Elon Musk’s net worth zooms past Warren Buffett’s, Bloomberg reports
Elon Musk’s net worth soared past Warren Buffett on Friday as the chief executive officer of Tesla Inc (TSLA.O) became the seventh richest person in the world, according to the Bloomberg Billionaires Index. Musk’s fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8% jump in the electric carmaker’s stock. Buffett’s net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway (BRKa.N) stock to charity, the report added. Tesla’s shares have surged 500% over the past year as the company increased sales of its Model 3 sedan. The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months. The stock is up about 38% since the close on July 1, a day before the company reported its quarterly delivery numbers. Tesla’s solid delivery numbers heightened expectations of…
From Paranthas to shampoos here’s listing the stranger things that attract GST
Odd items that attract GST The inclusion of paan masala under the GST structure has been under discussion for a while. In the 40th meeting of the Council as well, no consensus could be reached. If you think paan masala is a weird item to argue about, take a look at some other oddities in the current list of items that attract GST. Parotas are not rotis In a recent GST ruling, Authority for Advance Rulings (Karnataka bench) distinguished between the two, holding that parotas would be subject to a higher GST rate of 18%. Shampoos vs diamonds Shampoo and detergents are two things used in every house. But, these are classified as luxury items and attract 28 per cent GST. In contrast, diamonds, gold and other precious metals which are bought be a minuscule population has been put under a special tax bracket of 0.25 percent and three percent.…
Jim Cramer: Stop buying index funds and buy these ‘Covid winners’
CNBC’s Jim Cramer on Thursday laid out two buckets of stocks that he recommends investors consider adding to their portfolios. In making his case for the stock picks, the “Mad Money” host admonished index investing in this volatile market environment. “Stop circling the wagons around index funds here,” he said. Investing in index funds, a passive investment strategy, is a low-cost financial instrument that gives market players exposure to a diverse range of companies. Cramer often warns that indexing over stock picking leaves investors exposed to the good performing stocks and the bad. “If you want to invest right now, you have to own some stocks from the second bucket — the Covid winners — and whenever the market gets slammed, you can buy members of the first bucket, the big businesses with deep pockets,” he said. The first basket of equities that Cramer suggests picking among includes firms that…
The Psychology of Making Money
Regardless if you need to earn some fast cash or we’re just talking about making money in the grand scheme of things, there’s an important psychology that needs to be mentioned before getting into the strategies. If you study Freud’s model of the mind, you’ll discover the Psychic Apparatus. It’s the three-part construct in your mind that controls all of your behavior. Those three are the id, the super-ego and the ego. The id lives deep within the subconscious from birth. It’s the source of our sudden and most instinctive urges. When you find yourself doing what you know you shouldn’t, blame your id. The super-ego is formed later in life to balance the id. It forms and breaks off from the id through our upbringing, parental guidance and our sense of community and beliefs. People who are careful with their money can thank their super-ego. The ego is the driver making the decisions. It decides between…
Buffett knocks Elon Musk’s plan for Tesla to sell insurance: ‘It’s not an easy business’
OMAHA, Neb. — Warren Buffett said Elon Musk’s Tesla will probably struggle as it ventures into the insurance business, a field in which Berkshire Hathaway thrives in. “It’s not an easy business,” Buffett told shareholders at the Berkshire Hathaway annual meeting. “The success of the auto companies getting into the insurance business is probably as likely as the success of the insurance companies getting into the auto business.” Musk told analysts in an earnings conference call last month that Tesla would be launching its own insurance product later in May. He said that Tesla has “direct knowledge” of a person’s risk profile “based on the car,” which gives it an “information arbitrage opportunity.” Buffett is not impressed, however. “I’d bet against any company in the auto business” getting into insurance, he said. “I worry much more about Progressive.” About one third of Berkshire Hathaway’s business is in the insurance space…
Stocks making the biggest moves midday: Apple, CVS Health, Clorox & more
These are companies making headlines midday Wednesday, May 1st 2019: Apple — Apple gained 4.9% after the release of its fiscal second-quarter results. Apple reported earnings of per share of $2.46, 10 cents above a Refinitiv estimate. Revenue also topped expectations. Apple raised its revenue guidance for the next quarter to between $52.5 and $54.5 billion, surpassing analyst expectations. CVS Health — Shares of the retail pharmacy company jumped 5.4% after the company reported strong first-quarter earnings and raised its full-year forecast. CVS reported adjusted earnings of $1.62 per share versus a Refinitiv estimate of $1.50. CVS also hiked its 2019 profit forecast to between $6.75 and $6.90 per share. Clorox — Clorox dropped 7.2% after the company reported lower-than-expected earnings. The consumer product company reported earnings of $1.44 per share, 1 cent below a Refinitiv estimate. Clorox cited more competition in in certain markets and said it will be…