Travelling around the world in a private jet and owning several mansions, this 9-year-old boy is truly living the billionaire life. Coming from Nigeria, Muhammed Awal Mustapha owns multiple supercars and a private jet.

Travelling around the world in a private jet and owning several mansions, this 9-year-old boy is truly living the billionaire life. Coming from Nigeria, Muhammed Awal Mustapha owns multiple supercars and a private jet. The influencer has been nicknamed the world's 'youngest billionaire' and has over 25K followers on Instagram with only 9 posts. View this post on Instagram A post shared by Muhammed Awal Mustapha (@momphajnr) × View this post on Instagram A post shared by Muhammed Awal Mustapha (@momphajnr) × The young boy is the son of multimillionaire Nigerian internet celebrity Ismailia Mustapha, who is popularly known as Mompha. The 9-year-old boy goes by the name Mompha Junior and was given his first mansion when he was 6. He was given the mansion by his father. “It reassures you that after all the ups and downs you have a place to go to…. A place that will never judge you and always invite you with open arms… Congrats My Son on your New Home. Ur birthday Gift from Daddy," he reportedly wrote on social media at the time. Also read | Aeronautics enthusiast forced to abandon chance to board SpaceX flight. Find out why Mompha Junior usually shares pictures on his Instagram handle, showing off his lavish lifestyle. Earlier, he shared an image of his private jet where he wrote, "Never look down on any broke nigga, Real Hustlers go broke but never stay broke ..... Hustlers are different from Ritualists!!! God Bless all Hustlers (Amin)." View this post on Instagram A post shared by Muhammed Awal Mustapha (@momphajnr) × Mompha, who is the CEO of a Lagos Bureau De Change, has been accused of laundering over £10million. A court, earlier this month, heard claims by Nigeria's anti-corruption agency which claimed that Mompha hid his wealth in 'movable assets'. However, the multimillionaire pleaded not guilty to all the charges.

This 9-year-old is world's youngest billionaire and owns a mansion, private jet

As the recent volcanic eruption snapped the communication links of Tonga with the rest of the world, billionaire Elon Musk has offered to send Starlink internet terminals to the country. &nbsp;

To a story that Tonga may have to live without internet for a month, the entrepreneur wrote on Twitter,&nbsp;“Could people from Tonga let us know if it is important for SpaceX to send over Starlink terminals?” &nbsp;

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Soon, the post went viral. From all over the world, numerous Tongans replied to the tweet with requests for help to reestablish communication&nbsp;as&nbsp;it could help to contact families and coordinate assistance.&nbsp;

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Could people from Tonga let us know if it is important for SpaceX to send over Starlink terminals?
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1484422174626746371?ref_src=twsrc%5Etfw">January 21, 2022</a></blockquote>
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Lord Fusitu’a, a politician from Tonga also said, “Yes we need them to get liquidity in to purchase much-needed goods. Voice and data completely down with undersea cable severed.” &nbsp;

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Yes <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> we need them to get liquidity in to purchase much needed goods. Voice &amp; data Completely down with undersea cable severed. I have a plane airdropping hamradio in for basic comms, but <a href="https://twitter.com/starlink?ref_src=twsrc%5Etfw">@starlink</a> essential. Pls contact me to coordinate and help.
— Lord Fusitu'a (@LordFusitua) <a href="https://twitter.com/LordFusitua/status/1484443520643780613?ref_src=twsrc%5Etfw">January 21, 2022</a></blockquote>
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Fusitu’a&nbsp;also requested for direct contact with Musk to coordinate assistance as he was organising an airdrop of ham radios for basic communications. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/real-life-aquaman-disabled-tongan-man-swam-for-27-hours-after-tsunami-446268" hreflang="en">'Real life Aquaman': Disabled Tongan man swam for 27 hours after tsunami</a>

Josephine Latu-Sanft, a communications specialist from Tonga, suggested to give internet to people until the undersea cable gets repaired and then work with partners to establish robust communications infrastructure across Pacific. &nbsp;&nbsp;

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This is a hard thing for us to do right now, as we don’t have enough satellites with laser links and there are already geo sats that serve the Tonga region. That is why I’m asking for clear confirmation.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1484424055071641602?ref_src=twsrc%5Etfw">January 21, 2022</a></blockquote>
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In response, Musk wrote, “This is a hard thing for us to do right now, as we don’t have enough satellites with laser links and there are already geo sats that serve the Tonga region. That is why I’m asking for clear confirmation.” &nbsp;

(With inputs from agencies)&nbsp;

As the recent volcanic eruption snapped the communication links of Tonga with the rest of the world, billionaire Elon Musk has offered to send Starlink internet terminals to the country.

As the recent volcanic eruption snapped the communication links of Tonga with the rest of the world, billionaire Elon Musk has offered to send Starlink internet terminals to the country. To a story that Tonga may have to live without internet for a month, the entrepreneur wrote on Twitter, “Could people from Tonga let us know if it is important for SpaceX to send over Starlink terminals?” Also Read: 6.4-magnitude earthquake rocks Japan, govt sets up crisis centre Soon, the post went viral. From all over the world, numerous Tongans replied to the tweet with requests for help to reestablish communication as it could help to contact families and coordinate assistance. Could people from Tonga let us know if it is important for SpaceX to send over Starlink terminals? — Elon Musk (@elonmusk) January 21, 2022 × Lord Fusitu’a, a politician from Tonga also said, “Yes we need them to get liquidity in to purchase much-needed goods. Voice and data completely down with undersea cable severed.” Yes @elonmusk we need them to get liquidity in to purchase much needed goods. Voice & data Completely down with undersea cable severed. I have a plane airdropping hamradio in for basic comms, but @starlink essential. Pls contact me to coordinate and help. — Lord Fusitu'a (@LordFusitua) January 21, 2022 × Fusitu’a also requested for direct contact with Musk to coordinate assistance as he was organising an airdrop of ham radios for basic communications. Also Read | 'Real life Aquaman': Disabled Tongan man swam for 27 hours after tsunami Josephine Latu-Sanft, a communications specialist from Tonga, suggested to give internet to people until the undersea cable gets repaired and then work with partners to establish robust communications infrastructure across Pacific. This is a hard thing for us to do right now, as we don’t have enough satellites with laser links and there are already geo sats that serve the Tonga region. That is why I’m asking for clear confirmation. — Elon Musk (@elonmusk) January 21, 2022 × In response, Musk wrote, “This is a hard thing for us to do right now, as we don’t have enough satellites with laser links and there are already geo sats that serve the Tonga region. That is why I’m asking for clear confirmation.” (With inputs from agencies)

To restore internet, Elon Musk offers to send Starlink terminals to volcano-hit Tonga. See what happens next

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Billionaire JR Ridinger’s $51 million superyacht, Utopia IV, rear-ended and sunk a gas tanker in the Bahamas. &nbsp;

The Utopia seems to have hit the stern of the tanker, the Tropic Breeze, off the coast of New Providence Island, said reports. &nbsp;

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“The catastrophic force of the collision pierced the stern of the tanker causing the tanker to sink to the ocean floor at an estimated depth of 2,000 feet,” Maritime Management, which owns the tanker, told the local Caribbean National Weekly. &nbsp;&nbsp;

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Life isn’t always sunshine and cocktails. Not even in the yachting world. 
 
The 63m Rossinavi superyacht Utopia IV has crashed with a tanker off New Province Island in the Bahamas. 
 
The tanker was struck at 10pm by the superyacht and sunk in waters estimated to be 600m deep. <a href="https://t.co/9z5ezmZBJy">pic.twitter.com/9z5ezmZBJy</a>
— Yacht Informer (@yachtinformer) <a href="https://twitter.com/yachtinformer/status/1475866632874565644?ref_src=twsrc%5Etfw">December 28, 2021</a></blockquote>
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Talking about any potential environmental damage due to the mishap, the company also said that all “non-persistent materials [LPG, marine gas and automotive gas] … are lighter than water and will evaporate if exposed to surface air.” &nbsp;

Another passing superyacht, which was called Amara, rescued the crew members. &nbsp;

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It is still unclear that Ridinger, CEO, Market America and Shop.com, was aboard the superyacht or not. &nbsp;&nbsp;

The superyacht Utopia IV has four Rolls Royce hydro jets for speed. It can house 12 people in an interior outfitted with luxury brands like Hermes and Armani. It also has a jacuzzi in the owner’s suite and glass-bottomed pool. &nbsp;

(With inputs from agencies)&nbsp;

Billionaire JR Ridinger’s $51 million superyacht, Utopia IV, rear-ended and sunk a gas tanker in the Bahamas. The Utopia seems to have hit the stern of the tanker, the Tropic Breeze, off the coast of New Providence Island, said reports.

Billionaire JR Ridinger’s $51 million superyacht, Utopia IV, rear-ended and sunk a gas tanker in the Bahamas. The Utopia seems to have hit the stern of the tanker, the Tropic Breeze, off the coast of New Providence Island, said reports. Also Read: US removes Mali, Ethiopia, Guinea from duty-free trade programme over violations “The catastrophic force of the collision pierced the stern of the tanker causing the tanker to sink to the ocean floor at an estimated depth of 2,000 feet,” Maritime Management, which owns the tanker, told the local Caribbean National Weekly. Life isn’t always sunshine and cocktails. Not even in the yachting world. The 63m Rossinavi superyacht Utopia IV has crashed with a tanker off New Province Island in the Bahamas. The tanker was struck at 10pm by the superyacht and sunk in waters estimated to be 600m deep. pic.twitter.com/9z5ezmZBJy — Yacht Informer (@yachtinformer) December 28, 2021 × Talking about any potential environmental damage due to the mishap, the company also said that all “non-persistent materials [LPG, marine gas and automotive gas] … are lighter than water and will evaporate if exposed to surface air.” Another passing superyacht, which was called Amara, rescued the crew members. Also Read: At New Year's party shooting in US, 3 dead, 4 injured It is still unclear that Ridinger, CEO, Market America and Shop.com, was aboard the superyacht or not. The superyacht Utopia IV has four Rolls Royce hydro jets for speed. It can house 12 people in an interior outfitted with luxury brands like Hermes and Armani. It also has a jacuzzi in the owner’s suite and glass-bottomed pool. (With inputs from agencies)

In boat accident, billionaire’s $51 million superyacht sinks gas tanker in Bahamas

In Pics | Japanese billionaire Yusaku Maezawa completes 12 days at ISS

Giving a reply in the debate over paying more taxes, Tesla Inc's Chief Executive Officer Elon Musk has announced on Sunday on Twitter that he will pay over $11 billion in taxes this year. &nbsp;

On Twitter, Democratic US Senator Elizabeth Warren had earlier said that Musk should pay taxes and stop "freeloading off everyone else". The remark had come after Time magazine named him its "Person of the Year". &nbsp;

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In the reply, Musk had said that he "will pay more taxes than any American in history this year". &nbsp;

Earlier, Time magazine’s choice for 'Person of the Year' 2021 had not gone down well with several critics, who slammed the publication. It was being called ‘worst choice ever’ as billionaire Elon Musk was criticised for opposition to unions, attitude towards tax and playing down Covid dangers. &nbsp; &nbsp;

Time had described Musk as a “clown, genius, edgelord, visionary, industrialist, showman” while talking about his achievements. &nbsp; &nbsp; &nbsp;

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It was the “worst choice ever”, said Kurt Eichenwald, an author. &nbsp; &nbsp;

Musk had been opposing a “billionaires tax” floated by some lawmakers in US. He and some other super-wealthy people in the country paid tax at a very small rate in comparison to their significant rise in wealth from 2014 to 2018, said a probe by Propublica this year. Musk allegedly paid only a “real” rate of 3.27%. &nbsp; &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

Giving a reply in the debate over paying more taxes, Tesla Inc's Chief Executive Officer Elon Musk has announced on Sunday on Twitter that he will pay over $11 billion in taxes this year.

Giving a reply in the debate over paying more taxes, Tesla Inc's Chief Executive Officer Elon Musk has announced on Sunday on Twitter that he will pay over $11 billion in taxes this year. On Twitter, Democratic US Senator Elizabeth Warren had earlier said that Musk should pay taxes and stop "freeloading off everyone else". The remark had come after Time magazine named him its "Person of the Year". Also Read: In miraculous save, two babies in US survive tornado by sheltering in bathtub In the reply, Musk had said that he "will pay more taxes than any American in history this year". Earlier, Time magazine’s choice for 'Person of the Year' 2021 had not gone down well with several critics, who slammed the publication. It was being called ‘worst choice ever’ as billionaire Elon Musk was criticised for opposition to unions, attitude towards tax and playing down Covid dangers. Time had described Musk as a “clown, genius, edgelord, visionary, industrialist, showman” while talking about his achievements. Also Read: Democrat senators Elizabeth Warren and Cory Booker test Covid positive despite booster shots It was the “worst choice ever”, said Kurt Eichenwald, an author. Musk had been opposing a “billionaires tax” floated by some lawmakers in US. He and some other super-wealthy people in the country paid tax at a very small rate in comparison to their significant rise in wealth from 2014 to 2018, said a probe by Propublica this year. Musk allegedly paid only a “real” rate of 3.27%. (With inputs from agencies)

In fitting reply, billionaire Elon Musk vows to pay over $11 bn in taxes this year

The world’s richest man, Elon Musk, who is also the Chief Executive Officer (CEO) of Tesla, has been named Time magazine's 'Person of the Year' for 2021. &nbsp;

This seems to be a golden year for Musk as the billionaire’s electric car company became the most valuable carmaker in the world this year. &nbsp;

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Not just this, the rocket company headed by Musk also soared to the edge of space with an all-civilian crew. &nbsp;

Musk is on cloud nine as his shares also witnessed a huge jump. The Tesla CEO has also asked for advice on social media platforms for doing several things this year. &nbsp;

In a nutshell, the billionaire has been in the news for one or the other reasons. &nbsp;

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"For creating solutions to an existential crisis, for embodying the possibilities and the perils of the age of tech titans, for driving society's most daring and disruptive transformations, Elon Musk is TIME's 2021 Person of the Year," said Edward Felsenthal, editor-in-chief of the magazine. &nbsp;

"Even Elon Musk's spacefaring adventures are a direct line from the very first Person of the Year, Charles Lindbergh, whom the editors selected in 1927 to commemorate his historic first solo transatlantic airplane flight over the Atlantic," Felsenthal added. &nbsp;

(With inputs from agencies)&nbsp;

The world’s richest man, Elon Musk, who is also the Chief Executive Officer (CEO) of Tesla, has been named Time magazine's 'Person of the Year' for 2021. This seems to be a golden year for Musk as the billionaire’s electric car company became the most valuable carmaker in the world this year.

The world’s richest man, Elon Musk, who is also the Chief Executive Officer (CEO) of Tesla, has been named Time magazine's 'Person of the Year' for 2021. This seems to be a golden year for Musk as the billionaire’s electric car company became the most valuable carmaker in the world this year. Also Read: Elon Musk makes fun of Finland's Prime Minister with a meme. Here's why Not just this, the rocket company headed by Musk also soared to the edge of space with an all-civilian crew. Musk is on cloud nine as his shares also witnessed a huge jump. The Tesla CEO has also asked for advice on social media platforms for doing several things this year. In a nutshell, the billionaire has been in the news for one or the other reasons. Also Read: Hong Kong media tycoon Jimmy Lai sentenced to 13 months in prison "For creating solutions to an existential crisis, for embodying the possibilities and the perils of the age of tech titans, for driving society's most daring and disruptive transformations, Elon Musk is TIME's 2021 Person of the Year," said Edward Felsenthal, editor-in-chief of the magazine. "Even Elon Musk's spacefaring adventures are a direct line from the very first Person of the Year, Charles Lindbergh, whom the editors selected in 1927 to commemorate his historic first solo transatlantic airplane flight over the Atlantic," Felsenthal added. (With inputs from agencies)

Billionaire Elon Musk bags title of Time magazine's 'Person of the Year' for 2021

If reports are to be believed, a US billionaire has recently bought a small town in Texas. The town, which is named Mustang, has a population of just about two dozen people. &nbsp;

Although the estimated price for the town is unclear, it was put up for sale in 2017 for $4 million. &nbsp;

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US billionaire Mark Cuban, who is also Dallas Mavericks owner, said he has bought the town to help a friend. &nbsp;

“I don’t know what, if anything, I will do with it,” the billionaire told the Dallas Morning News. &nbsp;

The town is roughly spread in 77 acres and is about an hour’s distance away from Dallas. &nbsp;

Mustang features several amenities like a closed down strip club. It also has a neighbourhood alligator, which resides in a pond. &nbsp;

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In 2008, someone was killed at the strip club, which is known as Whispers. Since then, the club has been closed, as per the Houston Chronicle. &nbsp;

In a nutshell, Mustang is actually a ghost town. The town was founded in 1970s and used to thrive by selling alcohol while most of Navarro County, Texas, had restricted its sale. &nbsp;

(With inputs from agencies)&nbsp;

If reports are to be believed, a US billionaire has recently bought a small town in Texas. The town, which is named Mustang, has a population of just about two dozen people.

If reports are to be believed, a US billionaire has recently bought a small town in Texas. The town, which is named Mustang, has a population of just about two dozen people. Although the estimated price for the town is unclear, it was put up for sale in 2017 for $4 million. Also Read: 11 US govt employees’ phones hacked using NSO Group’s spyware, say reports US billionaire Mark Cuban, who is also Dallas Mavericks owner, said he has bought the town to help a friend. “I don’t know what, if anything, I will do with it,” the billionaire told the Dallas Morning News. The town is roughly spread in 77 acres and is about an hour’s distance away from Dallas. Mustang features several amenities like a closed down strip club. It also has a neighbourhood alligator, which resides in a pond. Also Read: US county school admin charges $36,000 from woman to give info on ‘rape’ In 2008, someone was killed at the strip club, which is known as Whispers. Since then, the club has been closed, as per the Houston Chronicle. In a nutshell, Mustang is actually a ghost town. The town was founded in 1970s and used to thrive by selling alcohol while most of Navarro County, Texas, had restricted its sale. (With inputs from agencies)

US billionaire Mark Cuban buys small town named Mustang in Texas

Bill Ackman, a billionaire hedge fund manager, will look to convince New York’s powerful Landmarks Preservation Commission to allow him to build a “flying saucer” penthouse. &nbsp;&nbsp;

The billionaire is trying to come up with it on top of a historic apartment building in the Upper West Side, which overlooks Central Park. &nbsp;

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The Harvard-educated activist investor Ackman has been engaged in a years-long public relations battle with his merely millionaire neighbours to garner support for his planned Norman Foster-designed two-storey penthouse. It has been described as a “temple to a titan”. &nbsp;

Earlier, Ackman had famously made $2.6bn (£2.2bn) profit in a single day by betting on the financial impact of coronavirus in the early days of the pandemic. &nbsp;

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Last week, the billionaire had successfully won the backing of Manhattan Community Board 7 (CB7) for the plan atop the 120-year-old building. Now, he is going to seek the approval of the Landmarks Preservation Commission. &nbsp;

The penthouse at 6-16 West 77th Street has been designed by Foster + Partners. It would replace a pink stucco 17th-floor penthouse that Ackman and his partner scientist Neri Oxman bought for $22.5m in 2017. &nbsp;

(With inputs from agencies)

Bill Ackman, a billionaire hedge fund manager, will look to convince New York’s powerful Landmarks Preservation Commission to allow him to build a “flying saucer” penthouse.

Bill Ackman, a billionaire hedge fund manager, will look to convince New York’s powerful Landmarks Preservation Commission to allow him to build a “flying saucer” penthouse. The billionaire is trying to come up with it on top of a historic apartment building in the Upper West Side, which overlooks Central Park. Also Read | 'I keep forgetting you're still alive': Elon Musk takes a dig at Bernie Sanders, offers to sell more stock The Harvard-educated activist investor Ackman has been engaged in a years-long public relations battle with his merely millionaire neighbours to garner support for his planned Norman Foster-designed two-storey penthouse. It has been described as a “temple to a titan”. Earlier, Ackman had famously made $2.6bn (£2.2bn) profit in a single day by betting on the financial impact of coronavirus in the early days of the pandemic. Also Read | Watch: Iceland Tourism mocks metaverse in funny ad, Mark Zuckerberg responds Last week, the billionaire had successfully won the backing of Manhattan Community Board 7 (CB7) for the plan atop the 120-year-old building. Now, he is going to seek the approval of the Landmarks Preservation Commission. The penthouse at 6-16 West 77th Street has been designed by Foster + Partners. It would replace a pink stucco 17th-floor penthouse that Ackman and his partner scientist Neri Oxman bought for $22.5m in 2017. (With inputs from agencies)

Billionaire Ackman looks to convince panel to build 'flying saucer' penthouse

MacKenzie Scott stepped out of the long shadow of her former husband, Amazon founder Jeff Bezos, by handing out billions of dollars in grants over the past two years to charities, community colleges, food banks and progressive nonprofits led by people of colour.

Advising her was a team of consultants at a firm that is hardly known outside philanthropic circles but highly influential within them: The Bridgespan Group.

Spun out of the consulting firm Bain &amp; Company as a nonprofit, Bridgespan is one of a host of groups that arose in the early 2000s as a new wave of giving led by tech billionaires was beginning to crest. Two decades later, the consultants working behind the scenes are more important than ever.

Scott pulled back the curtain a bit in June — when among the 286 groups receiving more than $2.7 billion in donations were a host of organizations that are basically the plumbing and wiring of the nonprofit world. Among them were the Center for Effective Philanthropy, Charity Navigator and Bridgespan itself, which said it would use its gift mainly to pursue research meant to benefit the sector as a whole.

“We work with the nonprofits on classic kinds of strategic issues, getting clarity on what they’re trying to do, putting their resources to work,” said Imtiyaz Hussein, who goes by Taz and is a Bridgespan partner who leads the group’s nonprofit advising practice. “I frame the heart of what we try to do as providing decision-making support for organizations.”

Proponents say the advisers make the field more effective. Critics question whether consultants, even at nonprofits with good intentions, are the right solution for the charitable sector.

“The tool kit of the consulting business is based on crunching massive amounts of quantitative data and analyzing it. What it’s bad at understanding is human life,” said Anand Giridharadas, author of “Winners Take All: The Elite Charade of Changing the World” and who early in his career worked for the consultant McKinsey &amp; Company. “I think these folks, whether they’re well-meaning or not, find it hard to leave their vocation and worldview and basic frameworks at some kind of coat check.”

Bridgespan may not be a household name, but its reach in philanthropic circles is significant. The group advises the biggest names in the field: the Bill and Melinda Gates Foundation, the Ford Foundation and the Rockefeller Foundation on the philanthropy side, and the YMCA of the USA, the Salvation Army and even the Sesame Workshop on the nonprofit side.

And for donors looking to outsource overhead while still giving responsibly, consultants fill the gap between Jack Dorsey’s spreadsheet of gifts and a full-blown foundation with offices on Fifth Avenue.

“Bridgespan occupies a unique perch in the landscape of professional-services organizations serving foundations and high-net-worth families,” said Darren Walker, president of the Ford Foundation. Walker, who has worked with Bridgespan since he was with the Abyssinian Development Corporation two decades ago, said no firm had been more influential in the past 20 years.

When a group of billionaires and scholars gathered last year to brainstorm reforms for the charitable sector, they met at Bridgespan’s offices in New York. When the Open Society Foundations, by most measures the second-biggest foundation in the United States after Gates, recently began a significant restructuring, it brought in Bridgespan.

And, of course, there is Scott, who shook up the world of philanthropy with donations of more than $8 billion in 11 months.

But some philanthropy experts say relying on consultants can skew which groups get the most funding. “Consultants at places like Bridgespan are setting the menu of what philanthropists can and should do,” said Megan Tompkins-Stange, an assistant professor of public policy and scholar of philanthropy at the University of Michigan. “The organizations that are stamped with the managerial brand are more likely to get funding.”

Bridgespan was started in 2000 by three men with ties to the for-profit management consultant Bain &amp; Company, including Bain’s then-worldwide managing partner Thomas Tierney. The founders received $1.3 million from the consulting firm and $5.5 million from a group of foundations to see if a dedicated nonprofit could do a better job than for-profit consultants dabbling in pro bono work.

Bridgespan got its start during an era of “venture philanthropy” and “philanthrocapitalism.” In essence, the billionaires knew best and they were going to bring their vaunted analytic practices to the world of nonprofits. A whole crop of groups came up at around the same time, Rockefeller Philanthropy Advisors, the Center for Effective Philanthropy and the consultants FSG among them. (All received funding from Scott in her last round of giving.)

Bridgespan itself received a gift from Scott. Bridgespan’s latest tax filing for the year 2020 showed contributions and grants leaping to $74.7 million from $12.5 million the year before, nearly doubling the group’s total assets as of the end of last year. Bridgespan said the increase reflected a five-year capital campaign with multiple donors and not just Scott’s grant.

Giving away money used to be approached as a distinct enterprise from making money. The strategies, language and reams of analytics do not always translate to the nonprofit world, where “return on investment” could be harder to quantify.

“We were getting into bidding wars. ‘I can serve 500 kids for a million dollars.’ ‘I can serve 500 kids for $400,000,’ ” said Geoffrey Canada, president of Harlem Children’s Zone and one of Bridgespan’s first clients. He said he found his initial encounter with the group “predictably demeaning — they come in, lay out charts, don’t give you the chance to answer back.”

What was different from other firms his nonprofit worked with, he said, was that Bridgespan took his “brutally honest” feedback to heart. In turn, they persuaded him to abandon the bidding wars and ask for more money, trusting the donors to respect his candour.

Attitudes toward billionaire philanthropy shifted after the Great Recession, with populists on the left and right more suspicious of the ultrawealthy. Yet, management consulting for philanthropists and nonprofits continued to thrive. That is partly because the pie keeps growing.

From 2000 to 2018, assets held by private foundations more than doubled, according to the research group Candid, to $950 billion from $421 billion. Total giving tripled over the same period, the most recent for which complete data is available, rising to $72 billion from $23 billion, according to Candid, which also received a grant from Scott.

Instead of establishing big foundations, many of the richest Americans now want to use limited-liability companies, such as Laurene Powell-Jobs, and donor-advised funds, which Scott has used for some of her gifts.

“Bridgespan seems exceptionally able and well-disposed to take advantage of the shift from big family foundations to LLCs that don’t want staff but are still giving away a huge sum of money,” said Rob Reich, co-director of the Center on Philanthropy and Civil Society at Stanford University.

Groups such as Bridgespan can also step into the gap and serve as outsourced staff for new foundations finding their footing.

In March, the recently formed Asian American Foundation had just five full-time employees. After the killing of eight people at Atlanta-area spas, six of Asian descent, the group was inundated with pledges and commitments, including millions more from prominent board members including Joseph Tsai, owner of the Brooklyn Nets, and a further $1 billion committed to their cause by foundations, corporations and individuals in an eight-week period.

Bridgespan's Hussein served as an informal adviser, joining calls with board members.

The foundation brought on a team from Bridgespan full time over the summer. “My ask of them was understanding what is happening in the field and what are things we should be paying attention to. Where were the gaps?” said foundation president Sonal Shah. The Bridgespan team provided a thorough analysis of Asian American and Pacific Islander organizations in the United States.

“I think it was over a four-week period, which is not a small thing to do in a month,” Shah said.

Shah said she appreciated the fact that the team from Bridgespan was staffed fully with people of Asian descent. Hussein said that was intentional. He drew from Bridgespan’s internal affinity group, people with “firsthand experience of what it means to be othered, what it means to have the model minority myth,” Hussein said.

That was not the case in the group’s early days, said Walker, of the Ford Foundation.

“When I first met Bridgespan, it was primarily white men at the top, and that’s not a surprise given their origin,” Walker said. “I had a Zoom call with the Bridgespan team on a matter last spring, and a majority of the people on the little Hollywood Squares on the Zoom were people of colour and women.”

Bridgespan’s self-reported diversity figures show two-thirds of the group’s staff are women. White people make up less than half of the overall staff, as well as less than half of those in leadership positions.

Both Walker and Jeff Bradach, one of Bridgespan’s founders, used the word “journey” to describe the group’s embrace of diversity and inclusion as central tenets of the work. Bradach, who was managing partner until October, when he stepped down from the top post, stressed in an interview that this was still a work in progress and that Bridgespan had made mistakes in the past.

For instance, one of Bridgespan’s big pushes was for donors to make “big bets” rather than spreading the money around. But that standard tends to favour big institutions. “If in your criteria, you say, ‘We only fund people that do random control trials,’ if you have these barriers to capital on general operating support, then a whole bunch of organizations led by people of colour have actually never been given the money to do that,” Bradach said.

Scott has made it a priority to give to such previously underfunded groups. But she has no website or headquarters or way to apply for grants, leaving groups scrambling for a way to get on her radar. People in the field noticed, for instance, that Bridgespan has advised the YMCA and Scott gave grants to YMCA’s across the country last year.

While avoiding directly discussing Scott’s giving per company policy, Bradach rejected the notion that nonprofits could work with Bridgespan as a way of getting the attention of the big donors they advise. Bradach said that just 5% of the nonprofits that Bridgespan’s philanthropic clients gave to were also Bridgespan clients.

In that 5% of cases, Bridgespan policy is to tell the donor that it also represents the nonprofit. The notion among nonprofits that they could cosy up to Bridgespan and then receive huge sums from Scott is wrong, Bradach said, and also betrays a misunderstanding of how much sway Bridgespan has over the donors it helps. “It’s not,” he said, “a black box that they’re kind of scratching their head going, ‘I can’t wait to see what comes.’”

MacKenzie Scott stepped out of the long shadow of her former husband, Amazon founder Jeff Bezos, by handing out billions of dollars in grants over the past two years to charities, community colleges, food banks and progressive nonprofits led by people of colour.

MacKenzie Scott stepped out of the long shadow of her former husband, Amazon founder Jeff Bezos, by handing out billions of dollars in grants over the past two years to charities, community colleges, food banks and progressive nonprofits led by people of colour. Advising her was a team of consultants at a firm that is hardly known outside philanthropic circles but highly influential within them: The Bridgespan Group. Spun out of the consulting firm Bain & Company as a nonprofit, Bridgespan is one of a host of groups that arose in the early 2000s as a new wave of giving led by tech billionaires was beginning to crest. Two decades later, the consultants working behind the scenes are more important than ever. Scott pulled back the curtain a bit in June — when among the 286 groups receiving more than $2.7 billion in donations were a host of organizations that are basically the plumbing and wiring of the nonprofit world. Among them were the Center for Effective Philanthropy, Charity Navigator and Bridgespan itself, which said it would use its gift mainly to pursue research meant to benefit the sector as a whole. “We work with the nonprofits on classic kinds of strategic issues, getting clarity on what they’re trying to do, putting their resources to work,” said Imtiyaz Hussein, who goes by Taz and is a Bridgespan partner who leads the group’s nonprofit advising practice. “I frame the heart of what we try to do as providing decision-making support for organizations.” Proponents say the advisers make the field more effective. Critics question whether consultants, even at nonprofits with good intentions, are the right solution for the charitable sector. “The tool kit of the consulting business is based on crunching massive amounts of quantitative data and analyzing it. What it’s bad at understanding is human life,” said Anand Giridharadas, author of “Winners Take All: The Elite Charade of Changing the World” and who early in his career worked for the consultant McKinsey & Company. “I think these folks, whether they’re well-meaning or not, find it hard to leave their vocation and worldview and basic frameworks at some kind of coat check.” Bridgespan may not be a household name, but its reach in philanthropic circles is significant. The group advises the biggest names in the field: the Bill and Melinda Gates Foundation, the Ford Foundation and the Rockefeller Foundation on the philanthropy side, and the YMCA of the USA, the Salvation Army and even the Sesame Workshop on the nonprofit side. And for donors looking to outsource overhead while still giving responsibly, consultants fill the gap between Jack Dorsey’s spreadsheet of gifts and a full-blown foundation with offices on Fifth Avenue. “Bridgespan occupies a unique perch in the landscape of professional-services organizations serving foundations and high-net-worth families,” said Darren Walker, president of the Ford Foundation. Walker, who has worked with Bridgespan since he was with the Abyssinian Development Corporation two decades ago, said no firm had been more influential in the past 20 years. When a group of billionaires and scholars gathered last year to brainstorm reforms for the charitable sector, they met at Bridgespan’s offices in New York. When the Open Society Foundations, by most measures the second-biggest foundation in the United States after Gates, recently began a significant restructuring, it brought in Bridgespan. And, of course, there is Scott, who shook up the world of philanthropy with donations of more than $8 billion in 11 months. But some philanthropy experts say relying on consultants can skew which groups get the most funding. “Consultants at places like Bridgespan are setting the menu of what philanthropists can and should do,” said Megan Tompkins-Stange, an assistant professor of public policy and scholar of philanthropy at the University of Michigan. “The organizations that are stamped with the managerial brand are more likely to get funding.” Bridgespan was started in 2000 by three men with ties to the for-profit management consultant Bain & Company, including Bain’s then-worldwide managing partner Thomas Tierney. The founders received $1.3 million from the consulting firm and $5.5 million from a group of foundations to see if a dedicated nonprofit could do a better job than for-profit consultants dabbling in pro bono work. Bridgespan got its start during an era of “venture philanthropy” and “philanthrocapitalism.” In essence, the billionaires knew best and they were going to bring their vaunted analytic practices to the world of nonprofits. A whole crop of groups came up at around the same time, Rockefeller Philanthropy Advisors, the Center for Effective Philanthropy and the consultants FSG among them. (All received funding from Scott in her last round of giving.) Bridgespan itself received a gift from Scott. Bridgespan’s latest tax filing for the year 2020 showed contributions and grants leaping to $74.7 million from $12.5 million the year before, nearly doubling the group’s total assets as of the end of last year. Bridgespan said the increase reflected a five-year capital campaign with multiple donors and not just Scott’s grant. Giving away money used to be approached as a distinct enterprise from making money. The strategies, language and reams of analytics do not always translate to the nonprofit world, where “return on investment” could be harder to quantify. “We were getting into bidding wars. ‘I can serve 500 kids for a million dollars.’ ‘I can serve 500 kids for $400,000,’ ” said Geoffrey Canada, president of Harlem Children’s Zone and one of Bridgespan’s first clients. He said he found his initial encounter with the group “predictably demeaning — they come in, lay out charts, don’t give you the chance to answer back.” What was different from other firms his nonprofit worked with, he said, was that Bridgespan took his “brutally honest” feedback to heart. In turn, they persuaded him to abandon the bidding wars and ask for more money, trusting the donors to respect his candour. Attitudes toward billionaire philanthropy shifted after the Great Recession, with populists on the left and right more suspicious of the ultrawealthy. Yet, management consulting for philanthropists and nonprofits continued to thrive. That is partly because the pie keeps growing. From 2000 to 2018, assets held by private foundations more than doubled, according to the research group Candid, to $950 billion from $421 billion. Total giving tripled over the same period, the most recent for which complete data is available, rising to $72 billion from $23 billion, according to Candid, which also received a grant from Scott. Instead of establishing big foundations, many of the richest Americans now want to use limited-liability companies, such as Laurene Powell-Jobs, and donor-advised funds, which Scott has used for some of her gifts. “Bridgespan seems exceptionally able and well-disposed to take advantage of the shift from big family foundations to LLCs that don’t want staff but are still giving away a huge sum of money,” said Rob Reich, co-director of the Center on Philanthropy and Civil Society at Stanford University. Groups such as Bridgespan can also step into the gap and serve as outsourced staff for new foundations finding their footing. In March, the recently formed Asian American Foundation had just five full-time employees. After the killing of eight people at Atlanta-area spas, six of Asian descent, the group was inundated with pledges and commitments, including millions more from prominent board members including Joseph Tsai, owner of the Brooklyn Nets, and a further $1 billion committed to their cause by foundations, corporations and individuals in an eight-week period. Bridgespan's Hussein served as an informal adviser, joining calls with board members. The foundation brought on a team from Bridgespan full time over the summer. “My ask of them was understanding what is happening in the field and what are things we should be paying attention to. Where were the gaps?” said foundation president Sonal Shah. The Bridgespan team provided a thorough analysis of Asian American and Pacific Islander organizations in the United States. “I think it was over a four-week period, which is not a small thing to do in a month,” Shah said. Shah said she appreciated the fact that the team from Bridgespan was staffed fully with people of Asian descent. Hussein said that was intentional. He drew from Bridgespan’s internal affinity group, people with “firsthand experience of what it means to be othered, what it means to have the model minority myth,” Hussein said. That was not the case in the group’s early days, said Walker, of the Ford Foundation. “When I first met Bridgespan, it was primarily white men at the top, and that’s not a surprise given their origin,” Walker said. “I had a Zoom call with the Bridgespan team on a matter last spring, and a majority of the people on the little Hollywood Squares on the Zoom were people of colour and women.” Bridgespan’s self-reported diversity figures show two-thirds of the group’s staff are women. White people make up less than half of the overall staff, as well as less than half of those in leadership positions. Both Walker and Jeff Bradach, one of Bridgespan’s founders, used the word “journey” to describe the group’s embrace of diversity and inclusion as central tenets of the work. Bradach, who was managing partner until October, when he stepped down from the top post, stressed in an interview that this was still a work in progress and that Bridgespan had made mistakes in the past. For instance, one of Bridgespan’s big pushes was for donors to make “big bets” rather than spreading the money around. But that standard tends to favour big institutions. “If in your criteria, you say, ‘We only fund people that do random control trials,’ if you have these barriers to capital on general operating support, then a whole bunch of organizations led by people of colour have actually never been given the money to do that,” Bradach said. Scott has made it a priority to give to such previously underfunded groups. But she has no website or headquarters or way to apply for grants, leaving groups scrambling for a way to get on her radar. People in the field noticed, for instance, that Bridgespan has advised the YMCA and Scott gave grants to YMCA’s across the country last year. While avoiding directly discussing Scott’s giving per company policy, Bradach rejected the notion that nonprofits could work with Bridgespan as a way of getting the attention of the big donors they advise. Bradach said that just 5% of the nonprofits that Bridgespan’s philanthropic clients gave to were also Bridgespan clients. In that 5% of cases, Bridgespan policy is to tell the donor that it also represents the nonprofit. The notion among nonprofits that they could cosy up to Bridgespan and then receive huge sums from Scott is wrong, Bradach said, and also betrays a misunderstanding of how much sway Bridgespan has over the donors it helps. “It’s not,” he said, “a black box that they’re kind of scratching their head going, ‘I can’t wait to see what comes.’”

The consulting firm that billionaires turn to when they give away money

Having stumbled in their attempts to raise taxes on the wealthy in the conventional way, Democrats in Congress moved to unconventional measures.

The proposal was to tax billionaires on their so-called unrealized gains — the growth in the value of assets, such as stocks and real estate, that have not yet been sold. To understand why lawmakers might look to a group of more than 700 billionaires to underwrite a massive spending program, consider this statistic: Since the beginning of the Covid-19 pandemic, billionaires have seen a 70 percent increase in their wealth, from nearly $3 trillion to an almost incomprehensible $5 trillion, according to Forbes data analyzed by Americans for Tax Fairness and the Institute for Policy Studies Program on Inequality and the Common Good.

Unsurprisingly, critics, the ultrawealthy and even some Democrats decried the idea as novel, untested and dangerous. Other experts worried about whether it would be too difficult to value billionaires’ assets or if the proposal could pass constitutional muster. These attacks ultimately killed the idea in Washington.

But a billionaire’s tax is not nearly as novel and untested as it sounds. The main concepts already exist in the tax code. It just happens that these provisions currently serve the interests of the ultrawealthy class, who have so far skirted most taxes aimed at wealth rather than income.

The ultrawealthy live starkly different financial lives from other people. They hardly make anything in wages, or what the rest of us know as income. Amazon’s Jeff Bezos has typically pulled down a middle-class base salary of around $80,000. Others, like Facebook’s Mark Zuckerberg, Oracle’s Larry Ellison and Google’s Larry Page, have, at various points, taken a symbolic $1 in salary.

But many ultrawealthy Americans have figured out how to fund a lavish lifestyle without owing any income tax. Their wealth is almost entirely in assets like stocks, such as the Tesla shares that account for the vast majority of Elon Musk’s $270 billion plus in wealth. Our tax code levies a 23.8 percent tax on capital gains for those with the highest incomes, but only when an asset is sold. Their holdings can grow by billions of dollars a year, but the wealthy owe nothing as long as they hang on to their shares. When they need money, they borrow it, as Mr. Ellison and Mr. Musk have done to the tune of billions, pledging the value of shares as collateral. It has been called “Buy, Borrow, Die,” and it’s a wonderful system for the superrich.

This system allows them to enjoy luxury cars, yachts, homes on multiple continents and occasional trips to outer space while reporting, in some cases, a salary of a dollar a year or less to the Internal Revenue Service.

This is why the ultrawealthy are able to pay negligible amounts in taxes, especially compared with the growth in their wealth, as ProPublica reported earlier this year, as part of our series “The Secret I.R.S. Files.” In 2018, Mr. Musk paid $0 in federal income taxes. (He declined to discuss his taxes with ProPublica.)

The proposal would have taxed billionaires on those unrealized gains. If shares of Amazon or Facebook or Berkshire Hathaway rise 20 percent in a year, Jeff Bezos, Mark Zuckerberg or Warren Buffett, respectively, would owe taxes on that gain — even if they don’t sell a single share. Assets that are harder to value, such as privately held companies or real estate, would also be subject to tax.

Part of the objection to the billionaire’s tax was that it is a dramatic change from the current tax system, which taxes people only when they realize gains.

That’s untrue. There are several provisions in the current tax code through which unrealized gains are taxed.

Here’s one example of something in the code today. Certain hedge fund managers can do what’s called a 475 election, a maneuver named after Section 475 of the tax code. Using this provision, their entire fund is taxed on its market value at the end of the year. They have to pay taxes on gains, whether they sell the underlying stock or not. Are these hedge fund managers nuts? Nope. They do it because it confers several benefits for certain types of funds (particularly those doing rapid-fire trading every nanosecond), including freeing them from complying with trading rules they may find onerous.

Hedge fund managers are intimately familiar with the concept of placing a value on unrealized gains. Their compensation depends on it. Each year, they get a small percentage, typically 2 percent, of the assets they manage. If they do well and the fund goes up, they get a performance fee, often 20 percent of the increase in the fund’s value. How do they determine that 20 percent? They figure out the unrealized gains. On Dec. 31, they tell their clients that their assets went up and get paid 20 percent of that amount. If those stocks fall on Jan. 1, they don’t have to give the money back.

The mirror image of unrealized gains also exists in the tax code. Today, businesses that buy equipment get to take a deduction intended to approximate the amount that it loses in value each year. This concept is called depreciation. In other words, you get a deduction based on an estimate, not when you sell something. You could call it an unrealized loss.

And then there’s the wealth tax on unrealized gains that millions of Americans already pay: property taxes, which every owner of a house or apartment is responsible for. Property taxes are a town or city’s estimate of the value of your home or land, almost always in a year you didn’t sell.

The proposal is not a wealth tax, but it has a similar goal of raising money only from the ultrawealthy. Its elegance is that it equates the gain in wealth with income. In theory, a wealth tax, which has its own complexities and constitutional questions, could be layered on top.

When people complain that the new billionaire tax is unconstitutional, they may be forgetting about all of these provisions that exist today that do similar things.

Another argument against such a tax is that it would be too hard to enforce because it’s difficult to value assets accurately. Stock markets reflect a clear value for publicly held companies, but the value of privately held companies, real estate holdings, art and other assets is harder to determine.

That may have been more true 40 years ago, but there are now entire industries dedicated to valuing private assets. Commercial real estate, for example, relies on the work of research and investment banking companies that analyze and value office buildings. And if banks are willing to lend to the ultrawealthy against their assets, presumably they are comfortable valuing them. If all these entities can do it, so can the I.R.S.

It’s a measure of how much the political conversation about wealth inequality has shifted that this new tax was even considered seriously. While a tax on billionaires for their unrealized gains is not as new as people want to pretend, it clearly would be complex to implement. Perhaps, however, not as complex as getting all Democrats on board.

Having stumbled in their attempts to raise taxes on the wealthy in the conventional way, Democrats in Congress moved to unconventional measures. The proposal was to tax billionaires on their so-called unrealized gains — the growth in the value of assets, such as stocks and real estate, that have not yet been sold.

Having stumbled in their attempts to raise taxes on the wealthy in the conventional way, Democrats in Congress moved to unconventional measures. The proposal was to tax billionaires on their so-called unrealized gains — the growth in the value of assets, such as stocks and real estate, that have not yet been sold. To understand why lawmakers might look to a group of more than 700 billionaires to underwrite a massive spending program, consider this statistic: Since the beginning of the Covid-19 pandemic, billionaires have seen a 70 percent increase in their wealth, from nearly $3 trillion to an almost incomprehensible $5 trillion, according to Forbes data analyzed by Americans for Tax Fairness and the Institute for Policy Studies Program on Inequality and the Common Good. Unsurprisingly, critics, the ultrawealthy and even some Democrats decried the idea as novel, untested and dangerous. Other experts worried about whether it would be too difficult to value billionaires’ assets or if the proposal could pass constitutional muster. These attacks ultimately killed the idea in Washington. But a billionaire’s tax is not nearly as novel and untested as it sounds. The main concepts already exist in the tax code. It just happens that these provisions currently serve the interests of the ultrawealthy class, who have so far skirted most taxes aimed at wealth rather than income. The ultrawealthy live starkly different financial lives from other people. They hardly make anything in wages, or what the rest of us know as income. Amazon’s Jeff Bezos has typically pulled down a middle-class base salary of around $80,000. Others, like Facebook’s Mark Zuckerberg, Oracle’s Larry Ellison and Google’s Larry Page, have, at various points, taken a symbolic $1 in salary. But many ultrawealthy Americans have figured out how to fund a lavish lifestyle without owing any income tax. Their wealth is almost entirely in assets like stocks, such as the Tesla shares that account for the vast majority of Elon Musk’s $270 billion plus in wealth. Our tax code levies a 23.8 percent tax on capital gains for those with the highest incomes, but only when an asset is sold. Their holdings can grow by billions of dollars a year, but the wealthy owe nothing as long as they hang on to their shares. When they need money, they borrow it, as Mr. Ellison and Mr. Musk have done to the tune of billions, pledging the value of shares as collateral. It has been called “Buy, Borrow, Die,” and it’s a wonderful system for the superrich. This system allows them to enjoy luxury cars, yachts, homes on multiple continents and occasional trips to outer space while reporting, in some cases, a salary of a dollar a year or less to the Internal Revenue Service. This is why the ultrawealthy are able to pay negligible amounts in taxes, especially compared with the growth in their wealth, as ProPublica reported earlier this year, as part of our series “The Secret I.R.S. Files.” In 2018, Mr. Musk paid $0 in federal income taxes. (He declined to discuss his taxes with ProPublica.) The proposal would have taxed billionaires on those unrealized gains. If shares of Amazon or Facebook or Berkshire Hathaway rise 20 percent in a year, Jeff Bezos, Mark Zuckerberg or Warren Buffett, respectively, would owe taxes on that gain — even if they don’t sell a single share. Assets that are harder to value, such as privately held companies or real estate, would also be subject to tax. Part of the objection to the billionaire’s tax was that it is a dramatic change from the current tax system, which taxes people only when they realize gains. That’s untrue. There are several provisions in the current tax code through which unrealized gains are taxed. Here’s one example of something in the code today. Certain hedge fund managers can do what’s called a 475 election, a maneuver named after Section 475 of the tax code. Using this provision, their entire fund is taxed on its market value at the end of the year. They have to pay taxes on gains, whether they sell the underlying stock or not. Are these hedge fund managers nuts? Nope. They do it because it confers several benefits for certain types of funds (particularly those doing rapid-fire trading every nanosecond), including freeing them from complying with trading rules they may find onerous. Hedge fund managers are intimately familiar with the concept of placing a value on unrealized gains. Their compensation depends on it. Each year, they get a small percentage, typically 2 percent, of the assets they manage. If they do well and the fund goes up, they get a performance fee, often 20 percent of the increase in the fund’s value. How do they determine that 20 percent? They figure out the unrealized gains. On Dec. 31, they tell their clients that their assets went up and get paid 20 percent of that amount. If those stocks fall on Jan. 1, they don’t have to give the money back. The mirror image of unrealized gains also exists in the tax code. Today, businesses that buy equipment get to take a deduction intended to approximate the amount that it loses in value each year. This concept is called depreciation. In other words, you get a deduction based on an estimate, not when you sell something. You could call it an unrealized loss. And then there’s the wealth tax on unrealized gains that millions of Americans already pay: property taxes, which every owner of a house or apartment is responsible for. Property taxes are a town or city’s estimate of the value of your home or land, almost always in a year you didn’t sell. The proposal is not a wealth tax, but it has a similar goal of raising money only from the ultrawealthy. Its elegance is that it equates the gain in wealth with income. In theory, a wealth tax, which has its own complexities and constitutional questions, could be layered on top. When people complain that the new billionaire tax is unconstitutional, they may be forgetting about all of these provisions that exist today that do similar things. Another argument against such a tax is that it would be too hard to enforce because it’s difficult to value assets accurately. Stock markets reflect a clear value for publicly held companies, but the value of privately held companies, real estate holdings, art and other assets is harder to determine. That may have been more true 40 years ago, but there are now entire industries dedicated to valuing private assets. Commercial real estate, for example, relies on the work of research and investment banking companies that analyze and value office buildings. And if banks are willing to lend to the ultrawealthy against their assets, presumably they are comfortable valuing them. If all these entities can do it, so can the I.R.S. It’s a measure of how much the political conversation about wealth inequality has shifted that this new tax was even considered seriously. While a tax on billionaires for their unrealized gains is not as new as people want to pretend, it clearly would be complex to implement. Perhaps, however, not as complex as getting all Democrats on board.

A Billionaire’s tax isn’t as crazy as it sounds

Over the previous 11 months, China has cracked down on its internet behemoths.

As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure.

The Chinese government's antagonistic approach has resulted in the world's largest wealth loss.

The Chinese stock markets have already lost about three-quarters of a trillion dollars.&nbsp;

According to Bloomberg, Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc (PDD), has the unpleasant distinction of being the man who has lost the most money this year.

According to Bloomberg's Billionaire Index, Huang's wealth has decreased by $27 billion (RMB 174 billion).

The cause for the historic decrease is a free plunge in Pinduoduo's stock following CCP's crackdown on internet behemoths.

Huang's abrupt decrease is the most extreme of any of the index's participants.

Hui Ka Yan, Chairman of Evergrande, one of China's leading real estate developers and currently mired in debt, lost only $16 billion.&nbsp;

According to the Bloomberg ranking, six of the ten billionaires with the largest net worth decreases this year are from China.

Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co, has lost $18 billion, as has Hui, the embattled developer Evergrande, and Tencent's Pony Ma, who has lost more than $10 billion.&nbsp;

(With inputs from agencies)

Over the previous 11 months, China has cracked down on its internet behemoths. As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure.

Over the previous 11 months, China has cracked down on its internet behemoths. As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure. The Chinese government's antagonistic approach has resulted in the world's largest wealth loss. The Chinese stock markets have already lost about three-quarters of a trillion dollars. According to Bloomberg, Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc (PDD), has the unpleasant distinction of being the man who has lost the most money this year. According to Bloomberg's Billionaire Index, Huang's wealth has decreased by $27 billion (RMB 174 billion). The cause for the historic decrease is a free plunge in Pinduoduo's stock following CCP's crackdown on internet behemoths. Huang's abrupt decrease is the most extreme of any of the index's participants. Hui Ka Yan, Chairman of Evergrande, one of China's leading real estate developers and currently mired in debt, lost only $16 billion. According to the Bloomberg ranking, six of the ten billionaires with the largest net worth decreases this year are from China. Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co, has lost $18 billion, as has Hui, the embattled developer Evergrande, and Tencent's Pony Ma, who has lost more than $10 billion. (With inputs from agencies)

China cracks down on tech titans: Billionaire loses $27 billion in world's biggest wealth drop

The race to reach the space seems to be high on agenda for billionaires now as after Virgin Galactic founder Richard Branson and Blue Origin owner Jeff Bezos, another entrepreneur is all set to ride into space this week. &nbsp;

E-commerce firm Shift4 Payments founder and chief executive Jared Isaacman will lead three fellow spaceflight novices on a three-day trip to space. They will reach Earth's orbit onboard a SpaceX Crew Dragon capsule.&nbsp;The three travel mates have been selected specially.

Watch:&nbsp;Electric luxury concept cars steal the show in Munich

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If the mission is successful, it will begin a new era of commercial space tourism. Several companies are already eying for customers, who are willing to pay a small fortune to experience the supersonic flight, weightlessness and the visual spectacle of space. &nbsp;

The SpaceX rocket ship will be blasted off from Cape Canaveral, Florida and splashdown in the Atlantic at the end. The flight will carry its four passengers where no all-civilian crew has gone ever before, into Earth’s orbit. This astro-tourist team, will make history in achieving this feat. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/nasas-mars-rover-collects-first-planetary-samples-for-return-to-earth-412509" hreflang="en">NASA's Mars Rover collects first planetary samples for return to Earth</a>

The 38-year-old tech mogul seems to have spent a presumably exorbitant amount of money to be a part of the trip. &nbsp;&nbsp;

With a 24-hour targeted launch window, the vehicle will blastoff from NASA's Kennedy Space Center atop one of Musk's reusable Falcon 9 rockets.&nbsp;The orbital outing, which is being dubbed as Inspiration4, was conceived by Isaacman. &nbsp;

(With inputs from agencies)&nbsp;

The race to reach the space seems to be high on agenda for billionaires now as after Virgin Galactic founder Richard Branson and Blue Origin owner Jeff Bezos, another entrepreneur is all set to ride into space this week.

The race to reach the space seems to be high on agenda for billionaires now as after Virgin Galactic founder Richard Branson and Blue Origin owner Jeff Bezos, another entrepreneur is all set to ride into space this week. E-commerce firm Shift4 Payments founder and chief executive Jared Isaacman will lead three fellow spaceflight novices on a three-day trip to space. They will reach Earth's orbit onboard a SpaceX Crew Dragon capsule. The three travel mates have been selected specially. Watch: Electric luxury concept cars steal the show in Munich × If the mission is successful, it will begin a new era of commercial space tourism. Several companies are already eying for customers, who are willing to pay a small fortune to experience the supersonic flight, weightlessness and the visual spectacle of space. The SpaceX rocket ship will be blasted off from Cape Canaveral, Florida and splashdown in the Atlantic at the end. The flight will carry its four passengers where no all-civilian crew has gone ever before, into Earth’s orbit. This astro-tourist team, will make history in achieving this feat. Also Read: NASA's Mars Rover collects first planetary samples for return to Earth The 38-year-old tech mogul seems to have spent a presumably exorbitant amount of money to be a part of the trip. With a 24-hour targeted launch window, the vehicle will blastoff from NASA's Kennedy Space Center atop one of Musk's reusable Falcon 9 rockets. The orbital outing, which is being dubbed as Inspiration4, was conceived by Isaacman. (With inputs from agencies)

Pace to reach space shoots up as SpaceX set to launch billionaire into orbit

Billionaire and former Walmart president Marc Lore helped outline a plan for a $400 billion metropolis, tabbed "the new city in America," to be built in the desert if properly funded.

Billionaire Lore outlines plan for $400-billion US new city

Rihanna to Kanye West: Celebrities who are in the billionaire club

England's High Court will begin hearing arguments on Wednesday from lawyers for four Russian billionaires including Chelsea FC owner Roman Abramovich and state-owned oil firm Rosneft about a book on President Vladimir Putin which they say defames them. 
 
In the 2020 book, British journalist Catherine Belton chronicles Putin's rise to power and how many of his associates from the former Soviet spy services rose to positions of wealth and influence after he won the top Kremlin job in 1999. 
 
Lawyers for the businessmen will tell the court that passages in the book "Putin's People: How the KGB Took Back Russia and then Took on the West", published by HarperCollins, are defamatory. Abramovich is suing both HarperCollins and Belton, according to case details filed with the courts and tribunals service. 
 
HarperCollins said it would "robustly defend this acclaimed and ground-breaking book and the right to report on matters of considerable public interest". 
 
Belton, a former Financial Times Moscow correspondent and now a Reuters special correspondent, declined to comment. Law firm Wiggin, which is representing HarperCollins and Belton, did not respond to a request for comment. 
 
"The book falsely alleges that our client has acted corruptly, and makes false claims about our client`s purchase, and the activities, of Chelsea Football Club. Such claims are totally unacceptable and are without foundation," Abramovich`s lawyers, Harbottle &amp; Lewis, said on March 22. 
 
Abramovich said in the same statement that "the false allegations in this book are having a damaging effect, not only on my personal reputation, but also in respect of the activities of Chelsea Football Club." 
 
A spokeswoman for Abramovich declined to comment further. Harbottle &amp; Lewis did not respond to a request for comment. 
 
Rosneft, Russia's largest oil producer, is also suing both HarperCollins and Belton for defamation. The firm, and its lawyers Carter-Ruck, did not did not respond to a request for comment. 
 
Businessman Mikhail Fridman is suing HarperCollins for defamation and on data protection grounds. His long-term business partner, Pyotr Aven, is suing on data protection grounds. 
 
A spokesman said both men regretted it had not been possible to resolve the matter before Wednesday`s hearing. 
 
"Ms Belton's book, which has been promoted as a 'definitive historical record', contains inaccurate and offensive statements about Mr Aven and Mr Fridman," the spokesman said.&nbsp;"It is important to them that the record is set straight." 
 
Businessman Shalva Chigirinsky is suing both HarperCollins and Belton for defamation. His lawyers, Taylor Wessing LLP, passed on to him a Reuters request for comment on the proceedings. He did not immediately respond.

England's High Court will begin hearing arguments on Wednesday from lawyers for four Russian billionaires including Chelsea FC owner Roman Abramovich and state-owned oil firm Rosneft about a book on President Vladimir Putin which they say defames them.

England's High Court will begin hearing arguments on Wednesday from lawyers for four Russian billionaires including Chelsea FC owner Roman Abramovich and state-owned oil firm Rosneft about a book on President Vladimir Putin which they say defames them. In the 2020 book, British journalist Catherine Belton chronicles Putin's rise to power and how many of his associates from the former Soviet spy services rose to positions of wealth and influence after he won the top Kremlin job in 1999. Lawyers for the businessmen will tell the court that passages in the book "Putin's People: How the KGB Took Back Russia and then Took on the West", published by HarperCollins, are defamatory. Abramovich is suing both HarperCollins and Belton, according to case details filed with the courts and tribunals service. HarperCollins said it would "robustly defend this acclaimed and ground-breaking book and the right to report on matters of considerable public interest". Belton, a former Financial Times Moscow correspondent and now a Reuters special correspondent, declined to comment. Law firm Wiggin, which is representing HarperCollins and Belton, did not respond to a request for comment. "The book falsely alleges that our client has acted corruptly, and makes false claims about our client`s purchase, and the activities, of Chelsea Football Club. Such claims are totally unacceptable and are without foundation," Abramovich`s lawyers, Harbottle & Lewis, said on March 22. Abramovich said in the same statement that "the false allegations in this book are having a damaging effect, not only on my personal reputation, but also in respect of the activities of Chelsea Football Club." A spokeswoman for Abramovich declined to comment further. Harbottle & Lewis did not respond to a request for comment. Rosneft, Russia's largest oil producer, is also suing both HarperCollins and Belton for defamation. The firm, and its lawyers Carter-Ruck, did not did not respond to a request for comment. Businessman Mikhail Fridman is suing HarperCollins for defamation and on data protection grounds. His long-term business partner, Pyotr Aven, is suing on data protection grounds. A spokesman said both men regretted it had not been possible to resolve the matter before Wednesday`s hearing. "Ms Belton's book, which has been promoted as a 'definitive historical record', contains inaccurate and offensive statements about Mr Aven and Mr Fridman," the spokesman said. "It is important to them that the record is set straight." Businessman Shalva Chigirinsky is suing both HarperCollins and Belton for defamation. His lawyers, Taylor Wessing LLP, passed on to him a Reuters request for comment on the proceedings. He did not immediately respond.

Russian billionaires vs British writer: Court battle begins over Putin book

Larry Chen, a former schoolteacher from a remote Chinese hamlet who rose to become one of the world's wealthiest people, has lost his billionaire title as his online-education business suffers.

A number of concerns have buffeted the Chinese corporation, including the country's crackdown on online education, a weaker-than-expected results projection, and the implosion of an investor.

According to the Bloomberg Billionaires Index, Chen, the founder, chairman, and chief executive officer of Gaotu Techedu Inc., is now worth $336 million after shares in his online-tutoring firm dropped by nearly two-thirds in New York trading on Friday on reports of the regulatory revision.

China issued new regulations on Saturday prohibiting enterprises that teach school curriculums from profiting, acquiring capital, or going public.

It's the latest setback for Chen, who has lost more than $15 billion in value since Gaotu's stock plummeted in late January.

In recent years, China's for-profit tutoring business has been under increased scrutiny, with excessive workloads and prohibitive expenses of a "excellent" education being highlighted.

Many young Chinese have cited the cost of education as a factor for their unwillingness to have more children, even after China officially authorised all couples to have three children this year in an effort to combat population decline.

(With inputs from agencies)

Larry Chen, a former schoolteacher from a remote Chinese hamlet who rose to become one of the world's wealthiest people, has lost his billionaire title as his online-education business suffers.

Larry Chen, a former schoolteacher from a remote Chinese hamlet who rose to become one of the world's wealthiest people, has lost his billionaire title as his online-education business suffers. A number of concerns have buffeted the Chinese corporation, including the country's crackdown on online education, a weaker-than-expected results projection, and the implosion of an investor. According to the Bloomberg Billionaires Index, Chen, the founder, chairman, and chief executive officer of Gaotu Techedu Inc., is now worth $336 million after shares in his online-tutoring firm dropped by nearly two-thirds in New York trading on Friday on reports of the regulatory revision. China issued new regulations on Saturday prohibiting enterprises that teach school curriculums from profiting, acquiring capital, or going public. It's the latest setback for Chen, who has lost more than $15 billion in value since Gaotu's stock plummeted in late January. In recent years, China's for-profit tutoring business has been under increased scrutiny, with excessive workloads and prohibitive expenses of a "excellent" education being highlighted. Many young Chinese have cited the cost of education as a factor for their unwillingness to have more children, even after China officially authorised all couples to have three children this year in an effort to combat population decline. (With inputs from agencies)

Ex-teacher who became one of the world's richest is not even a billionaire now

Russian billionaire Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal wrangling over a record 454 million pound ($625 million) divorce award made by London's High Court in 2016. 
 
The dispute led to an unsuccessful attempt by Akhemdova to seize a 115-metre (377-foot) superyacht owned by her former husband through courts in Dubai, as well as a separate court order for her son Temur to pay her more than 70 million pounds from family assets. 
 
The terms of Friday's settlement are confidential and how much money Akhmedova will now receive is unclear. 
 
"This was never about a figure but a husband honouring his commitment to his family," a spokesperson for Akhmedova said, rejecting a claim from a spokesperson for her former husband that she would have been better off not pursuing the legal action. 
 
The Times newspaper said Akhmedova would receive around 150 million pounds, which would also have to cover her legal costs. 
 
Akhmedova's legal action was funded through a specialist financing company, Burford Capital, which said it would receive approximately $103 million for its efforts to enforce the 454 million pound judgment. 
 
Burford said the settlement would boost its operating profit this year by around $20 million. 
 
"In aggregate, Burford expects the matter to have generated more than $70 million of realized gain over the life of the investment," it said in a statement. 
 
British judge Gwynneth Knowles, in her ruling against Akhmedova's son Temur in April, said: "The Akhmedov family is one of the unhappiest ever to have appeared in my courtroom."

Russian billionaire Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal wrangling over a record 454 million pound ($625 million) divorce award made by London's High Court in 2016.

Russian billionaire Farkhad Akhmedov and his former wife Tatiana Akhmedova reached a settlement on Friday after years of legal wrangling over a record 454 million pound ($625 million) divorce award made by London's High Court in 2016. The dispute led to an unsuccessful attempt by Akhemdova to seize a 115-metre (377-foot) superyacht owned by her former husband through courts in Dubai, as well as a separate court order for her son Temur to pay her more than 70 million pounds from family assets. The terms of Friday's settlement are confidential and how much money Akhmedova will now receive is unclear. "This was never about a figure but a husband honouring his commitment to his family," a spokesperson for Akhmedova said, rejecting a claim from a spokesperson for her former husband that she would have been better off not pursuing the legal action. The Times newspaper said Akhmedova would receive around 150 million pounds, which would also have to cover her legal costs. Akhmedova's legal action was funded through a specialist financing company, Burford Capital, which said it would receive approximately $103 million for its efforts to enforce the 454 million pound judgment. Burford said the settlement would boost its operating profit this year by around $20 million. "In aggregate, Burford expects the matter to have generated more than $70 million of realized gain over the life of the investment," it said in a statement. British judge Gwynneth Knowles, in her ruling against Akhmedova's son Temur in April, said: "The Akhmedov family is one of the unhappiest ever to have appeared in my courtroom."

Russian billionaire, wife settle bitter $625 million divorce case

Profits from <a href="https://www.wionews.com/topics/coronavirus-vaccine">COVID-19 jabs</a> have helped at least nine people become billionaires, a campaign group said Thursday, calling for an end to pharmaceutical corporations' "monopoly control" on vaccine technology.

"Between them, the nine new billionaires have a combined net wealth of $19.3 billion (15.8 billion euros), enough to fully vaccinate all people in low-income countries 1.3 times," The People's Vaccine Alliance said in a statement.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/first-for-asia-singapore-approves-pfizer-vaccine-for-teens-amid-surge-in-covid-19-cases-386055" hreflang="en">First for Asia: Singapore approves Pfizer vaccine for teens amid surge in COVID-19 cases</a>

The alliance, a network of organisations and activists campaigning for an end to property rights and patents for inoculations, said its figures were based on the Forbes Rich List data.&nbsp;

"These billionaires are the human face of the huge profits many pharmaceutical corporations are making from the monopoly they hold on these vaccines," said Anna Marriott from charity Oxfam, which is part of the alliance.

In addition to the new mega-rich, eight existing billionaires have seen their combined wealth increase by $32.2 billion thanks to the vaccine rollout, the alliance said.

<a href="https://www.wionews.com/videos/gravitas-the-pandemic-has-given-birth-to-new-billionaires-386382">Watch |</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-the-pandemic-has-given-birth-to-new-billionaires-386382/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Topping the list of new vaccine billionaires were the CEO of Moderna Stephane Bancel, and his BioNTech counterpart Ugur Sahin.

Three other neobillionaires are co-founders of the Chinese vaccine company CanSino Biologics.

The research comes ahead of the G20 Global Health Summit on Friday, which has been a lightning rod for growing calls to temporarily remove intellectual property protections on COVID-19 vaccines.

Proponents say doing so would boost production in developing countries and address the dramatic inequity in access.

The United States, as well as influential figures like Pope Francis, back the idea of a global waiver on patent protections.&nbsp;

At a Paris summit seeking to boost financing in Africa amid the pandemic on Tuesday, French President Emmanuel Macron called for the removal of "all these constraints in terms of intellectual property which blocks the production of certain types of vaccines".

The European Commission said Wednesday it would be a "constructive" voice in WTO talks on the issue.&nbsp;

"The highly effective vaccines we have are thanks to massive amounts of taxpayers’ money so it can’t be fair that private individuals are cashing in while hundreds of millions face second and third waves completely unprotected," said Heidi Chow, Senior Policy and Campaigns Manager at Global Justice Now, which helped analyse the billionaire data.

"As thousands of people die each day in India, it is utterly repugnant... to put the interests of the billionaire owners of Big Pharma ahead of the desperate needs of millions," she added.

Manufacturers have stressed that patent protection is not the limiting factor in ramping up vaccine production.&nbsp;

They say a wide range of issues — from the set up of manufacturing sites, to the sourcing of raw materials, to the availability of qualified personnel — are holding up the manufacturing process.

Profits from COVID-19 jabs have helped at least nine people become billionaires, a campaign group said Thursday, calling for an end to pharmaceutical corporations' "monopoly control" on vaccine technology.

Profits from COVID-19 jabs have helped at least nine people become billionaires, a campaign group said Thursday, calling for an end to pharmaceutical corporations' "monopoly control" on vaccine technology. "Between them, the nine new billionaires have a combined net wealth of $19.3 billion (15.8 billion euros), enough to fully vaccinate all people in low-income countries 1.3 times," The People's Vaccine Alliance said in a statement. Also read | First for Asia: Singapore approves Pfizer vaccine for teens amid surge in COVID-19 cases The alliance, a network of organisations and activists campaigning for an end to property rights and patents for inoculations, said its figures were based on the Forbes Rich List data. "These billionaires are the human face of the huge profits many pharmaceutical corporations are making from the monopoly they hold on these vaccines," said Anna Marriott from charity Oxfam, which is part of the alliance. In addition to the new mega-rich, eight existing billionaires have seen their combined wealth increase by $32.2 billion thanks to the vaccine rollout, the alliance said. Watch | Topping the list of new vaccine billionaires were the CEO of Moderna Stephane Bancel, and his BioNTech counterpart Ugur Sahin. Three other neobillionaires are co-founders of the Chinese vaccine company CanSino Biologics. The research comes ahead of the G20 Global Health Summit on Friday, which has been a lightning rod for growing calls to temporarily remove intellectual property protections on COVID-19 vaccines. Proponents say doing so would boost production in developing countries and address the dramatic inequity in access. The United States, as well as influential figures like Pope Francis, back the idea of a global waiver on patent protections. At a Paris summit seeking to boost financing in Africa amid the pandemic on Tuesday, French President Emmanuel Macron called for the removal of "all these constraints in terms of intellectual property which blocks the production of certain types of vaccines". The European Commission said Wednesday it would be a "constructive" voice in WTO talks on the issue. "The highly effective vaccines we have are thanks to massive amounts of taxpayers’ money so it can’t be fair that private individuals are cashing in while hundreds of millions face second and third waves completely unprotected," said Heidi Chow, Senior Policy and Campaigns Manager at Global Justice Now, which helped analyse the billionaire data. "As thousands of people die each day in India, it is utterly repugnant... to put the interests of the billionaire owners of Big Pharma ahead of the desperate needs of millions," she added. Manufacturers have stressed that patent protection is not the limiting factor in ramping up vaccine production. They say a wide range of issues — from the set up of manufacturing sites, to the sourcing of raw materials, to the availability of qualified personnel — are holding up the manufacturing process.

COVID-19 vaccines have spawned nine new billionaires: Campaign group

The cosmetics and shapewear businesswoman, who launched her career off the reality TV series "Keeping Up with The Kardashians," was included for the first time on Forbes magazine's list of the world's billionaires.

Kim Kardashian joins the billionaire club

Czech Republic's richest man Petr Kellner (56) &nbsp;was killed in a helicopter crash at night on Monday (Indian Time). He was on a skiing trip to Alaska. He was among the five, including the pilot to have been killed. The crash took place near Knik Glacier northeast of Anchorage, Alaska State Troopers said.

One survivor was taken to hospital, they said, adding the group had been on a heli-ski tour.

Kellner was founder of investment group PPF. He avoided public attention.

A spokeswoman for the exclusive Tordrillo Mountain Lodge, where the crash victims were staying, said Kellner had been a frequent guest since 2012.

Kellner was a towering figure in the Czech Republic's post-communist era, amassing wealth estimated at $17.5 billion according to Forbes.

He was the world's 68th richest person on Forbes' 2020 list, tied with media giant Rupert Murdoch and his family.

PPF in a statement expressed "deepest grief" at the death of its founder and 98.9% shareholder.

Ladislav Bartonicek, a 30-year PPF veteran who owns just over a 0.5% stake, will take over management duties, the company said.

PPF's third shareholder, Jean-Pascal Duvieusart, also with just over 0.5%, said the company would continue building and keeping with Kellner's vision.

"Petr was somebody who was truly extraordinary in terms of energy, in terms of creativity, in terms of a drive to build new things," Duvieusart said in a telephone interview.

Kellner is survived by his wife Renata and four children.

(With Reuters inputs)

Czech Republic's richest man Petr Kellner (56) was killed in a helicopter crash at night on Monday (Indian Time). He was on a skiing trip to Alaska. He was among the five, including the pilot to have been killed.

Czech Republic's richest man Petr Kellner (56) was killed in a helicopter crash at night on Monday (Indian Time). He was on a skiing trip to Alaska. He was among the five, including the pilot to have been killed. The crash took place near Knik Glacier northeast of Anchorage, Alaska State Troopers said. One survivor was taken to hospital, they said, adding the group had been on a heli-ski tour. Kellner was founder of investment group PPF. He avoided public attention. A spokeswoman for the exclusive Tordrillo Mountain Lodge, where the crash victims were staying, said Kellner had been a frequent guest since 2012. Kellner was a towering figure in the Czech Republic's post-communist era, amassing wealth estimated at $17.5 billion according to Forbes. He was the world's 68th richest person on Forbes' 2020 list, tied with media giant Rupert Murdoch and his family. PPF in a statement expressed "deepest grief" at the death of its founder and 98.9% shareholder. Ladislav Bartonicek, a 30-year PPF veteran who owns just over a 0.5% stake, will take over management duties, the company said. PPF's third shareholder, Jean-Pascal Duvieusart, also with just over 0.5%, said the company would continue building and keeping with Kellner's vision. "Petr was somebody who was truly extraordinary in terms of energy, in terms of creativity, in terms of a drive to build new things," Duvieusart said in a telephone interview. Kellner is survived by his wife Renata and four children. (With Reuters inputs)

Czech billionaire Petr Kellner dies in helicopter crash in Alaska

The thousandth richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report released Monday.

World's billionaires get richer by 3.9 trillion during pandemic

Forbes list 2020: Here are the Indian-Americans who made it in the top 400

Protesters gather in front of Amazon CEO Jeff Bezos' apartment in New York, calling for billionaires to be taxed. Amazon's profits nearly doubled to $5.2 billion since the start of the pandemic.

Bezos, the founder, president and chief executive of Amazon and Blue Origin, is worth $185.8 billion, according to Forbes.

Bezos's fortune has grown a whopping $56.7 billion in six months partly due to consumer shift towards purchasing products through the e-retailer amid the coronavirus pandemic leading to lockdowns in several parts of the world.

Amazon had earlier announced that it would pay $500 million as one-time bonuses to its frontline employees who were working during the coronavirus pandemic even as workers in Germany went on strike over safety concerns.

Apart from tax protest, Amazon workers are also coming out in protest of the company in larger numbers than they were during the early months of COVID-19, ever since Amazon ended its $2-per-hour hazard pay in early June and unlimited unpaid time off in late April.

(With inputs from AFP)

Protesters gather in front of Amazon CEO Jeff Bezos' apartment in New York, calling for billionaires to be taxed. Amazon's profits nearly doubled to $5.2 billion since the start of the pandemic.

Protesters gather in front of Amazon CEO Jeff Bezos' apartment in New York, calling for billionaires to be taxed. Amazon's profits nearly doubled to $5.2 billion since the start of the pandemic. Bezos, the founder, president and chief executive of Amazon and Blue Origin, is worth $185.8 billion, according to Forbes. Bezos's fortune has grown a whopping $56.7 billion in six months partly due to consumer shift towards purchasing products through the e-retailer amid the coronavirus pandemic leading to lockdowns in several parts of the world. Amazon had earlier announced that it would pay $500 million as one-time bonuses to its frontline employees who were working during the coronavirus pandemic even as workers in Germany went on strike over safety concerns. Apart from tax protest, Amazon workers are also coming out in protest of the company in larger numbers than they were during the early months of COVID-19, ever since Amazon ended its $2-per-hour hazard pay in early June and unlimited unpaid time off in late April. (With inputs from AFP)

Activists organized a protest outside Jeff Bezos' New York penthouse

Jeff Bezos is very rich, so is Bill Gates and so is Mark Zuckerberg. But can you really assess how rich they are.

There can be no definite parameter, you say. "Researchers" have, however, devised a way -- knowing how long it would take him to, for example, earn your entire years’ salary, tackle your entire student debt or pay off your mortgage.

A new website will you give you these exact numbers, as they apply to Bezos and 14 other tech moguls. The company says it uses data on salary, bonuses, earnings from equity and other forms of compensation from 2019 SEC filings to let you calculate just how quickly people like Mark Zuckerberg of Facebook, Susan Wojcicki of YouTube and Reed Hastings of Netflix could pay off all of your expenses.

The data hence tells us the 15 best-paid CEOs in tech have a combined annual income of over $83bn --&nbsp;greater than the entire gross domestic product of hundreds of countries.

One will be surprised to know Bezos earns a common man's entire salary in under a minute.

As for Elon Musk, his net-worth is almost 20 times the entire budget of the county he sued. He could pay a common man monthly rent after less than 30 minutes of work. 
&nbsp;

Jeff Bezos is very rich, so is Bill Gates and so is Mark Zuckerberg. But can you really assess how rich they are. There can be no definite parameter, you say. "Researchers" have, however, devised a way -- knowing how long it would take him to, for example, earn your entire years’ salary, tackle your entire student debt or pay off your mortgage.

Jeff Bezos is very rich, so is Bill Gates and so is Mark Zuckerberg. But can you really assess how rich they are. There can be no definite parameter, you say. "Researchers" have, however, devised a way -- knowing how long it would take him to, for example, earn your entire years’ salary, tackle your entire student debt or pay off your mortgage. A new website will you give you these exact numbers, as they apply to Bezos and 14 other tech moguls. The company says it uses data on salary, bonuses, earnings from equity and other forms of compensation from 2019 SEC filings to let you calculate just how quickly people like Mark Zuckerberg of Facebook, Susan Wojcicki of YouTube and Reed Hastings of Netflix could pay off all of your expenses. The data hence tells us the 15 best-paid CEOs in tech have a combined annual income of over $83bn -- greater than the entire gross domestic product of hundreds of countries. One will be surprised to know Bezos earns a common man's entire salary in under a minute. As for Elon Musk, his net-worth is almost 20 times the entire budget of the county he sued. He could pay a common man monthly rent after less than 30 minutes of work.

Use this calculator to assess how rich billionaires really are

Amazon founder Jeff Bezos’s net worth zoomed to $171.6 billion on Wednesday after the company's stocks surged 4.4 per cent.

The Amazon founder's ex-wife Mackenzie Bezos who had taken 4 per cent stake in Amazon after the couple divorced saw her fortunes rocket to $56.9 billion making her the second richest woman in the world. Bezos owns 11 per cent of stocks in Amazon.

<a href="Also Read: Amid coronavirus pandemic, billionaires get richer as Americans lose jobs">Also Read:&nbsp;Amid coronavirus pandemic, billionaires get richer as Americans lose jobs</a>

Bezos had earlier touched a high of $167.7 billion in 2018 making his current fortune the highest since his divorce even though he had ceded shares to his wife.

Bezos's fortune has grown a whopping $56.7 billion in six months partly due to consumer&nbsp;shift towards purchasing products through the e-retailer amid the coronavirus pandemic leading to lockdowns in several parts of the world.

Amazon had earlier announced that it would pay $500 million as one-time bonuses to its frontline employees who were working during the coronavirus pandemic even as workers in Germany went on strike over safety concerns.

In fact, the coronavirus crisis has come as a boon for another company founder as Tencent founder Pony Ma, 48, knocked out Alibaba founder Jack Ma as the richest man in China.&nbsp;

Pony Ma's company which makes video games benefited from the lockdown in China as people&nbsp;stayed home and played the popular games including&nbsp;"Honour of Kings", "PUBG Mobile" and "Clash of Clans" as the company cashed&nbsp;in on the changing online behaviour.

Pony Ma's fortune went up to $50 billion overpowering Jack Ma's $48 billion fortune even as China continues to grapple with the virus.

Amazon founder Jeff Bezos’s net worth zoomed to $171.6 billion on Wednesday after the company's stocks surged 4.4 per cent. The Amazon founder's ex-wife Mackenzie Bezos who had taken 4 per cent stake in Amazon after the couple divorced saw her fortunes rocket to $56.

Amazon founder Jeff Bezos’s net worth zoomed to $171.6 billion on Wednesday after the company's stocks surged 4.4 per cent. The Amazon founder's ex-wife Mackenzie Bezos who had taken 4 per cent stake in Amazon after the couple divorced saw her fortunes rocket to $56.9 billion making her the second richest woman in the world. Bezos owns 11 per cent of stocks in Amazon. Also Read: Amid coronavirus pandemic, billionaires get richer as Americans lose jobs Bezos had earlier touched a high of $167.7 billion in 2018 making his current fortune the highest since his divorce even though he had ceded shares to his wife. Bezos's fortune has grown a whopping $56.7 billion in six months partly due to consumer shift towards purchasing products through the e-retailer amid the coronavirus pandemic leading to lockdowns in several parts of the world. Amazon had earlier announced that it would pay $500 million as one-time bonuses to its frontline employees who were working during the coronavirus pandemic even as workers in Germany went on strike over safety concerns. In fact, the coronavirus crisis has come as a boon for another company founder as Tencent founder Pony Ma, 48, knocked out Alibaba founder Jack Ma as the richest man in China. Pony Ma's company which makes video games benefited from the lockdown in China as people stayed home and played the popular games including "Honour of Kings", "PUBG Mobile" and "Clash of Clans" as the company cashed in on the changing online behaviour. Pony Ma's fortune went up to $50 billion overpowering Jack Ma's $48 billion fortune even as China continues to grapple with the virus.

Amazon founder Jeff Bezos net worth zooms to $171.6 billion amid pandemic; ex-wife Mackenzie becomes second richest woman

After he vowed to sell off&nbsp; his private property, Elon Musk recently sold his 16.000 square-foot mansion in Bel Air.

The Wall Street Journal reported that the mansion was sold for $29 million, 40 per cent over the price at which Musk had acquired it.

Also read:&nbsp;<a href="/world/artist-turns-elon-musks-tweets-into-light-hearted-colouring-book-306940" hreflang="en">Artist turns Elon Musk's tweets into light-hearted colouring book</a>

Located at 10911 Chalon Road, the property was bought by William Ding, a Chinese billionaire and the founder of NetEase, a technology company.

The SpaceX co-founder has constantly called for breaking up big corporations and for redistribution of wealth, all the while promoting travel to space, and with grand plans to put humans on Mars!

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I am selling almost all physical possessions. Will own no house.
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Musk had bought the property for $17 million in 2012.&nbsp; This is part of Musk’s plans to discard his real estate and to “own no house”.

As part of this plan, the billionaire has listen the neighbouring home on the market for $10 million. Following this, he listen five more houses, for a combined price of a whooping $97.5 million.

Also read:&nbsp;<a href="/science/spacexs-envisioned-machinery-will-not-only-take-us-to-mars-but-reduce-travel-time-on-earth-tremendously-306615" hreflang="en">SpaceX's envisioned machinery will not only take us to Mars, but reduce travel time on Earth tremendously!</a>

Aiming for a “simpler” life, Musk intends to get rid of all his private properties.

Currently, his company is working on cementing the basics for space travel, to the Moon, and eventually Mars. Additionally, the company is developing hypersonic travel to tremendously cut down on international travel time, reducing most routes to just two hours per flight. According to plans, these futuristic machines will fly just at the edge of the atmosphere, or just outside of it, to tremendously step up the speed.

After he vowed to sell off his private property, Elon Musk recently sold his 16.000 square-foot mansion in Bel Air. The Wall Street Journal reported that the mansion was sold for $29 million, 40 per cent over the price at which Musk had acquired it.

After he vowed to sell off his private property, Elon Musk recently sold his 16.000 square-foot mansion in Bel Air. The Wall Street Journal reported that the mansion was sold for $29 million, 40 per cent over the price at which Musk had acquired it. Also read: Artist turns Elon Musk's tweets into light-hearted colouring book Located at 10911 Chalon Road, the property was bought by William Ding, a Chinese billionaire and the founder of NetEase, a technology company. The SpaceX co-founder has constantly called for breaking up big corporations and for redistribution of wealth, all the while promoting travel to space, and with grand plans to put humans on Mars! I am selling almost all physical possessions. Will own no house. — Elon Musk (@elonmusk) May 1, 2020 × Musk had bought the property for $17 million in 2012. This is part of Musk’s plans to discard his real estate and to “own no house”. As part of this plan, the billionaire has listen the neighbouring home on the market for $10 million. Following this, he listen five more houses, for a combined price of a whooping $97.5 million. Also read: SpaceX's envisioned machinery will not only take us to Mars, but reduce travel time on Earth tremendously! Aiming for a “simpler” life, Musk intends to get rid of all his private properties. Currently, his company is working on cementing the basics for space travel, to the Moon, and eventually Mars. Additionally, the company is developing hypersonic travel to tremendously cut down on international travel time, reducing most routes to just two hours per flight. According to plans, these futuristic machines will fly just at the edge of the atmosphere, or just outside of it, to tremendously step up the speed.

On a quest for 'simpler life', Elon Musk begins selling his private property

The chairman of China's Shenzhen Kangtai Biological Products company, Du Weimin has transferred 161.3 million shares of the company to his ex-wife, Yuan Liping making her into the ranks of the world’s richest. The stock was worth $3.2 billion as of Monday’s close.

<a href="https://www.wionews.com/photos/in-pics-worlds-costliest-divorces-of-all-time-189434">In pics: World's costliest divorces of all time</a>

Yuan Liping is the new female billionaire has emerged from one of Asia’s most-expensive break-ups.

Weimin will keep the voting rights for the shares but Yuan will be the owner of the shares directly.

Yuan Liping is an economics graduate from Beijing’s University of International Business and Economics.

Last years, the world's richest man, Amazon founder Jeff Bezos, and his spouse MacKenzie announced they are parting ways with a record-breaking divorce settlement of at least $35bn (£27bn). 
 
(With inputs from agencies)

The chairman of China's Shenzhen Kangtai Biological Products company, Du Weimin has transferred 161.3 million shares of the company to his ex-wife, Yuan Liping making her into the ranks of the world’s richest.

The chairman of China's Shenzhen Kangtai Biological Products company, Du Weimin has transferred 161.3 million shares of the company to his ex-wife, Yuan Liping making her into the ranks of the world’s richest. The stock was worth $3.2 billion as of Monday’s close. In pics: World's costliest divorces of all time Yuan Liping is the new female billionaire has emerged from one of Asia’s most-expensive break-ups. Weimin will keep the voting rights for the shares but Yuan will be the owner of the shares directly. Yuan Liping is an economics graduate from Beijing’s University of International Business and Economics. Last years, the world's richest man, Amazon founder Jeff Bezos, and his spouse MacKenzie announced they are parting ways with a record-breaking divorce settlement of at least $35bn (£27bn). (With inputs from agencies)

Divorce that creates a billionaire: Chinese couple parting ways with a settlement of $3.2 billion

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said.

With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively.

Chairman of Reliance Industries Mukesh Ambani topped the Indian billionaires' list with a net worth of $67 billion.

The number of Indian billionaires jumps to 170 if Indian-origin billionaires outside the country are also counted.

The world has added 480 billionaires in 2019, more than one a day, while China added more than three a week. The list had total 2,817 individuals having a net worth of $1 billion or more across the globe.

There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12.

With $67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billion.

The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar &amp; family (close to $17 billion), and Lakshmi Mittal with over $15 billion in net worth.

At the sixth lot is banker Uday Kotak with a net worth of around $15 billion, making him the richest self-made banker in the whole world.

At the seventh slot is Azim Premji with ($14 billion), followed by Cyrus Poonawalla of Serum Institute ($12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with $11 billion each.

And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a net worth of $1.1 billion.

It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year.

The 50 billionaires of Mumbai control around $218 billion of wealth between them, followed by 30 in New Delhi holding $76 billion and 17 in Bengaluru are worth $42 billion, while the 12 in Ahmedabad are worth $36 billion and the seven in Hyderabad are worth $13 billion, according to Junaid.

(With inputs from PTI)

&nbsp;

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said. With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively.

Despite the slowing economy in India, India minted three billionaires every month in 2019 taking the tally to 138, Hurun Global Rich List 2020 report said. With this, India jumped two spots to rank third after China and the US which were ranked at first and second spot with 799 and 626 billionaires, respectively. Chairman of Reliance Industries Mukesh Ambani topped the Indian billionaires' list with a net worth of $67 billion. The number of Indian billionaires jumps to 170 if Indian-origin billionaires outside the country are also counted. The world has added 480 billionaires in 2019, more than one a day, while China added more than three a week. The list had total 2,817 individuals having a net worth of $1 billion or more across the globe. There is no surprise that Mumbai is the home to more than a third of the richest individuals in the country with 50 of them living in the megapolis, making it the ninth richest city globally, followed by New Delhi with 30, Bengaluru with 17 and Ahmedabad with 12. With $67 billion, Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billion. The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar & family (close to $17 billion), and Lakshmi Mittal with over $15 billion in net worth. At the sixth lot is banker Uday Kotak with a net worth of around $15 billion, making him the richest self-made banker in the whole world. At the seventh slot is Azim Premji with ($14 billion), followed by Cyrus Poonawalla of Serum Institute ($12 billion) and Cyrus Pallonji Mistry and his son Shapoor Pallonji with $11 billion each. And Oyo founder Ritesh Agarwal, all of just 24 years, is the youngest Indian in the rich list with a net worth of $1.1 billion. It can be noted that 2019 was a good year for the stock markets globally with the US bourses rallying 26 per cent and Indian and Chinese indices gaining 15 per cent and 14 per cent, respectively in the year. The 50 billionaires of Mumbai control around $218 billion of wealth between them, followed by 30 in New Delhi holding $76 billion and 17 in Bengaluru are worth $42 billion, while the 12 in Ahmedabad are worth $36 billion and the seven in Hyderabad are worth $13 billion, according to Junaid. (With inputs from PTI)

India added 3 billionaires a month in 2019; highest after US, China: Report

A Japanese billionaire has launched an online wanted ad for a girlfriend who will fly around the Moon with him on a SpaceX rocket. Yusaku Maezawa, who recently announced his break-up with a Japanese actress, is accepting applications from "single women aged 20 or over" who want to enjoy life to the fullest. #WION #WIONNews #JapaneseBillionaire #TravelToMoon #YusakuMaezawa

Japanese billionaire seeks girlfriend to accompany him for Moon voyage

Billionaire Robert F. Smith has earned one of Morehouse's biggest cheers after the commencement speaker announced he'd pay off the student loans for the entire graduating Class of 2019.

Billionaire Robert F. Smith To Pay Off Morehouse 2019's Student Loans

An India-born onetime billionaire and founder of a drug company went on trial in the US along with four others on charges of paying doctors millions of dollars in bribes to lure them into prescribing a highly addictive opioid painkiller meant solely for cancer patients.&nbsp;

John Kapoor, 75, plotted to bribe doctors across the country to prescribe a fentanyl spray in order to outshine competitors and line his own pockets, a federal prosecutor told jurors as the trial opened Monday in the District Court in Boston. 
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Assistant US Attorney David Lazarus said Kapoor was so determined to make his Insys Therapeutics Inc a success that he turned it into a “criminal enterprise” to get the powerful painkiller in the hands of more patients, WGBH, a public radio station in Boston, reported.

“This is not a complicated case. It’s a case about greed — about greed and its consequences — and what happens when you put profits over people,” Lazarus said at the closely-watched trial.

Kapoor is the highest-level pharmaceutical figure to face trial amid the opioid epidemic that’s claiming thousands of lives every year. His lawyers say Insys is not responsible for the drug crisis, noting that its medication makes up a small fraction of the prescription opioid market.

Kapoor and four other former employees of the Chandler, Arizona-based company, are accused of paying doctors millions of dollars in bribes and kickbacks in order to boost sales for Subsys, which is meant for cancer patients with severe pain. The bribes were paid in the form of fees for sham speaking events that were advertised as educational opportunities for other doctors, prosecutors allege.

Insys adjusted payments based on how many prescriptions doctors wrote, misrepresented patients’ medical histories to dupe insurers into covering Subsys for people without cancer, and even hired a woman who was a former stripper and escort service manager as a key sales executive.

Kapoor’s lawyer told jurors that Insys was open about its speaker programme and even reported payments to doctors online. Paying doctors to teach others about medication is not illegal and is a practice widely used by pharmaceutical companies, Attorney Beth Wilkinson said.

“There was nothing illegal about that and there was certainly nothing secret about that,” Wilkinson said.

She said Kapoor was motivated not by greed but by a desire to help people dealing with excruciating pain. Kapoor watched his wife suffer from breast cancer and was driven to provide other patients with a chance at relief, she said.

“He did not want that to happen to anyone else,” Wilkinson said.

Wilkinson also sought to discredit the government’s key witnesses: two former Insys executives who pleaded guilty and are cooperating with prosecutors.

Former sales executive Alec Burlakoff was the one cutting “side deals” with doctors and is willing to say anything prosecutors want him to in order to help himself, she told jurors. Kapoor and the other executives are charged with racketeering conspiracy, which carries up to 20 years in prison.

The trial could last more than three months. Several Insys employees and doctors have already been convicted in other cases of participating in a kickback scheme. A number of states have sued the company, which also agreed last year to pay USD 150 million to settle a federal investigation into inappropriate sales.

Patients say in a slew of lawsuits filed against the company that they were given high doses of the potent narcotic even though they didn’t have cancer, weren’t warned of the risks and became addicted before suffering through withdrawal when they were cut off.

Prosecutors say Insys executives targeted doctors at pain clinics known for operating “pill mills” and pushed physicians to prescribe the drug at ever-increasing doses. Insys employees who managed to get doctors to prescribe higher doses were rewarded with bonuses, prosecutors say.

Kapoor “demanded success at all costs,” Lazarus said. And when the drug wasn’t doing as well as Kapoor wanted, “he decided to get the success he demanded by breaking the law,” he said.

An India-born onetime billionaire and founder of a drug company went on trial in the US along with four others on charges of paying doctors millions of dollars in bribes to lure them into prescribing a highly addictive opioid painkiller meant solely for cancer patients.

An India-born onetime billionaire and founder of a drug company went on trial in the US along with four others on charges of paying doctors millions of dollars in bribes to lure them into prescribing a highly addictive opioid painkiller meant solely for cancer patients. John Kapoor, 75, plotted to bribe doctors across the country to prescribe a fentanyl spray in order to outshine competitors and line his own pockets, a federal prosecutor told jurors as the trial opened Monday in the District Court in Boston. Advertising Assistant US Attorney David Lazarus said Kapoor was so determined to make his Insys Therapeutics Inc a success that he turned it into a “criminal enterprise” to get the powerful painkiller in the hands of more patients, WGBH, a public radio station in Boston, reported. “This is not a complicated case. It’s a case about greed — about greed and its consequences — and what happens when you put profits over people,” Lazarus said at the closely-watched trial. Kapoor is the highest-level pharmaceutical figure to face trial amid the opioid epidemic that’s claiming thousands of lives every year. His lawyers say Insys is not responsible for the drug crisis, noting that its medication makes up a small fraction of the prescription opioid market. Kapoor and four other former employees of the Chandler, Arizona-based company, are accused of paying doctors millions of dollars in bribes and kickbacks in order to boost sales for Subsys, which is meant for cancer patients with severe pain. The bribes were paid in the form of fees for sham speaking events that were advertised as educational opportunities for other doctors, prosecutors allege. Insys adjusted payments based on how many prescriptions doctors wrote, misrepresented patients’ medical histories to dupe insurers into covering Subsys for people without cancer, and even hired a woman who was a former stripper and escort service manager as a key sales executive. Kapoor’s lawyer told jurors that Insys was open about its speaker programme and even reported payments to doctors online. Paying doctors to teach others about medication is not illegal and is a practice widely used by pharmaceutical companies, Attorney Beth Wilkinson said. “There was nothing illegal about that and there was certainly nothing secret about that,” Wilkinson said. She said Kapoor was motivated not by greed but by a desire to help people dealing with excruciating pain. Kapoor watched his wife suffer from breast cancer and was driven to provide other patients with a chance at relief, she said. “He did not want that to happen to anyone else,” Wilkinson said. Wilkinson also sought to discredit the government’s key witnesses: two former Insys executives who pleaded guilty and are cooperating with prosecutors. Former sales executive Alec Burlakoff was the one cutting “side deals” with doctors and is willing to say anything prosecutors want him to in order to help himself, she told jurors. Kapoor and the other executives are charged with racketeering conspiracy, which carries up to 20 years in prison. The trial could last more than three months. Several Insys employees and doctors have already been convicted in other cases of participating in a kickback scheme. A number of states have sued the company, which also agreed last year to pay USD 150 million to settle a federal investigation into inappropriate sales. Patients say in a slew of lawsuits filed against the company that they were given high doses of the potent narcotic even though they didn’t have cancer, weren’t warned of the risks and became addicted before suffering through withdrawal when they were cut off. Prosecutors say Insys executives targeted doctors at pain clinics known for operating “pill mills” and pushed physicians to prescribe the drug at ever-increasing doses. Insys employees who managed to get doctors to prescribe higher doses were rewarded with bonuses, prosecutors say. Kapoor “demanded success at all costs,” Lazarus said. And when the drug wasn’t doing as well as Kapoor wanted, “he decided to get the success he demanded by breaking the law,” he said.

India-born billionaire on trial in US for bribing doctors

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