According to a report released by Bloomberg, Bill Gates, the co founder of Microsoft, was replaced as the world’s second richest person by Bernard Arnault, the Chairman of LVMH. Bill Gates was ranked as the 2nd richest person in Bloomberg’s Billionaires Index for the last 7 years. However, he was replaced by Arnault after the French businessman added $ 39 billion in 2019 to his wealth, pushing his net worth to $ 108 billion.
Arnault, aged 70, joined world’s most exclusive wealth club after Jeff Bezos and Bill Gates, when his fortune surpassed the $ 100 billion mark for the first time in June 2019. As the chairman and CEO of the luxury goods maker LVMH, most of Arnault’s wealth comes from his holdings in Louis Vuitton and Christian Dior. He holds a 97 % stake in Christian Dior. Apart from Louis Vuitton, Bernard also oversees 70 other luxury good companies like Givenchy, Marc Jacobs, Sephora and Fendi, to name a few.
Arnault and his family are among the list of luxury titans who pledged more than $ 650 million for the reconstruction of the Notre Dame Cathedral, which was destroyed by a massive fire in April 2019.
Bill Gates, with a net worth of $ 107 billion, lost the title of being the world’s second richest man because of his philanthropic work. Gates donated over $ 35 billion to the Bill and Melinda Gates Foundation, founded in 2000 by him and his wife Melinda Gates. The primary focus of the Foundation is to enhance healthcare and reduce extreme poverty. Amazon’s Bezos’ net worth was up slightly this year to $ 125 billion, despite his divorce settlement with his former wife MacKenzie Bezos, which saw MacKenzie keep 4% stake in his multinational technology company. This made MacKenzie Bezos the 4th richest woman in the world.
Declared the richest man in Europe, Bernard Arnault has been climbing the ladder to success continuously. His $ 39 billion addition to his wealth in 2019 alone, according to Bloomberg, is the biggest individual gain among the 500 people it ranks.
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Imarticus Learning, an IPO-bound professional education firm, has acquired Bengaluru-based edtech platform MyCaptain for INR 50 crore in a cash-and-stock deal. This marks Imarticus’s fourth acquisition in four years and is aimed at expanding its presence in non-tech career training, especially across India’s Tier-II and Tier-III cities. MyCaptain, which has over 500,000 learners and a revenue of ₹27 crore for FY25, specializes in creative and entrepreneurial fields, with 60% of its users from smaller cities.
With this acquisition, Imarticus will bring MyCaptain’s employability bootcamps in digital marketing, design, and content to its 20+ classroom centers in 16 cities, blending online and offline learning. MyCaptain will operate as a fully-owned subsidiary, and all 250 of its employees will join Imarticus, expanding the combined workforce to over 850. The move supports Imarticus’s goal to reach five million learners by FY28 and deepen its offerings in non-tech domains.
Saudi Arabia has been named the fastest-growing startup ecosystem in the world in the 2025 StartupBlink Global Startup Ecosystem Index, with a growth rate exceeding 200%—the only country in the global top 100 to achieve this milestone. This surge has earned the Kingdom the “Country of the Year” title, highlighting its transformation into a global innovation leader.
The report ranks 110 countries and 1,400 cities, with three Saudi cities—led by Riyadh—making the global top 1,000. Riyadh entered the world’s top 100 startup cities, posting a 134% growth rate, and solidifying its role as a regional tech hub.
Saudi Arabia now leads globally in HealthTech, nanotechnology, and transport tech, and ranks among the top in sectors like fintech, e-commerce, logistics, and gaming. The Kingdom’s rapid progress is fueled by Vision 2030, robust government support, and record venture capital investment, making it the most funded VC market in MENA.
Startups such as Tabby, Tamara, and Jahez exemplify this momentum, as Saudi Arabia emerges as a top destination for innovation and entrepreneurship.
The Supreme Court of India has granted interim relief to Paytm’s gaming arm, First Games, by staying proceedings on a ₹5,712 crore GST notice issued by the Directorate General of GST Intelligence (DGGI). The notice, sent in April 2025, demanded GST for the period January 2018 to March 2023, based on the department’s view that 28% GST should be levied on the total entry amount, rather than the 18% GST currently paid on platform fees.
First Games challenged the notice in the Supreme Court, which on May 23, 2025, ordered a stay on all further proceedings until a final decision is reached. The dispute is part of a broader industry-wide debate over the correct GST treatment for real money gaming platforms, with similar cases pending before the court. Following the stay, Paytm shares rose nearly 2% in early trading, reflecting investor optimism.
The Supreme Court’s order provides temporary relief to First Games and signals ongoing judicial scrutiny of GST demands across India’s online gaming sector.
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May 27, 2025 at 8:31 am
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