brands like Louis Vuitton and Tiffany.
The Bloomberg Billionaires Index estimates Arnault’s fortune at $171 billion and Musk’s at $164 billion — a $107 billion loss on the year.
Since completing the acquisition of the social media platform in October, Musk’s chaotic reign has included an exodus of advertisers from the social network amid concerns about a surge of misinformation and hate speech.
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dearMoon project
Tokyo — Japanese billionaire Yusaku Maezawa said Friday that K-Pop star T.O.P. will be among the eight people who will join him on a flyby around the moon on a SpaceX spaceship next year. The Japanese tycoon launched plans for the lunar voyage in 2018, buying all the seats on the spaceship. He began taking applications from around the world in March 2021 for what will be his second space journey after his 12-day trip to the International Space Station on the Soyuz Russian spaceship last year.
The eight people Maezawa selected for his “dearMoon project” are T.O.P., who debuted as a lead rapper for the K-Pop group Big Bang; American DJ Steve Aoki; filmmaker Brendan Hall and YouTuber Tim Dodd, also of the United States. The other four are British photographer Karim Illiya, Indian actor Dev Joshi, Czech artist Yemi AD and Irish photographer Rhiannon Adam. American Olympic snowboarder Kaitlyn Farrington and Japanese dancer Miyu were chosen as backups.
T.O.P.’s real name is Choi Seung-hyun. The 35-year-old started out as an underground rapper before joining Big Bang, one of the world’s top boy bands, in 2006.
T.O.P. said in a video released by the dearMoon website that he has always fantasized about space and the moon since he was a child and, “I cannot wait.”
“When I finally see the moon closer I look forward to my personal growth and returning to the earth as an artist with an inspiration,” he said.
Maezawa made the announcement on his Twitter and the dearMoon Project website on Friday, after he tweeted last week saying he held an online meeting with Elon Musk and that his “major announcement about space” was underway.
He and the others would be among the first to travel on the SpaceX vehicle. The trip is expected to take about a week. The spaceship will not make a lunar landing but is expected to come within 120 miles of the moon’s surface while circling it for three days.
The trip is expected next year, though the exact schedule has not been disclosed.
Last year, Maezawa, 47, and his producer Yozo Hirano became the first self-paying tourists to visit the space station since 2009. He has not disclosed the cost for that mission, though reports said he paid $80 million.
NASA
The billionaire initially launched a high-profile campaign to recruit a soulmate for his first journey to the moon, but after receiving applications from nearly 28,000 would-be romantic partners from around the globe, he pulled the plug on that idea. Maezawa said he’d cancelled his involvement in the “Full Moon Lovers” project for personal reasons, noting his regret at disappointing those who had applied to appear on the show.
Maezawa made his fortune in retail fashion, launching Japan’s largest online fashion mall, Zozotown. In 2019, he resigned as CEO of the e-commerce company Zozo Inc. to devote his time to space travel. Forbes magazine estimates his wealth at $1.9 billion.
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As the autopsy of Sam Bankman-Fried’s crypto empire begins, it’s worth saying that there were red flags all over the place. We missed them.
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Jeff Bezos’ former housekeeper is suing the billionaire over allegations of racial discrimination and poor working conditions, claiming that she was forced to work 10 to 14 hours per day and was not allowed to use the restroom while he was home. What do you think?
“It’s sad that he still takes his work home with him.”
Freeman Barton, Dinkey Driver
“Yeah, but just look how cheap this blender was.”
Sage Hughes, Unemployed
“It’s nice that someone as busy as Jeff Bezos still takes the time to discriminate on a one-on-one level.”
Deangelo Farmer, Comments Moderator
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