Elon Musk has become the first person to reach a net worth of $400 billion, largely due to SpaceX's internal stock sale that increased his wealth by approximately $50 billion to $439.2 billion. SpaceX's valuation soared to $350 billion after a stock buyback at $185 per share, purchasing $1.25 billion worth of shares from insiders. This buyback, without raising new capital, highlights SpaceX's robust financial health.
The Federal Reserve is expected to cut interest rates by 25 basis points, but persistent inflation raises concerns about future rate cuts in 2025. Meanwhile, Google launched Gemini 2.0, an AI model for the new agent era, and Apple is collaborating with Broadcom on AI chips, avoiding Nvidia's dominance.
