Transcript:
Conway Gittens:
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street was in a holding pattern as the Federal Reserve wrapped up its first day of meeting. Investors are still uncertain as to whether the Fed will cut interest rates by 25 or 50 basis points. Policymakers are weighing a moderation in inflation against a labor market that has shifted into lower gear and an overall economy that’s slowing but remains on firm footing. A decision will be announced on Wednesday.
Related: A wild Elon Musk in the White House could kill Trump's legacy
In other news - according to a new report the world could be less than three years away from having its first trillionaire. The Informa Connect Academy predicts that Elon Musk will reach the milestone by 2027.
Musk, who is the CEO of several companies including X, SpaceX, and Starlink, currently has a net worth of roughly $250 billion. The report notes that Musk’s fortune is growing by an average of 110% per year, putting him on track to hit a net worth of $1 trillion in less than two-and-a-half years.
The biggest factor to whether he gets there will be Tesla. Musk owns 13% of the EV maker and his stake is currently worth $93 billion. But he owns another 303 million stock options which are linked to his controversial compensation package. Shares of Tesla are up more than 1,300% over the past five years. Musk also owns 42% of SpaceX, which is currently valued at $210 billion.
But Elon Musk is not the only big name Informa thinks could reach trillionaire status. The report suggests Nvidia CEO Jensen Huang and India’s richest man Gautam Adani could both hit the mark in 2028.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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