Saudi Arabia’s Kingdom Holding Co (KHC), founded and chaired by Prince Alwaleed Bin Talal, would explore potential investment opportunities in TikTok if the platform is acquired by Elon Musk or other prominent buyers.
KHC’s interest
KHC could consider either direct investment in TikTok or collaborative partnerships to expand the social media platform’s global reach and capabilities, the investment firm’s CEO Talal Ibrahim al-Maiman told Al Arabiya TV on Wednesday.
Al-Maiman said KHC continues to diversify its investments and expand its presence in local and global markets, which explains the interest in TikTok. He added that they are currently reviewing all available opportunities from Musk and others.
TikTok has faced regulatory scrutiny in the US and other countries over data privacy and security concerns, leading to speculation about potential acquisitions or restructurings.
The search for a buyer for the popular Chinese-owned short-video app remains ongoing in the US. President Donald Trump signed an executive order on Tuesday granting a 75-day reprieve from a ban that would have effectively shut down TikTok in the country. The move temporarily revived the app, allowing more time to explore potential buyers.
Potential TikTok buyers
Trump had said that he was open to billionaire Musk or Oracle Corp. Chairman Larry Ellison buying the app if they wanted to do so. It would be as part of a joint venture with the US government.
According to Trump, he would tell the interested party to give half to the US and the permit will be given.
KHC already holds stakes in Tesla CEO’s social media platform X and his artificial intelligence startup xAI. Saudi sovereign wealth fund, the Public Investment Fund (PIF), holds a minority stake in KHC, with 5% of the company floated on the Saudi stock exchange.
Security concerns
TikTok’s parent company, ByteDance, has faced intense scrutiny over allegations of data sharing with the Chinese government. The app’s vast US user base amplifies concerns about potential foreign influence.
US officials have pushed for TikTok to transition to non-Chinese ownership to mitigate risks. Discussions include outright acquisition or partnerships with US-based entities.
Recent discussions have sparked interest from prominent figures, including, global investment firms like KHC.
European Commission President Ursula von der Leyen said Tuesday that the EU is seeking a more balanced relationship with China and engagement with the US, reminding Americans of their interdependence with Europe.
China’s trade distortions
The EU has adopted “defensive trade measures” in response to “Chinese market distortions,” von der Leyen said in a speech at the Davos World Economic Forum. However, she stated that they are ready to continue discussions with China.
“We must engage constructively with China to find solutions in our mutual interest,” the EU chief said, adding that this year marks 50 years of the bloc’s relations with China. “I see it as an opportunity to engage and deepen our relationship with China and, where possible, even to expand our trade and investment ties.”
In October last year, the EU voted to impose tariffs of up to 45% on China-made electric vehicles (EVs), even after some members of the bloc voiced unease about the decision, saying it might cause a trade war.
The EU said the move is aimed at protecting the European auto industry. The EU believes China-made EVs benefit from government subsidies, which unfairly undermine European competitors.
On Monday, the bloc filed a new complaint with the World Trade Organization (WTO) over China’s “unfair and illegal” practices concerning high-tech patent royalties, alleging that Chinaunfairly imposes worldwide royalty rates for standard essential patents, set below market levels, putting at a disadvantage the European high-tech firms that rely on licensing revenue.
US ties
Von der Leyen also reminded Americans of their close ties with Europe and said it is the EU’s priority to engage with the US, discuss common interests, and be ready to negotiate.
“No other economies in the world are as integrated as we are,” Von der Leyen said. “European companies in the United States employ 3.5 million Americans. And another million American jobs depend directly on trade with Europe. Entire supply chains stretch on both sides of the Atlantic.”
She added that of all American assets abroad, two-thirds are in Europe. The US also provides over 50% of the region’s LNG.
“The trade volume between us is $1.6 trillion (€1.5 trillion), representing 30% of global trade. A lot is at stake for both sides.”
Last month, US President Donald Trump told the EU to increase its purchase of American oil and gas, threatening to impose tariffs on goods from the bloc if it did not comply.
The move underscores Trump’s ‘America First’ energy strategy, aimed at boosting US energy exports and reducing trade deficits.
Geostrategic competition
The European Commission president also noted in her speech the advent of a new era of harsh geostrategic competition, underscoring the shifting global landscape characterized by rivalries in trade, technology, and influence among major powers.
She emphasized the need for a coordinated European response to assert its role in this evolving dynamic.
Lauren Sanchez, Jeff Bezos and Google CEO Sundar Pichai attend the 60th inaugural ceremony where Donald Trump will be sworn in as the 47th president on January 20, 2025, in the US Capitol Rotunda in Washington, DC. (Photo by Ricky Carioti / POOL / AFP)
Big-name billionaires worth a collective $1.2 trillion—including four of the five richest men in the world—attended the inauguration of President Donald Trump Monday morning as many looked to strengthen their relationship with the pro-business president as he takes office.
The world’s three wealthiest people attended multiple inauguration morning events: Amazon founder Jeff Bezos (worth $239.4 billion according to Forbes’ estimates) and Meta’s Mark Zuckerberg ($211.8 billion) will reportedly be seated together on the inauguration dais alongside Elon Musk ($433.9 billion), the Tesla CEO, world’s richest person and presidential confidant who spent over a quarter of a billion dollars to help Trump win November’s election.
OpenAI CEO Sam Altman ($1.1 billion) and Apple CEO Tim Cook ($2.2 billion), who donated money to the inauguration, were in the Capitol Rotunda Monday morning, as was billionaire backer Miriam Adelson ($31.9 billion) and former Fox News Chairman Rupert Murdoch ($22.2 billion).
Bernard Arnault ($179.6 billion), the head of the LVMH Moët Hennessy Louis Vuitton luxury empire and the richest person in France, was at the inauguration with his son, Alexandre.
Mukesh Ambani ($98.1 billion), the richest man in India, attended the inauguration.
Trump’s friend Phil Ruffin, a Las Vegas casino executive worth $4.7 billion, was also spotted at the Capitol, according to The New York Times.
Several billionaires and their spouses have been offered top roles in the Trump administration, including Howard Lutnick ($1.5 billion) and Vivek Ramaswamy ($1 billion), both of whom were seen at the inauguration.
Coinbase CEO Brian Armstrong ($12.8 billion) was invited to inauguration-related events, according to Bloomberg, but hadn’t yet been seen as of the swearing in.
Other billionaires who have been offered jobs in the administration, but their attendance wasn’t confirmed, include Stephen Feinberg ($5 billion), Warren Stephens ($3.4 billion), Jared Isaacman ($1.9 billion), Steve Witkoff ($1 billion), Linda McMahon (husband Vince McMahon is worth $3 billion) and Kelly Loeffler (husband Jeff Sprecher is worth $1.1 billion).
Zuckerberg co-hosted a pre-Inaugural Ball reception for Trump alongside Adelson, Tilman Fertitta ($10.2 billion) and Todd Ricketts, whose father J. Joe Ricketts and family are worth an estimated $4.2 billion.
What other billionaires could attend?
Dozens of other billionaires also supported Trump on his road to a second term who haven’t been confirmed as attendees, including Robert “Woody” Johnson ($3.3 billion), Elizabeth and Richard Uihlein (each worth $5.9 billion), Roger Penske ($6.5 billion) and Timothy Mellon (family was worth $14.1 billion).
Forbes valuation
Trump himself is worth an estimated $6.7 billion thanks to his stake in Truth Social’s parent company, his real estate investments and other assets.
Did billionaires like Musk, Bezos and Zuckerberg back Trump’s campaign?
Some of them did, but others either stayed out of the presidential race or were Trump foes before they started trying to make nice. Zuckerberg’s Meta previously banned Trump from Instagram and Facebook—and Trump once threatened to send him to prison—before he fell in line following the election results. Since then, Zuckerberg has donated $1 million to his inaugural fund, met with Trump at Mar-A-Lago, made changes to how its platforms fact-check posts and put Trump’s friend Dana White on Meta’s board. In the leadup to the election, Zuckerberg did not endorse a candidate but did call Trump’s response to his assassination attempt “badass.” Bezos also has a history of clashing with Trump: Amazon in 2019 blamed Trump’s “personal dislike” of Bezos for losing a multibillion-dollar cloud computing contract with the Pentagon, and Trump has been critical of the Bezos-owned Washington Post. Bezos didn’t endorse Trump last year but said he “showed tremendous grace and courage under literal fire” following the assassination attempt, and donated $1 million to the inaugural fund. Others have supported him all along. Musk is among Trump’s biggest donors, alongside Adelson, the widow of billionaire Las Vegas Sands CEO Sheldon Adelson, who donated $100 million to the pro-Trump super PAC Preserve America during the election. Fertitta, owner of the Houston Rockets and Landry’s restaurant group, has been nominated to serve as U.S. ambassador to Italy after the Texas billionaire hosted a fundraiser for Trump last year. Ricketts, a co-owner of the Chicago Cubs, has been a major fundraiser for Republican politicians and, while he initially fundraised within the party against Trump during his first campaign, he ultimately went on to spearhead pro-Trump fundraising in 2020 and last year.
Tangent
Other corporate leaders plan on attending the inauguration, including Pfizer CEO Albert Bourla and Walmart CEO Doug McMillon, according to the Wall Street Journal. Other supporters are throwing events around Washington over inauguration weekend, including an “Inaugural Crypto Ball” that will feature Snoop Dogg and a party held by Uber and its CEO Dara Khosrowshahi. James Quincey, CEO of Coca-Cola Company, on Tuesday presented Trump with the “first ever Presidential Commemorative Inaugural Diet Coke bottle.” Microsoft, Ford, Google and AI search startup Perplexity also donated $1 million to the inaugural fund. Ripple, a crypto company, gave $5 million worth of its cryptocurrency to the inaugural committee. Other major donors include Goldman Sachs, Intuit, Toyota, Pharmaceutical Research and Manufacturers of America, General Motors, Bank of America, AT&T and Stanley Black & Decker, the Journal reported.
Big number
More than $170 million. That’s how much Trump’s inaugural fund is believed to have raised, almost three times as much as the $62 million raised by President Joe Biden four years ago and well above the previous record of $107 million, set by Trump’s 2016 inauguration. Donors who gave $1 million, or raised $2 million from others, were reportedly given six tickets to a series of events in the days leading up to the inauguration, including a “candlelight dinner” with Trump and Melania Trump and a black-tie ball.
The UAE signed a Comprehensive Economic Partnership Agreement (CEPA) with New Zealand on Tuesday, aimed at reducing trade barriers, streamlining customs procedures, and fostering private sector collaboration and investment, according to state news agency WAM.
Agreement details
As per the agreement, New Zealand will provide 100% duty-free access to imports from the UAE, while the UAE will grant duty-free access to 98.5% of New Zealand products, which will rise to 99% within three years.
The agreement was signed by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Todd McClay, New Zealand Minister for Trade, in Abu Dhabi. The signing ceremony was attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of New Zealand Christopher Luxon.
The President said that the agreement was an important addition to the UAE’s CEPA program, solidifying ties with the dynamic Asia-Pacific region via one of its most developed and open markets. He added that the UAE-New Zealand CEPA unites the two countries in a shared ambition to develop resilient, future-ready economies built on knowledge, innovation, and talent.
WAM reported that the CEPA is New Zealand’s first trade agreement with a Middle East country and is one of the UAE’s most expansive CEPAs to date. It covers areas such as indigenous trade, sustainable development, women’s economic empowerment, and transparency.
Bilateral trade
Bilateral non-oil trade between the two countries reached $642 million in the first nine months of 2024, an increase of 8% from the same period in 2023.
The agreement is expected to boost bilateral trade to $5 billion by 2032, tripling the five-year average bilateral trade of $1.5 billion between the UAE and New Zealand between 2019 and 2023.
CEPA program
The UAE’s CEPA program, which was launched in September 2021, is one of the main pillars of the Gulf country’s growth strategy, which targets $1 trillion in total trade value by 2031 and aims to double the size of the wider economy to surpass $800 billion by the same year. To date, the program concluded agreements with countries in the Middle East, Africa, Southeast Asia, South America, and Eastern Europe.
He highlighted that the diversity of these agreements, coupled with the UAE’s ability to form valuable partnerships across five continents, significantly increases opportunities for various sectors and opens new markets.
Recent trade deals
In October, the UAE and Vietnam signed agreements to bolster trade relations, government development, education, economy, investment, scientific research, and logistics during Vietnamese Prime Minister Pham Minh Chinh’s visit to the Gulf country. These deals included a memorandum of understanding (MoU) on investment cooperation in innovation and financial centers between the UAE’s Ministry of Investment and Vietnam’s Ministry of Investment and Planning.
Big US banks reported Wednesday quarterly profits above average analyst estimates, lifting major stock indexes. Citigroup shares climbed 7%, Goldman Sachs leaped over 5%, JPMorgan Chase increased over 1% and Wells Fargo rose 6% after reporting strong fourth-quarter results.
JPMorgan
JPMorgan Chase reported a 50% rise in net profit to $14 billion on solid results from all business lines. Revenue for the quarter surged by 10% to $42.8 billion, and earnings per share were $4.81.
JPMorgan said that it had a record net profit of $58.5 billion in the full year 2024. The banking giant added that it will distribute a common dividend of $3.5 billion, or $1.25 per share.
CitiGroup
CitiGroup reported a net income of $2.9 billion in the fourth quarter of 2024, compared to a net loss of $1.8 billion in the same quarter last year. The increase in net income was primarily due to higher revenues, lower expenses, and lower cost of credit. Revenue increased 12% to $19.6 billion, driven by growth in each of Citi’s businesses.
For the full year 2024, the bank reported net income of $12.7 billion and revenues of $81.1 billion.
Wells Fargo
Wells Fargo’s net income increased 47.3% to $5.1 billion in the fourth quarter, while its revenue declined by 0.4% to $20.37 billion.
Goldman Sachs
Goldman Sachs reported a net income of $4.1 billion and a revenue of $13.87 billion in the quarter. Diluted earnings per share (EPS) for the quarter was $11.95, compared with $5.48 for the fourth quarter of 2023.
The bank attributed the increase to higher net revenues across all segments, with significant growth in Global Banking and Markets.
CEOs upbeat
Wall Street CEOs hope that the incoming administration would be business-friendly amid a favorable market environment for banks and expectations that President-elect Donald Trump will execute a deregulatory and lower-tax agenda.
Goldman Sachs’ David Solomon noted a “meaningful shift” in CEO confidence after the results of the US election. “Additionally, there is a significant backlog from sponsors and an overall increased appetite for dealmaking, supported by an improving regulatory backdrop,” Reuters quoted Solomon as telling analysts on an earnings call.
JPMorgan Chase CEO Jamie Dimon expected more favorable conditions. “Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business,” he said in a statement.
“We feel optimistic about where we are going into 2025 both because of where the economy is and the strength that has existed, as well as the business-friendly approach from the incoming administration,” Wells Fargo CEO Charlie Scharf told analysts.
Stocks surged as traders responded strongly to the first major inflation report of the year and the kickoff of fourth-quarter earnings season, though one strategist warns the market’s recent fickle nature should keep investors on their toes.
Key facts
Major stock indexes rose sharply Wednesday: The Dow Jones Industrial Average was up 1.4%, or about 580 points, by 12 p.m. EST, the S&P 500 climbed 1.3% and the tech-heavy Nasdaq jumped 1.8%.
The Dow and S&P are both on pace for their best days since Nov. 6, the day after the election.
The key catalyst for the across-the-board rally was Wednesday’s consumer price index inflation report, which revealed overall inflation was 2.9% in December, the highest level since July but meeting consensus economist forecasts, while core CPI inflation, which excludes food and energy price changes, was 3.2%, better than the 3.3% consensus estimates.
“Markets reacted positively this morning for a good reason: The Federal Reserve is ok with watching the headline CPI go up temporarily if that increase does not spill over into the core CPI, and this is what happened in December,” explained Eugenio Aleman, Raymond James’ chief economist, in emailed comments, referring to the U.S. central bank in charge of interest rates, which equity investors want to go down.
The S&P’s financials sector gained more than 2%, rising thanks to Q4 earnings reports released Wednesday morning from big banks Citigroup (shares up 7%), Goldman Sachs (up 6%), JPMorgan Chase (up 2%) and Wells Fargo (up 6%), all of which reported quarterly profits above average analyst estimates.
The bond market also rallied, as yields for the benchmark 10-year U.S. Treasury note fell by more than 13 basis points to about 4.65%, returning to where they were before Friday’s jobs report (a decline in yields signals an increase in a bond’s value).
Crucial quote
“Markets are likely to be whipsawed over the next few data releases as investors seek a narrative that they can be comfortable with for more than just a few days at a time,” predicted Seema Shah, Principal Asset Management’s chief global strategist, in emailed comments.
Key background
It’s been a volatile start to the year for stocks, as Wednesday is shaping out to be the fourth 1% or greater move for the S&P of 2025, a feat that didn’t occur last year until February. Major indexes trade within 5% of the all-time highs they set last month, but the recent turbulence comes as the market adjusts to economic conditions and the increased likelihood of less rate cuts, which cut into stock valuations.
Big-name billionaires are lining up to strengthen their relationships with incoming President Donald Trump during next week’s inauguration festivities, as top dogs like Elon Musk, Jeff Bezos and more are expected to turn up in Washington, D.C.
Key facts
The world’s three wealthiest people are set to attend: Amazon founder Jeff Bezos (worth $235.3 billion according to Forbes’ estimates) and Meta’s Mark Zuckerberg ($212.6 billion) will reportedly be seated together on the inauguration dais alongside Elon Musk($429.8 billion), the Tesla CEO, world’s richest person and presidential confidant who spent over a quarter of a billion dollars to help Trump win November’s election.
OpenAI CEO Sam Altman ($1.1 billion), who donated to the inauguration, reportedly plans to attend the event.
Zuckerberg is also co-hosting a pre-Inaugural Ball reception for Trump alongside billionaire backers Miriam Adelson ($31.8 billion), Tilman Fertitta ($10.2 billion) and Todd Ricketts, whose father J. Joe Ricketts and family are worth an estimated $4 billion.
Trump himself is worth an estimated $6.8 billion thanks to his stake in Truth Social’s parent company, his real estate investments and other assets.
Coinbase CEO Brian Armstrong ($11.9 billion) was invited to inauguration-related events, according to Bloomberg, which didn’t specify if he’ll attend the swearing-in ceremony.
Several other billionaires and their spouses have been offered top roles in the Trump administration, but their attendance hasn’t been confirmed: Stephen Feinberg ($5 billion), Warren Stephens ($3.3 billion), Jared Isaacman ($1.7 billion), Howard Lutnick ($1.5 billion), Vivek Ramaswamy ($1 billion), Steve Witkoff ($1 billion), Linda McMahon(husband Vince McMahon is worth $3 billion) and Kelly Loeffler (husband Jeff Sprecher is worth $1 billion).
What other billionaires could attend?
Apple CEO Tim Cook ($2.3 billion) personally donated $1 million to the inauguration, but it’s unclear if he’ll attend the event. Dozens of other billionaires also supported Trump on his road to a second term who haven’t been confirmed as attendees, including Robert “Woody” Johnson ($3.3 billion), Elizabeth and Richard Uihlein (each worth $5.9 billion), Roger Penske($6.4 billion) and Timothy Mellon (family was worth $14.1 billion).
Did billionaires like Musk, Bezos and Zuckerberg back Trump’s campaign?
Some of them did, but others either stayed out of the presidential race or were Trump foes before they started trying to make nice. Zuckerberg’s Meta previously banned Trump from Instagram and Facebook—and Trump once threatened to send him to prison—before he fell in line following the election results. Since then, Zuckerberg has donated $1 million to his inaugural fund, met with Trump at Mar-A-Lago, made changes to how its platforms fact-check posts and put Trump’s friend Dana White on Meta’s board. In the leadup to the election, Zuckerberg did not endorse a candidate but did call Trump’s response to his assassination attempt “badass.” Bezos also has a history of clashing with Trump: Amazon in 2019 blamed Trump’s “personal dislike” of Bezos for losing a multibillion-dollar cloud computing contract with the Pentagon, and Trump has been critical of the Bezos-owned Washington Post. Bezos didn’t endorse Trump last year but said he “showed tremendous grace and courage under literal fire” following the assassination attempt, and donated $1 million to the inaugural fund. Others have supported him all along. Musk is among Trump’s biggest donors, alongside Adelson, the widow of billionaire Las Vegas Sands CEO Sheldon Adelson, who donated $100 million to the pro-Trump super PAC Preserve America during the election. Fertitta, owner of the Houston Rockets and Landry’s restaurant group, has been nominated to serve as U.S. ambassador to Italy after the Texas billionaire hosted a fundraiser for Trump last year. Ricketts, a co-owner of the Chicago Cubs, has been a major fundraiser for Republican politicians and, while he initially fundraised within the party against Trump during his first campaign, he ultimately went on to spearhead pro-Trump fundraising in 2020 and last year.
Tangent
Other corporate leaders plan on attending the inauguration, including Pfizer CEO Albert Bourla and Walmart CEO Doug McMillon, according to the Wall Street Journal. Other supporters are throwing events around Washington over inauguration weekend, including an “Inaugural Crypto Ball” that will feature Snoop Dogg and a party held by Uber and its CEO Dara Khosrowshahi. James Quincey, CEO of Coca-Cola Company, on Tuesday presented Trump with the “first ever Presidential Commemorative Inaugural Diet Coke bottle.” Microsoft, Ford, Google and AI search startup Perplexity also donated $1 million to the inaugural fund. Ripple, a crypto company, gave $5 million worth of its cryptocurrency to the inaugural committee. Other major donors include Goldman Sachs, Intuit, Toyota, Pharmaceutical Research and Manufacturers of America, General Motors, Bank of America, AT&T and Stanley Black & Decker, the Journal reported.
Big number
More than $170 million. That’s how much Trump’s inaugural fund is believed to have raised, almost three times as much as the $62 million raised by President Joe Biden four years ago and well above the previous record of $107 million, set by Trump’s 2016 inauguration. Donors who gave $1 million, or raised $2 million from others, were reportedly given six tickets to a series of events in the days leading up to the inauguration, including a “candlelight dinner” with Trump and Melania Trump and a black-tie ball.
What to watch for
The big weekend. The swearing-in ceremony for Trump and Vice President-elect JD Vance is scheduled for 12 p.m. EST Monday, but inauguration events officially begin Saturday. The weekend will include a “victory rally” at Capitol One Arena in Washington and a tea with the Bidens and Trumps at the White House, and Trump is expected to speak at three different balls Monday night. Carrie Underwood will perform at the official ceremony, and the Village People will perform at multiple inaugural events. Barack Obama, George W. Bush and Bill Clinton will attend the inauguration, as will former First Lady Laura Bush and former Secretary of State Hillary Clinton. Michelle Obama will not attend.
The world’s richest person Elon Musk would likely be looking at a price tag similar to what he paid for Twitter if a deal materializes to buy the American operations of TikTok, according to one well-known analyst covering Musk–as China reportedly mulls allowing a sale to Musk to prevent an all-out U.S. ban.
Key facts
TikTok parent ByteDance would likely look for a sum of $40 billion to $50 billion for the U.S. operations of the hit app, Wedbush analyst Dan Ives wrote in a Tuesday note to clients, in the range of the $44 billion Musk paid in 2022 for Twitter, now known as X—and well above the roughly $20 billion bid made by the U.S.-led consortium Project Liberty last week.
Reports from Bloomberg and the Wall Street Journal on Chinese officials’ discussions about Musk are “not a total shock” given Musk’s tight relationship with President-elect Donald Trump, Ives added.
The acquisition of the U.S. operations of TikTok would be a “golden asset pickup” for Musk and his social media company X, added Ives, who covered Twitter when it was a public company and now covers Tesla and the American technology industry at large.
Chief critic
A TikTok spokesperson dismissed the idea of a sale to Musk as “pure fiction” in a statement to several outlets. Musk has yet to comment on the reports, which don’t mention whether Musk has expressed interest in such an acquisition.
Key background
TikTok will be banned Sunday unless ByteDance divests its U.S. operations to an American entity, though the Supreme Court will soon rule on an appeal to the ban and Trump—who has criticized the idea of banning TikTok—may be able to extend the deadline by 90 days after his Monday inauguration. About a third of Americans use TikTok, according to a June survey from Pew Research, topping the 21% using X. But concerns about TikTok’s China-based ownership—and whether the Chinese government could force it to hand over user data—led lawmakers to pursue a ban if ByteDance doesn’t sell the platform. Billionaire Frank McCourt, the former owner of the Los Angeles Dodgers, leads the Project Liberty bid for TikTok, while other American billionaires are closely involved in the high-stakes drama, including Jeff Yass, whose Susquehanna International Group firm owns a 15% stake in ByteDance.
Tangent
Musk’s electric vehicle company Tesla, his largest business, does a significant amount of business in China. About 23%, or $5.7 billion of Tesla’s $25.2 billion in revenue in its most recent quarter came from China. Ives mentioned Musk’s “strong relationship” with the Chinese government as bolstering his case with TikTok.
Forbes valuation
Musk’s $421 billion net worth makes him more than $180 billion richer than any other human, according to our latest estimates. Musk’s 12% stake in Tesla and 42% stake in his aerospace government contractor SpaceX account for a majority of his fortune.
In the ever-evolving landscape of global aerospace and defense, few figures shine as brightly as Dr. Vivek Lall, the Chief Executive of General Atomics Global Corporation. Based in San Diego, California, General Atomics (GA) and its affiliated companies operate on five continents, producing groundbreaking technologies that range from unmanned aircraft systems (Predator/Reaper/Guardian) to advanced nuclear solutions and directed energy systems. GA has become a cornerstone of innovation, transforming industries and shaping the future.
A Stellar Academic and Professional Foundation
Dr. Lall’s illustrious career is anchored in an exceptional academic foundation. He earned a Bachelor of Mechanical Engineering degree from Carleton University in Canada and a Master’s in Aeronautical Engineering from Embry-Riddle Aeronautical University in Florida. His academic journey culminated in a Ph.D. in Aerospace Engineering from Wichita State University in Kansas, with a focus on advanced aerospace systems. He also holds an MBA from City University in Seattle and has completed executive programs at the American Management Association in Washington, D.C.
Dr. Lall’s professional journey began with Raytheon and NASA Ames Research Center, where he conducted groundbreaking research in multidisciplinary engineering fields. He subsequently joined Boeing, holding numerous leadership roles over 15 years, including Vice President and India Country Head for Boeing Defense, Space & Security. His outstanding tenure at Boeing was also marked by the establishment of the US-India Aviation Cooperation Program, a transformative initiative launched in 2005.
Before taking the helm at General Atomics Global Corporation, Dr. Lall has been a top official at Lockheed Martin and served as Vice President of Aeronautics Strategy and Business Development. He also held key advisory roles, including an appointment by the U.S. Government to the Cabinet Secretary of Transportation, influencing aviation policies globally.
Leading General Atomics: Transformative Leadership and Innovation
Since becoming Chief Executive of General Atomics Global Corporation, Dr. Lall has expanded the company’s technological horizons and global footprint. GA’s capabilities span unmanned aerial systems (UAS), electromagnetic aircraft launch and recovery systems, satellite surveillance, high-power lasers, rail guns, and advanced nuclear solutions. The company is also the principal private sector participant in thermonuclear fusion research through its DIII-D and inertial confinement programs. Under Dr. Lall’s guidance, GA’s innovations have redefined industries, making it a global leader in defense, energy, and space technologies.
Revolutionary Contributions to Aerospace and Defense
One of Dr. Lall’s most notable achievements at GA is his leadership in globally advancing unmanned aerial systems. These systems have revolutionized surveillance, reconnaissance, and precision strike operations worldwide. Additionally GA has conducted the integration of cutting-edge technologies like artificial intelligence and autonomous capabilities, broadening the applications of UAS beyond military operations to include disaster relief, environmental monitoring, and commercial use.
In addition to aerospace innovations, GA has pioneered directed energy technologies, including electromagnetic rail guns, high-power lasers, and hypervelocity projectiles. These advancements are reshaping modern defense capabilities and reinforcing GA’s reputation as a leader in emerging technologies.
Championing Next-Generation Nuclear Solutions
Dr. Lall has also helped position GA as a frontrunner in the transition to global clean energy. The company’s work on nuclear fusion reflects its commitment to addressing global energy challenges. By championing advanced nuclear solutions, Dr. Lall is contributing to the global push for sustainable and reliable energy sources, aligning with efforts to combat climate change.
Global Leadership and Strategic Collaborations
Dr. Lall’s leadership extends beyond GA. In 2024, he was named a Distinguished Visiting Fellow at Stanford University’s Hoover Institution, one of the world’s most influential think tanks. His role at the Hoover Institution involves generating policy ideas to promote economic prosperity, national security, and democratic governance, joining the ranks of luminaries like Henry Kissinger and Condoleezza Rice.
He serves on the Business Advisory Board of the Geneva-based World Association of Investment Promotion Agencies (WAIPA) and the Advisory Board of the Quad Investors Network, announced by the White House in 2023. Dr. Lall is also a member of the NATO Science and Technology Organization (STO), the Industry Advisory Board of the American Society of Mechanical Engineers (ASME), and the International Advisory Group of the U.S. Chamber of Commerce.
Recognitions and Accolades
Dr. Lall’s contributions have earned him numerous accolades, including the President’s Lifetime Achievement Award by the President of the United States and the “World Leader Award” by the House of Lords in the United Kingdom. He has been named a Kentucky Colonel, an Ambassador of the State of Arkansas, and conferred the Grand Cross by His Highness Mahmoud Salah Al Din Assaf. Cambridge (UK) has listed him as one of only 2,000 Outstanding Scientists of the Twentieth Century.
Personal Background and Early Influences
Born in Jakarta to a psychologist mother and a diplomat father, Dr. Lall grew up across five continents, gaining a unique perspective on global cultures. This diverse upbringing, coupled with his multilingual abilities, shaped his worldview and prepared him for a global leadership role. Completing his first engineering degree at the remarkable age of 19, Dr. Lall’s early achievements set the stage for his illustrious career.
Dr. Lall credits his parents for instilling a passion for education and a belief in the power of knowledge to transform the world. He often emphasizes that transparency, accountability, and persistence have been the cornerstones of his success.
Driving Innovation for a Sustainable Future
As a visionary leader, Dr. Lall is committed to addressing the challenges of the 21st century through innovation. His work at GA reflects a deep commitment to creating solutions that balance economic growth with environmental responsibility. “Knowledge is power,” he says, underscoring his belief in education and lifelong learning as drivers of global progress.
A Legacy of Excellence
Dr. Vivek Lall’s career is a testament to the power of vision, hard work, and relentless pursuit of excellence. From pioneering advancements in aerospace and defense to championing clean energy solutions, his contributions have shaped industries and inspired countless individuals. As he continues to be regarded as a respected global captain of critical and emerging technologies into the future, Dr. Lall remains a beacon of innovation and a driving force for a better tomorrow.
The International Monetary Fund (IMF) is set to project steady global growth and continued disinflation in its upcoming World Economic Outlook, according to a Reuters report citing IMF Managing Director Kristalina Georgieva.
Steady global growth
Speaking to reporters on Friday, Georgieva highlighted that the US economy is performing better than anticipated.
However, she acknowledged lingering uncertainty over the trade policies of President-elect Donald Trump‘s administration, which is contributing to global economic headwinds and driving up long-term interest rates.
Georgieva noted that the Federal Reserve could take its time before implementing further interest rate cuts as inflation is approaching its target and labor market data remains stable. Despite this, she emphasized that interest rates are expected to stay elevated for an extended period.
The IMF anticipates uneven growth patterns across regions. While growth is projected to slow in the European Union (EU) and weaken slightly in India, Brazil is likely to grapple with higher inflation.
Meanwhile, China is expected to face deflationary pressures and persistent challenges with domestic demand. Georgieva also warned that lower-income economies remain vulnerable to adverse shocks.
Georgieva pointed out that while higher interest rates were necessary to control inflation, they had not led to a global recession. However, she noted that inflation trends varied across regions, requiring central bankers to closely monitor local data.
She further highlighted that medium-term global growth prospects are at their weakest levels in decades.
Key background
In October, the IMF revised its 2024 growth forecasts upward for the US, Brazil, and the UK, but lowered them for China, Japan, and the Eurozone due to risks from potential trade wars, geopolitical conflicts, and tight monetary policies.
The Fund maintained its global growth forecast for 2024 at 3.2% as projected in July but trimmed its 2025 projection by 0.1%, bringing it to 3.2%. It also forecasted a decline in medium-term global growth to 3.1% over the next five years.
Projections for the MENA region in 2025 were revised down to 4% from 4.2%. In its October update, the IMF said global inflation is gradually easing, with headline inflation expected to drop to 5.8% in 2024 and 4.3% in 2025, down from 6.7% in 2023.
What to watch for
The IMF will release its updated global economic outlook on January 17.
Mike Federle
CEO
Mike Federle is the Chief Executive Officer of Forbes, one of the world’s most instantly recognizable brands and one of the largest media companies by audience. Under Mike’s direction, Forbes continues to expand its product portfolio and its reach. Forbes, which is synonymous with “success” in almost every country around the world, engages 150 million people across every platform every month – the most in its 104-year history. Since he was appointed to CEO in December 2017, Mike has successfully completed Forbes’ digital transformation efforts and led the company to four of its most successful years on record. He works closely with his management team and employees at all levels to set corporate strategy and nurture a #OneTeam culture that fosters innovation and allows the brand to quickly pivot in a rapidly changing marketplace. Today, Forbes delivers the most-diverse audiences of any business media brand – entrepreneurs, the C-suite (CMOs, CEOs, CFOs, CIOs), small-business owners and more – through a robust product portfolio that includes the industry-leading BrandVoice, Insights, ForbesWomen, LIVE and Forbes Virtual platforms, as well as highly recognizable global franchises, including Under 30, Over 50, Philanthropy, Forbes 400 and more. Under Mike’s direction, the company also has undertaken an aggressive and highly successful licensing strategy that includes 47 licensed local editions in 80 countries, as well as brand extensions in education, financial services and more. Forbes has also embarked on a strategic M&A strategy that extends the brand into new areas and is differentiated in the marketplace. The combination of Mike’s vision, execution and employee empowerment skills make him a widely respected thought leader on a range of subjects such as the intersection of tech and media, digital transformation/change management, corporate culture, and emerging technologies (AI, Blockchain, automation). In addition to serving as CEO, Mike serves as a Director on the Forbes Media, LLC Board of Directors. Mike previously served as the company’s President and Chief Operating Officer. Prior to joining Forbes in 2011, he was a Co-Founder, President and Chief Operating Officer of Techonomy Media Inc, a multimedia company based in New York, in which Forbes acquired an equity interest in July 2011. Techonomy was sold in 2018 to Clarim Holdings, a private holding company established by Jim McCann, founder of 1-800-Flowers. With 30+ years’ experience in the media business, he has successfully guided multiple companies through the constantly evolving industry. He has held top positions at Publisher of Fortune magazine, Group Publisher of the Time Inc. Business & Finance Network that included media properties such as Fortune, Money, Business2.0 and CNNMoney.
