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SpaceX’s Success Catapulted Musk To The Top Of The World’s Richest

New success for Elon Musk’s company SpaceX has once again shot the owner of Tesla to the top spot in the ranking of the richest people in the world. Musk returned to the top spot after his artificial intelligence startup xAI raised $6 billion in a funding round, but within hours he lost his crown to Bernard Arnault. 

KEY FACTS 

  • A little over $3 billion. That is the difference between Elon Musk and Bernard Arnault, who occupy the first two positions in the ranking of the richest people in the world. 
  • The Tesla owner briefly lost the crown he regained just about a week ago but has regained his position after his space company SpaceX scored a resounding success on its fourth consecutive Starship test. 
  • The goal was to bring the upper part of the rocket back into the atmosphere in a controlled manner and then detach it in the Indian Ocean.
  • For the first time, all elements of a new orbital transport system have returned to Earth after flight, after the rocket failed to survive the high temperatures of re-entry on its previous attempt just a few months ago.
  • The success of SpaceX has brought Musk enough income that, according to Forbes, his wealth is currently equal to 210.2 billion dollars. The owner of Louis Vuitton, Bernard Arnault, can boast of a fortune of 207.5 billion dollars.

KEY STORY 

The mission is a key step for future astronaut trips to Mars. Musk and his company SpaceX are working on a fast orbital rocket system that would be the first in the world.

The challenge is precisely the speed and altitude at which the Starship ascends, resulting in high temperatures when it re-enters the atmosphere. 

If SpaceX engineers succeed in perfecting the Starship, it will be revolutionary. The 33 engines at its core produce 74 meganewtons of thrust. For comparison, NASA’s Space Launch System produces 39 meganewtons when it takes off from the pad, and that’s over 20% higher.

This capability, along with the altitude that can launch more than a hundred tons into orbit at once, will radically reduce the cost of space activity and make new types of activities possible.

Fed Leaves Room For Potential Interest Rate Cuts In 2024

The US Federal Reserve (Fed) has signalled the possibility of two interest rate cuts within this year, with the first potentially occurring as early as September. This comes despite updated economic forecasts that indicate only one cut for the year. Fed Chair Jerome Powell emphasized the need for a cautious approach, relying on more economic data before making further decisions. Currently, the Federal Open Market Committee (FOMC) has kept the benchmark rate steady at 5.25%-5.5%, the highest in over two decades.

Economic Context and Projections

The Fed’s decision to maintain the current rates is driven by ongoing evaluations of inflation trends and economic growth. Although the market anticipates potential cuts, the Fed has not committed to specific dates, preferring a data-driven approach. The possibility of rate reductions reflects an adaptive strategy to support economic stability amid fluctuating economic indicators.

Market Reactions

Market analysts predict over a 50% chance of a rate cut in September, indicating significant anticipation among investors and financial markets. This cautious optimism is mirrored in the Fed’s statements, suggesting readiness to adjust policies as necessary to foster favorable economic conditions.

Future Outlook

As the year progresses, the Fed will closely monitor economic data, including employment rates, inflation, and GDP growth, to guide its decisions on interest rates. This flexible approach aims to balance economic growth with inflation control, ensuring sustained economic health.

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