Nvidia CEO Jensen Huang has experienced a significant increase in his wealth as the company’s earnings surpassed expectations. Following this success, Huang’s total fortune has reached $46.1 billion, making him one of the world’s 25 wealthiest individuals. Huang’s stake in Nvidia, which accounts for 3.6% or 86.9 million shares, largely contributes to his wealth.
Nvidia’s shares have been on a rollercoaster ride during the Covid-19 pandemic. Initially, the company benefited from the cryptocurrency boom, which led to increased usage of its chips for mining. However, the shares later plummeted by almost two-thirds before making a strong comeback. This year alone, Nvidia’s shares have more than tripled in value due to the rising demand for artificial intelligence (AI).
Jensen Huang co-founded Nvidia in 1993 alongside Chris Malachowsky and Curtis Priem. Under Huang’s leadership, the company transformed from a video game graphics chip manufacturer to the dominant supplier of accelerators used for training AI software. In the last quarter, Nvidia’s revenue doubled, and the company expressed a positive outlook for future growth and demand.
Nvidia outsources its chip fabrication to Taiwan Semiconductor Manufacturing and Samsung Electronics. The company’s success can be attributed to its ability to adapt to market needs and capitalize on the growing demand for AI technology.
In other news, Spanish billionaire Amancio Ortega, founder of the Zara clothing chain, has purchased a luxury apartment building in Chicago for $232 million. This acquisition adds to Ortega’s expanding US property portfolio, which already includes Meta Platform’s headquarters in Seattle and Manhattan’s Haughwout Building. The 45-storey building, known as 727 West Madison, features 492 high-end apartments with rents ranging from approximately $2,200 for a studio to $6,000 for a three-bedroom unit.
Ortega, whose net worth stands at $75 billion, primarily owes his fortune to his controlling stake in Spanish clothing retailer Inditex. Furthermore, he has amassed a property portfolio valued at $19.7 billion. Recently, he has been diversifying his investments beyond office and retail spaces, venturing into warehouses and infrastructure businesses. His family office, Pontegadea, holds stakes in various energy and telecom infrastructure operators and renewable power generators.
Shipping tycoon Rodolphe Saadé is also making waves in the French media industry. He plans to launch a new Sunday newspaper that will rival Vincent Bolloré’s Le Journal du Dimanche (JDD). The battle for control over France’s news media has intensified, with Saadé acquiring multiple outlets, including online business daily La Tribune. The upcoming newspaper aims to cover a range of topics, including business, culture, and literature while maintaining editorial independence.
Saadé’s net worth, along with his family’s, amounts to $23 billion. Bolloré, on the other hand, has a fortune of $9.1 billion. Bernard Arnault, the owner of Les Echos and Le Parisien newspapers, holds the title of the world’s second-richest person with $181 billion.
Furthermore, Czech billionaire Daniel Kretinsky has been avidly acquiring struggling French companies, propelling him into the upper echelons of the country’s business community. Kretinsky’s recent attempt involves offering to take over the legacy assets of technology company Atos. The deal includes €100 million in cash and €1.9 billion in debt transfer to the buyer. Over the past few months, Kretinsky has pursued deals in various sectors, such as supermarkets, IT outsourcing, and book publishing. His interests in French assets are an endeavor to balance out his European holdings, which mainly consist of German and UK investments.
In conclusion, these billionaires’ recent moves highlight their ambition to expand their wealth and influence in various industries. Huang’s success with Nvidia, Ortega’s continuous investments in properties, Saadé’s entry into the media sector, and Kretinsky’s strategic acquisitions all contribute to their growing fortunes. Their endeavors demonstrate their ability to adapt and capitalize on emerging trends and market opportunities. As they continue to make waves in their respective industries, their wealth and influence are set to further increase.
