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Forbes says Elon Musk Is No Longer World’s Richest Man

Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm.

Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH (LVMH.PA), and his family briefly took the title as the world’s richest, but were back at No. 2 with a personal wealth of $185.3 billion, according to Forbes.

Musk, who has held the top spot on the Forbes list since September 2021, has a net worth of $185.7 billion. Musk took over the title from Amazon.com (AMZN.O) founder Jeff Bezos.

Tesla shares, which have lost more than 47% in value since Musk made his offer to buy Twitter earlier this year, were down 2.7%.

Musk’s net worth dropped below $200 billion earlier on Nov. 8 as investors dumped Tesla’s shares on worries the top executive and largest shareholder of the world’s most valuable electric-vehicle maker is more preoccupied with Twitter.

Tesla has lost nearly half its market value and Musk’s net worth has dropped by about $70 billion since he bid for Twitter in April. Musk closed the deal for Twitter in October with $13 billion in loans and a $33.5 billion equity commitment.

Besides Tesla, Musk also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

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International

US Forces Kill Top ISIL leader In Somalia

The US military has carried out an operation in northern Somalia, resulting in the death of a top ISIL (ISIS) leader.

According to a statement released on Thursday by Secretary of Defense Lloyd Austin, Bilal al-Sudani, a US-designated ISIL leader in Somalia and “important facilitator for ISIS’s global network,” was killed in the operation.

The operation was approved earlier this week by President Joe Biden and will be carried out on January 25.

“Al-Sudani was responsible for fostering the growing presence of ISIS in Africa and for funding the group’s operations worldwide, including in Afghanistan,” Austin said.

There were no other details about the operation given, including how the US forces carried out the operation or even how many American soldiers were involved. US officials told Reuters news agency anonymously that 10 of al-Sudani’s associates were also killed in the operation.

The US Department of Treasury sanctioned al-Sudani in 2012 for his role in arranging funding for foreign fighters to travel to an al-Shabab training camp.

A Somali government offensive against al-Shabab, which began in August 2022 following Hassan Sheikh Mohamud’s election, has also made substantial gains.

However, the organization, which has been seeking to destabilize Somalia’s government and enforce its strict version of Islamic law since 2007, has retaliated with a series of strikes around the country.

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International

5 US Police Officers Charged For Murder Of Black Man

Authorities on Friday reported that five dismissed Memphis police officers have been charged with second-degree murder in the brutal beating of Tyre Nichols, a 29-year-old Black man, during a traffic stop.

Ex-Officers Tadarrius Bean, Demetrius Haley, Emmitt Martin III, Desmond Mills Jr. and Justin Smith, who are Black, were charged with second-degree murder, two counts of official misconduct, one count of official oppression.

Rausch said “frankly, I’m shocked. I’m sickened by what I saw. In a word, it’s absolutely appalling. We should not be here. Simply put: This shouldn’t have happened.”

Nichols, a California native who grew up in Sacramento and recently moved to Memphis to work for FedEx was pulled over January 7 and arrested on suspicion of reckless driving, according to Memphis police.

When officers approached Nichols’ car, a confrontation occurred, and Nichols fled the scene on foot, police said.

The police officers pursued Nichols, and another confrontation took place, which led to Nichols’ arrest and subsequent hospitalization, police said.

“He dedicated his whole life to serving his community,” attorney Blake Ballin said.

The Memphis Police Association, the union representing police officers in the city, did not immediately respond to a request for comment.

Nichols’ death reignited public scrutiny of police brutality nearly three years after the murder of George Floyd by a Minneapolis police officer set off nationwide protests and launched the #DefundThePolice movement.

Police departments across the country were put on high alert on Thursday with the announcement of charges against the officers, prepping for potential demonstrations, especially after the Nichols video is released publicly.

(dPA)

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International

Meta To Reinstate Trump’s Facebook Account

Meta, the parent company of Facebook, has announced plans to end the suspension on the accounts of Donald Trump, former US president.

This is coming two months after Twitter reinstated Trump’s account.

Facebook and Twitter had in 2022  banned Trump indefinitely, with other social media platforms like YouTube and Instagram taking similar actions against him.

In a statement on Wednesday, Nick Clegg, president, global affairs, Meta, said the company would be ending the suspension on Trump’s Facebook and Instagram accounts in the coming weeks.

According to Clegg, the company believes that the public should be able to hear what politicians are saying so they can make informed choices.

He added that new guardrails have been put in place to deter repeat offenses.

“Social media is rooted in the belief that open debate and the free flow of ideas are important values, especially at a time when they are under threat in many places around the world,” the statement reads.

“As a general rule, we don’t want to get in the way of open, public, and democratic debate on Meta’s platforms, especially in the context of elections in democratic societies like the United States.

“The public should be able to hear what their politicians are saying: the good, the bad, and the ugly, so that they can make informed choices at the ballot box. But that does not mean there are no limits to what people can say on our platform. When there is a clear risk of real-world harm, a deliberately high bar for Meta to intervene in public discourse, we act.

“The normal state of affairs is that the public should be able to hear from a former President of the United States, and a declared candidate for that office again, on our platforms.

“Now that the time period of the suspension has elapsed, the question is not whether we choose to reinstate Mr. Trump’s accounts, but whether there remain such extraordinary circumstances that extending the suspension beyond the original two-year period is justified.

“To assess whether the serious risk to public safety that existed in January 2021 has sufficiently receded, we have evaluated the current environment according to our crisis policy protocol, which included looking at the conduct of the US 2022 midterm elections, and expert assessments on the current security environment.

“Our determination is that the risk has sufficiently receded, and that we should therefore adhere to the two-year timeline we set out. As such, we will be reinstating Mr. Trump’s Facebook and Instagram accounts in the coming weeks. However, we are doing so with new guardrails in place to deter repeat offenses.

“In light of his violations, he (Trump) now also faces heightened penalties for repeat offenses — penalties which will apply to other public figures whose accounts are reinstated from suspensions related to civil unrest under our updated protocol.”

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