business news

Elon Musk, the CEO of Tesla and SpaceX, has reached a net worth milestone of over $300 billion for the first time in nearly three years, following Donald Trump's win in the U.S. presidential election. The billionaire’s wealth surged after Tesla shares soared by 28%, adding approximately $50 billion to Musk's net worth, now valued at $313.7 billion according to Bloomberg's Billionaires Index. The market's optimism stems from Musk's close relationship with President-elect Trump, which investors anticipate could benefit Musk’s companies, particularly Tesla and SpaceX.

Truecaller, the global caller ID and spam blocking software company, has appointed Rishit Jhunjhunwala as its new CEO. Jhunjhunwala, who has been with the company since 2015, will assume his new role on January 9, 2025, succeeding current CEO Alan Mamedi, who will step down from operational duties.

The Competition Commission of India (CCI) has reportedly found food delivery giants Swiggy and Zomato in breach of the country's competition and antitrust laws. According to non-public documents obtained by Reuters, the CCI alleges that both companies have engaged in practices that favor certain restaurants on their platforms, undermining fair competition.

US Federal Reserve Chair Jerome Powell made it clear on Thursday that he would not resign from his position early if asked to do so by President-elect Donald Trump. Speaking at a press conference following the announcement of a quarter-point interest rate cut, Powell emphasized that the structure of the Federal Reserve and its laws protect the independence of the institution, including provisions that prevent the firing of any of the seven governors.

Sharan Hegde, the CEO of the financial literacy company 1% Club, has come under scrutiny following the announcement of a 15% workforce reduction. The layoffs have sparked debate, particularly given Hegde’s status as a prominent financial influencer, known for his career built around financial education and promoting sound money management.

In a significant development, the Enforcement Directorate (ED) carried out raids on 15-16 locations linked to vendors selling on major e-commerce platforms such as Amazon and Flipkart. The action is part of an ongoing investigation under the Foreign Exchange Management Act (FEMA), sources confirmed on Thursday.

In a major move to protect children from the dangers of social media, the Australian Government has announced a new policy banning social media use for children under the age of 16. The decision, made on Thursday, was hailed by Prime Minister Anthony Albanese, who emphasized the growing concerns about the impact of social media on young people’s mental and emotional well-being. According to Albanese, many parents and family members have expressed deep concerns about the online safety of children, citing the potentially harmful effects of excessive social media use.

Zomato CEO Deepinder Goyal responded to recent controversy surrounding an inspection at a Zomato Hyperpure warehouse in Hyderabad, where officials discovered food products marked with a "future date of packing." The incident, which occurred during a routine food safety check on October 29, 2024, involved 18 kilos of button mushrooms displaying a packing date of October 30, 2024—one day after the actual inspection. The discovery quickly gained attention online, prompting Goyal to issue a public statement on social media platform X (formerly Twitter) to clarify the situation.

In a recent development, Embassy Office Parks REIT, India’s largest real estate investment trust, announced that its CEO, Aravind Maiya, will be stepping down from his position, effective immediately. This move follows an interim order by the Securities and Exchange Board of India (SEBI), which directed Embassy Office Parks Management Services, the managing entity of Embassy REIT, to suspend Maiya.

Archaeologists have made a remarkable discovery in northwest Saudi Arabia, unearthing a fortified town believed to be over 4,000 years old. The site, known as al-Natah, is located within the lush Khaybar oasis, a region that stands in stark contrast to the surrounding arid desert landscape. This finding provides significant insight into the transition of ancient societies from nomadic lifestyles to more settled, urban living.