Indian Billionaire’s Continuous Ascent | France’s Center Holds | Investors’ Fed Fears

Plus: Goodbye To Trump’s Easy-Access, President-Ingratiating, Emoluments-Busting Washington Hotel

Good morning.

Indian billionaire Gautam Adani is Asia’s richest person, and as his net worth climbed the ranks of the Forbes world’s billionaires list, he’s overtaken a legendary American investor. We’re also covering the result of the French presidential election and investors’ fear of tougher action from the Federal Reserve to tackle inflation. Finally, we look at the end of the Trump International Hotel Washington, D.C.’s status as an alternative seat of power in the U.S. capital.

In The News Today

President Joe Biden has nominated a new ambassador to Ukraine, renewing a diplomatic push in the country as Secretary of State Antony Blinken stated “Russia has already failed” in its war aims after visiting Kyiv. 

China is undertaking new Covid-19 mass testing in Beijing’s main business district to try and contain a new outbreak.

Top Take-Aways

Asia’s richest person Gautam Adani’s net worth has now climbed above that of the Oracle of Omaha Warren Buffett, taking up the no. 5 spot in the world’s billionaires list and closing in on another American tycoon holding the no. 4 spot, Bill Gates.

Centrist Emmanuel Macron became the first French president in 20 years to win a second term at the Élysée, defeating far right candidate Marine Le Pen—who nonetheless scored more votes than in the 2017 ballot—in an election marked by the lowest turnout in more than 50 years.

After meeting with Elon Musk on Friday, Twitter’s board of directors is reportedly more willing to negotiate over Tesla billionaire CEO’s takeover offer.

Cathie Wood’s ARK Invest fund cashed in on record-breaking earning results for Tesla, selling nearly $160 million worth of shares towards the end of last week, and bought the dip on pandemic darling stocks Zoom, Roku and Shopify.

Last week ended on a downward note for major U.S. stock indexes, as investors continued to digest the possibility that Federal Reserve officials will act more aggressively than expected—potentially risking a recession—to rein in the biggest inflation spike in 40 years.

YouTubers Rhett and Link’s $5 million fund dedicated to investing in other promising YouTube talent has made its second investment ever, taking a stake in musician/comedian Daniel Thrasher’s channel, valuing it at $1 million.

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