The fat cats have a new game. And the world’s hungry are the pawns. Elon Musk, who is now three times richer than Warren Buffett and worth more than the entire GDP of South Africa, has been challenged on his tweet that he would sell Tesla stock and give the money right now if the UN’s World Food Programme can describe exactly how $6bn will solve world hunger. A huge condition for a best of cause if that money won’t even make a dent in his $300bn mountain of wealth.
Stepping into the rink, daring Musk, is YouTuber-turned-boxer Jake Paul. He’s willing to give $10m to end world hunger, but again, on condition – if Musk donates the $6bn and if his tweet gets 690k retweets.
For the UN’s WFP executive director David Beasley world hunger is very real and he’s adamant to give Musk an “extensive, detailed plan” within days.
To be fair, Musk did respond to Beasley’s challenge last week in an interview with CNN to the ultra rich, in particular him and his rival Jeff Bezos to “step up now, on a one-time basis” to help solve world hunger. Beasley suggested a donation of “$6bn, to help 42 million people who are literally going to die if we don’t reach them. It’s not complicated”.
It really isn’t that complicated. Earlier this year Bezos spent $5.5bn to be in space for just four minutes. And Musk made double the $6bn in just one week as his Tesla stocks soared some three weeks ago. Why must the few rich hold a sword over millions of disadvantaged people if they can instead extend a hand? And that goes for all of us, whether we are super rich or not!
Bloomberg, meanwhile, reckons Musk is his own worst enemy with his juvenile swipes on Twitter reaching new heights – from mocking Bezos to potshots at President Joe Biden and throwing cold water on a blockbuster deal between Tesla and Hertz. We’ll just have to wait and see how far the 50-year-old’s cockiness will stretch.
In the markets, the emerging market currencies continued their post-FOMC rally, despite the dollar trading on the front foot. Markets will now turn their focus on US non-farm payrolls and unemployment data out later this afternoon for any impact on the Fed’s rate hike outlook. The rand was last trading at R15.24/$.
Metals are all trading higher this morning, with gold last trading at $1,797, platinum at $1,041 and palladium at $2,035. Brent crude was changing hands at $81.08 a barrel this morning.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
We compared fuel rewards at South Africa’s biggest banks as pump prices hit record highs – BusinessTech
Junk food tax proposed for South Africa – BusinessTech
It’s all over, bar the shouting – and the coalitions – as South Africa stands on the brink of a new era – Daily Maverick
Global Business
Brazil opens 5G tender, seeking $9 bn in investment – AFP
Facebook ‘knew what it was doing,’ former Google CEO Eric Schmidt says – Bloomberg
US offers $10 mn bounty for DarkSide hackers – AFP
Markets
Asian markets struggle to track Wall St rally, eyes on US jobs – AFP
Oil up after OPEC+ decides to keep supply steady – Investing.com
Memecoin price wars: As Elon Musk signals Dogecoin support, Shiba Inu coin has suddenly crashed 50%—Here’s why – Forbes
Opinion/In-depth
The cost of coal in SA: dirty skies, sick kids and 5 000 deaths a year, according to leaked report – Reuters
Some SA doctors sneakily mixed their own J&J and Pfizer vaccines. Now things get tricky. – Business Insider
Stormy legal seas beckon after energy regulator (finally) gives reasons for approving Karpowership bid – Daily Maverick
Video
The ‘metaverse’ prompts high-stakes race for Big Tech – Wall Street Journal
‘Sad sight’: Astronaut reports back on Earth’s climate disaster – News24
Microsoft enters metaverse race with 3D vatars and mesh for Teams – Cover Media
Download the news aggregator app SAccess, available on Google Play and the App Store, to stay on top of business and market news from around the world.
