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Few business leaders have been as deeply embedded in popular culture as Elon Musk, the ambitious entrepreneur who has become a central figure in internet culture and amassed a fortune that has made him the world's first trillionaire. At a time when concerns about inequality are high and public attitudes toward the ultra-wealthy have soured, Musk has managed to retain a loyal following despite his stratospheric net worth ‌and without the folksy persona that endeared other tyco

A group of banks is moving to seize a Sheraton-branded hotel property in Hong Kong, controlled by the family of billionaire Hui Wing Mau, after owner Shimao Group Holdings defaulted on a HKD4.5 billion (US$574 million) loan. Founder and chairman of Shimao Group Hui Wing Mau speaks at an overseas Chinese business roundtable during the 2015 Boao Forum for Asia (BFA) in Boao, south China's Hainan Province, March 29, 2015 The lenders are in advanced discussions to appoint receive

Elon Musk's SpaceX on Thursday confirmed it will begin trading on the Nasdaq exchange Friday in the biggest initial public offering in history, a blockbuster market debut that could propel the entrepreneur to trillionaire status. In a filing with the US markets regulator, the company priced more than 555 million shares at $135 each, placing SpaceX in the top 10 of Wall Street's biggest companies with a valuation of just under $1.8 trillion. It will be valued more than Musk's

Quantinuum founder Ilyas Khan has become a billionaire after the quantum computing firm's Nasdaq debut valued the company at more than $15.6 billion. The U.S.-U.K.-based startup raised $1.68 billion in its June 3 debut, the largest stock market listing by a quantum computing company to date, valuing Khan's stake at approximately $2.2 billion, Forbes reported. Quantinuum sold 28 million shares at $60 each in the offering. The stock opened at $58 on June 9. Khan, 64, owns about

Singapore seafood restaurant operator Jumbo Group is preparing to grow its presence in China’s Shanghai and Southeast Asian cities including Jakarta and HCMC, while broadening its business through institutional catering. The group, which was founded in 1987, has invested SGD10 million (US$7.8 million) into a new headquarters in the city-state as part of its expansion strategy. The facility brings its corporate office and central kitchen together at a single location spanning

Japanese retail chain Daiso is set to shutter its Tampines 1 outlet later in June after 14 years in operation, its third Singapore closure in 2026. A Daiso outlet in Singapore The outlet will open for its last day on June 21 before officially closing the next day, according to the chain’s Facebook post on Saturday. "We thank you for your continuous support at DAISO TAMPINES 1 over the years," the post read. The store has been operating since 2012, according to the Daiso Singa

Indonesia's central bank chief and finance minister have agreed to push up government bond yields to attract portfolio inflows and support the record-low rupiah. A general view of the skyline of Jakarta, the capital city of Indonesia Bank Indonesia (BI) and the finance ministry "will increase the ‌attractiveness of yields" on Indonesian assets "so that portfolio inflows return" to the country, Governor Perry Warjiyo told a press conference at parliament building. Southeast As

Indonesia is planning one of the world's largest solar power development programs with a targeted capacity of up to 100 gigawatts (GW) and an estimated investment of US$71.3 billion, as the country seeks to accelerate energy transition and reduce dependence on fossil fuels. A worker is cleaning solar panels that provide partial electrical power to Istiqlal Mosque in Jakarta, Indonesia Indonesia’s Ministry of Energy and Mineral Resources (ESDM) said it has coordinated with the

Thailand’s richest man, Sarath Ratanavadi, plans to invest up to THB140 billion baht (US$4.3 billion) through Gulf Development over the next five years to expand data centers and other infrastructure needed to support the artificial intelligence boom. Sarath Ratanavadi, CEO of Gulf Development Gulf Development, Thailand’s largest power producer, aims to add as much as 2,000 megawatts of data center capacity over the period to meet rising demand for AI and cloud-computing serv

PPB Group, part of the business empire of Malaysia’s richest man Robert Kuok, has named his grandson Kuok Meng Xiong as its new group managing director. Kuok Meng Xiong, non-independent and non-executive director of PPB Group Meng Xiong, 45, will take over from the current group managing director, Lim Soon Huat, from Sept. 1, according to the group’s filing with Bursa Malaysia on Wednesday. Lim, 61, will relinquish the role and take up a position as adviser to the board, the

Zhang Yiming, founder of TikTok owner ByteDance, has become Asia's second-richest individual with a net worth of US$92.8 billion, surpassing Indian billionaire Mukesh Ambani. Zhang Yiming, founder of ByteDance, speaks at a forum during the 2nd World Internet Conference in east China's Zhejiang province, Dec. 17, 2015 Zhang’s fortune jumped more than $24 billion on Wednesday after Bloomberg assessed ByteDance valuations from investors such as BlackRock, Fidelity Investments an

Yum Brands is in exclusive talks to sell its Pizza Hut chain ​to private-equity firm LongRange Capital, a source familiar with the matter ‌said on Friday. The logo of the Pizza Hut chain The two parties are advancing in discussions about a potential deal that could come together in several weeks, the source said, adding there is no guarantee a deal will be reached. The move comes when the fast-food ⁠industry is contending with sustained demand weakness, as growing adoption of

Pham Nhat Quan Anh, the eldest son of Southeast Asia's richest man Pham Nhat Vuong, has been named chairman of his father’s electric vehicle maker VinFast. Pham Nhat Quan Anh, VinFast's chairman The appointment, effective last Saturday, saw him replace Le Thi Thu Thuy, who left the firm’s board to focus on her role as vice chairwoman of parent company Vingroup, according to an announcement made Monday. Vingroup is chaired by Vuong and it owns 50% of the EV maker. Anh, 33, ser

Former chairman of Seven & i Holdings Toshifumi Suzuki, credited for the global success of 7-Eleven convenience stores, has died at the age of 93, the company said Monday. Toshifumi Suzuki, chairman of Japan's biggest convenience store chain Seven-Eleven Japan Co. Ltd., introduces a logo of e-commerce venture "7dream.com" at its headquarters in Tokyo on June 22, 2000 Suzuki - known as the "father of the convenience store" in Japan -- died due to heart failure on May 18, the c

SpaceX will file its initial public offering application with the U.S. Securities and Exchange Commission next week, a source close to the matter told AFP on Thursday. A security guard stands near SpaceX Starship at SpaceX’s Boca Chica launch site in Texas, U.S., in 2024 The aerospace company had already filed an initial document in early April, but confidentially, a standard first step in the process leading to a listing. The second version is expected to reveal to the publi

An heir to the late Ray-Ban billionaire Leonardo Del Vecchio's business empire is contesting a family deal valued at EUR10 billion (US$11.8 billion) that would allow a sibling to triple his stake ownership. Rocco Basilico (L) and Leonardo Maria Del Vecchio attend the Tribeca Festival Awards Night during the 2021 Tribeca Festival at Spring Studios on June 17, 2021 in New York City The legal claim was filed by Rocco Basilico, the son of Del Vecchio's widow, in a Luxembourg cour

According to Reuters, the proposed 18-year prison term for Nadiem Makarim represents one of the harshest sentences sought for a former Indonesian cabinet minister in recent years. Former Minister Nadiem Makarim appears in court Makarim is accused of illicit enrichment totaling approximately 809 billion rupiah ($46.3 million) linked to the procurement of Chromebook laptops and the Chrome OS operating system for schools between 2020 and 2022. The case reportedly resulted in $12

Ted Turner, the flamboyant U.S. entrepreneur who transformed television news with the creation of CNN in 1980 before venturing into philanthropy, has died at the age of 87. Ted Turner - CNN Founder The mustached southerner, champion yachtsman and conservationist, whose empire also included sports clubs, had been suffering from the degenerative disease Lewy Body Dementia. Cable News Network upended established broadcasting with its dedication to around-the-clock breaking news

Gap’s billionaire co-founder Doris Fisher, who helped build one of America's most recognizable clothing retailers, has died at the age of 94. Doris Fisher - The woman behind American casual Fisher and her late husband Donald ‌Fisher opened the first Gap store in 1969 on Ocean Avenue in San Francisco, initially selling Levi’s jeans alongside records and cassette tapes. She coined the name "The Gap" in reference to the generation gap between baby boomers and their parents, help

US President Donald Trump is considering a bailout or even a complete buyout of Spirit Airlines, the low-cost carrier currently under bankruptcy protection. Spirit Airlines, the largest budget carrier in the United States, first filed for bankruptcy protection in 2024. Now, according to The Guardian, the US government is mulling a loan of up to $500 million to prop up the struggling airline. President Trump has also left the door open for more profound intervention. Spirit Ai