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Combined Wealth of The World’s Top 500 Billionaires Fell by $1.4 Trillion in 2022

By
Ojukwu Emmanuel
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0

According to a Bloomberg report, a staggering sum of $1.4 trillion was wiped out from the wealth of the world’s top 500 richest people.

Amazon CEO Jeff Bezos, Tesla, and Twitter CEO Elon Musk, Meta CEO Mark Zuckerberg, and Binance CEO Chanpeng Zhao, cumulatively saw a whopping $392 billion drop from their net worth.

Globally, the world’s billionaires lost nearly $2 trillion combined in 2022, while billionaires in the United States lost $660 billion collectively.

In America’s billionaire list, Elon Musk lost the most, as his net worth dipped by about $115 billion this year according to Forbes.

Reports disclose that Musk has reportedly lost more than $130 billion from his net worth in 2022 as Tesla shares continue to fall, which his wealth is mostly tied to.

His net worth peaked at over $300 billion earlier this year, unfortunately, a 68% year-to-date decline in Tesla stock erased a huge chunk of that.

This saw him displaced from the number one position of the richest man in the world, overtaken by LVMH chairman and CEO Bernard Arnault.

Most of the losses accrued by these billionaires can be attributed to major macroeconomic events that happened in the year 2022, which also saw some shrewd investors lose their wealth.

Events such as the Russian-Ukraine war, high inflation, Federal Reserve’s interest-rate policy, the U.S. dollar’s strength, and hikes all affected the global economy as well as the stock market.

The uncertainty around each of them is creating challenges for investors, market experts, and investment strategists.

Meanwhile, despite the unfriendly economy of 2022, some investors made profit, which saw their fortune rise.

India’s billionaire and industrialist Gautam Adani, owner of the Adani Group, doubled his fortune in 2022 to $150 billion to become the richest man in India, and for a brief period, became the second richest person on the planet.

Also, several of the richest families in the world, such as the Kochs and the Mars family, saw an increase in their net worth this year. 

Ultra-wealthy tech founders led a wipeout in fortunes that spanned the globe, though secretive families and pro sports owners emerged relatively unscathed.

For the vast majority of the world’s wealthiest people, 2022 was a year to forget. It’s not just the money that was lost, though it was staggering — almost $1.4 trillion was wiped from the fortunes of the richest 500 alone, according to the Bloomberg Billionaires Index. Plenty of the pain, it turns out, was self-inflicted: The alleged fraud by onetime crypto wunderkind Sam Bankman-Fried; the devastating war waged by Russia on Ukraine that spurred crippling sanctions on its business titans; and, of course, the antics of Elon Musk, the new owner of Twitter who’s worth $138 billion less than he was on Jan. 1.

To Become an Effective Leader, Elevate your MISSION over your Ego

By
Ndubuisi Ekekwe
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3

If you want to thrive as a leader, elevate your mission over whatever ego you may have. If that happens, you will look for talent anywhere they are, and also engage them in the right way. When Google says it does not care if you have a university degree or not, it is saying, I have no ego that requires me to display certificates in my HR department: I just want people that can get the job done!

Jesus would have hired lawyers, tax collectors, astrologers, etc as disciples. But He understood the importance of the mission, and went to largely fishermen, alloyed in the trade of persistence, perseverance and patience – critical attributes required for new missions. In the ancient Roman Empire, if you tell people on the street that you would hire fishermen for a big project, many would mock you. Some may recommend that you add some lawyers, doctors, and tax collectors if you want people to pay attention.

How many times has your ego pushed you to hire the wrong person? You want to introduce him as “He was the best student in his class”, “He made a first class”, “He studied in London”, “He is the son of Mr B”, etc. But deep inside you, he has no capacity to contribute to the mission.

Yes, ego has won over mission! And whenever that happens, visions die. Win over your #ego if you want that  #mission to thrive.

(Ndubuisi will be teaching on building effective teams in Tekedia Mini-MBA, starting Feb 6. Check here to attend )

Comment on Feed

Comment 1: It is possible for leaders to use their egos to drive organizations forward while also fostering a positive and collaborative mission, but it requires a careful balance.

On the one hand, having confidence and a strong sense of purpose can be essential for leadership and for inspiring and motivating others. A leader who is able to articulate a clear vision and convey a sense of purpose can help to rally their team and drive progress towards the organization’s goals.

At the same time, it is important for leaders to be aware of the potential negative effects of ego, and to try to keep their ego in check. This means being open to feedback and input from others, being willing to admit mistakes and learn from them, and being humble enough to recognize the contributions of others.

By striking this balance, leaders can use their ego to drive the organization forward while also fostering a positive and collaborative culture. This can help to build trust and cooperation among team members, which is essential for achieving success in any mission.

Comment 2: One of the key responsibilities of CEOs is to ensure that the organization has the right people in the right roles, and that includes the ability to hire and fire employees as needed. This requires a strong sense of leadership and decision-making skills, as well as the ability to keep ego in check.

Having the ability to hire and fire employees is a significant aspect of a CEO’s role, and it is important that they approach this responsibility with care and consideration. This means evaluating candidates based on their skills and fit with the organization, rather than external factors such as credentials or personal connections. It also means being willing to make difficult decisions when necessary, even if it means letting go of employees who are not performing well.

Ultimately, the ability to hire and fire effectively is a crucial part of a CEO’s role, and it requires a strong sense of leadership and a commitment to the mission of the organization. By keeping their ego in check and focusing on the needs of the organization, CEOs can make the best decisions for the team and drive the organization forward. Thanks Prof.

My Response:Good point. In this piece, I have bounded that “ego” within team building. Certainly, there is a positive ego where a CEO wants to accumulate more market share by doing things better. If I write this for a growth-focused class, the insights will modulate. My point here is ego on building teams: get the best guy irrespective of his or her background. All empires have done that: Pharaohs, Nebuchadnezzar, etc used slaves to lead. A modern version of ego-less team building is US where anybody can be anything

Retired Pope, Benedict, Passes On at Age 95 After Ailment

By
Tiamiyu Ismail
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0

Former Pope Benedict has reportedly passed away at age 95 on Saturday in the Mater Ecclesiae Monastery in the Vatican where he had lived since his resignation in 2013 which made him the first pontiff in 600 years to step down.

In a news article by CGTN, a Vatican spokesperson who declared the death of the pontiff in a written statement made the following remark:

“With sorrow I inform you that the Pope Emeritus, Benedict XVI, passed away at 9:34 in the Mater Ecclesiae Monastery in the Vatican”.

The Vatican was also reported to have said “his body will lie in state from Monday in St. Peter’s Basilica for the greeting of the faithful.”

Earlier in the week, Pope Francis who took over from Benedict had announced the ill-health status of his predecessor and asked for people to pray for him. The CGTN article reads as follow:

“Born Joseph Ratzinger in Germany, Benedict was 78 when he became one of the oldest popes ever elected in 2005. He led the Catholic Church for less than eight years until, in 2013, he became the first Pope to resign since Gregory XII in 1415.

“For nearly 25 years, as Cardinal Joseph Ratzinger, Benedict was the powerful head of the Vatican’s doctrinal office, then known as the Congregation for the Doctrine of the Faith (CDF).

“Conservatives in the Church have looked to the former pope as their standard bearer and some ultra-traditionalists even refused to acknowledge Francis as a legitimate pontiff” .

According to Britannica, the funeral of the former pope will be held January 5, 2023 and presided over by his successor, Pope Francis.

Since the announcement of the death of the former pope, state leaders across Europe and in other parts of the world have been sending their tributes and condolences:

“Benedict XVI was a giant of faith and reason. A man in love with the Lord who put his life at the service of the Universal Church and has spoken, and will continue to speak, to the hearts and minds of people with the spiritual, cultural and intellectual depth of his Magisterium. A Christian, a pastor, a theologian: a great man whom history will not forget” Giorgia Meloni, Italy’s Prime minister.

“My thoughts go out to Catholics in France and around the world, bereaved by the departure of His Holiness Benedict XVI, who worked with all his soul and intelligence for a more fraternal world” French President Emmanuel Macron.

“I am saddened to learn of the death of Pope Emeritus Benedict XVI. He was a great theologian whose UK visit in 2010 was an historic moment for both Catholics and non-Catholics throughout our country. My thoughts are with Catholic people in the UK and around the world today” UK Prime Minister Rishi Sunak.

Repugnant to natural justice; The repugnancy test

By
Stanley Alieke
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0

Every student of law must have come across the phrase; “repugnant to natural justice”. It is out of it that the term “repugnancy test” came about.

This repugnancy test is to the effect that every law, custom and tradition of every cultural society in Nigeria must be subjected to a validity test which is checks and balances and such culture and tradition should only be applied if after being subjected to the test it passes it with flying colours but should be discountenanced if after subjected to the test it failed the test partially or woefully.

The repugnancy test is the process of determining the acceptance/ adoption/ validity of a customary rule or the abolition/rejection of perceived unwholesome or inhuman Customary law on the ground that it is obnoxious, discriminatory and inhumane, therefore repugnant to natural justice, equity and good conscience.

This doctrine postulates that the courts of law shall neither apply nor enforce any customary law rule or traditional norm if it is contrary to public policy, in conflict with the constitution or repugnant to natural justice, equity and good conscience.

What then is repugnant to natural Justice; repugnant to natural justice simply means that customary law, culture or traditional rule of society in Nigeria that is inhuman and obnoxious should not be applied or enforced or given validity in the court of law. For instance, the customary law of the Ikwerre people of Rivers State and other neighbouring societies that postulated that a girl child is prohibited from inheriting her parent’s property on the bases that she’s a girl child is repugnant to natural justice equity and good conscience and so it has been held by the Supreme Court of Nigeria.

In the landmark case of Ukeje v. Ukeje (2014) 11 NWLR (PT.1418) 384, The Supreme Court of Nigeria voided this tradition and custom of the Ikwerre people prohibiting a girl child from inheriting the parent’s estate on the grounds that this custom is discriminatory and in conflict with the provision of s.41(2) of the constitution of the Federal Republic of Nigeria, therefore it is repugnant to natural justice, equity and good conscience.

The repugnant test has since become a popular principle in the Nigerian legal system and has been adopted in a plethora of cases/ instances and it is of the unwavering opinion that every custom and tradition be subjected to checks and balances to ensure that it is not discriminatory or against public policy before such custom will be applied, enforced and given validity by the courts of law in Nigeria.

In conclusion, this doctrine prescribes that the courts shall not enforce any customary law rule if it is contrary to public policy or repugnant to natural justice, equity and good conscience.

Meta Intensifies Metaverse Vision, Acquires 3D Smart Glass Company

By
Ojukwu Emmanuel
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0

Facebook parent company Meta has recently acquired Luxexcel, a 3D smart glass company as it intensifies its Metaverse vision for 2023.

The acquisition would likely see Luxexcel integrate the elements needed to create an augmented reality (AR) experience, with a prescription lens, such as holographic film and projectors.

Speaking on the acquisition of the eyeglass company, Meta said in a statement “we’re excited that Luxexcel team has joined Meta, deepening the existing partnership between the two companies”.

Meta however did not disclose how much it spent to acquire the company.

Luxexcel is a technology company based in the Netherlands that has developed and patented the methodology to 3D print glasses. This includes a suite of proprietary hardware, software, materials, and processes that work together to create high-quality lenses unlike any other lens available.

The company’s experienced team helps its customers to develop their designs while guiding them to harness the unique abilities of 3D lens printing technology.

Reports disclose that Meta and Luxexcel have worked together on Project Aria, a research device that is worn like regular glasses that will help Meta build the software, including a live map of 3D spaces and hardware necessary for future AR devices.

By acquiring Luxexcel, Meta will likely leverage the company’s technology to produce prescription AR glasses, a product that has long been anticipated to come out of Meta’s billions of dollars of investment into its Reality Labs.

Recall that Meta CEO Mark Zuckerberg in 2021, laid out the vision of the metaverse as the successor to the mobile internet, a set of interconnected digital spaces that lets one do things they can’t do in the physical world.

The Metaverse has been generally characterized as a growing 3D virtual universe where individuals can live their digital life as an avatar, working, playing, shopping, or just hanging out.

The digital environment will eventually encompass work, entertainment, and everything in between. Like phones and laptops today, the platform needs to be flexible enough to accommodate all these different use cases.

Meta looks at the metaverse as a sort of successor to the mobile Internet, which has taken more than a decade to assume its current form.

The social media giant has disclosed that it will stay on course in 2023 with investment in its metaverse division Reality Labs expected to account for 20 percent of its overall expenses.

The company’s Reality Labs Chief Technical Officer, Andrew Bosworth, disclosed in a blog that Meta plans to spend about as much on the metaverse division next year as it did this year, despite a reported loss of $9.4 billion through the first nine months of 2022.

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