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Bezos to Arnault: 5 biz leaders in news this week- not all for positive reasons
Spotlight on Nirmala Sitharaman, Vijay Shekhar Sharma, Byju Raveendran, Jeff Bezos, and Bernard Arnault.
This week has been quite eventful in the business sector. Let's meet five business leaders who grabbed the headlines.
Finance minister Nirmala Sitharaman
Indian finance minister Nirmala Sitharaman equalled former prime minister Morarji Desai's record by presenting her sixth consecutive budget on February 1. As the country's first full-time woman finance minister, she has been at the helm since July 2019, presenting five full budgets.
The 2024 interim budget made her surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha. Desai, in the 1959-1964 period, presented five annual budgets and one interim budget.
Sitharaman's interim budget for 2024-25 is a vote-on-account, allowing the government to spend funds until a new government takes office after the upcoming general elections.
READ HERE- Nirmala Sitharaman says won’t let next generation suffer our hardships | HT interview
Vijay Shekhar Sharma
Vijay Shekhar Sharma, hailing from a humble background, is the visionary founder of Paytm, India's fintech giant that revolutionised digital payments in India. It enabled users to pay bills, purchase goods, and more with their smartphones.
Despite being a poster boy for India's fintech boom, recent challenges have put Sharma in uncharted waters. The Reserve Bank of India's directive has compelled Paytm Payments Bank to suspend most activities, marking an existential threat. Sharma, who holds a 51 per cent stake in the bank, faces the daunting task of steering Paytm through these turbulent times.
READ HERE- What led to RBI crackdown on Vijay Shekhar's Paytm Payments Bank?
Byju Raveendran
Byju Raveendran, the billionaire chief of Byju's, faces challenges as shareholders, including Prosus, seek a meeting to address financial mismanagement and compliance issues.
Byju's, valued at $22 billion in 2022, is a major player in the edtech space, offering online and offline education courses.
Despite rapid revenue growth, Byju's reported an operational loss of ₹6,679 crore in FY22, mainly due to losses from subsidiaries White Hat Jr and Osmo.
Raveendran is navigating efforts to address financial pressures and retain Byju's position in the competitive edtech landscape.
READ HERE- Byju's crisis: CEO Raveendran 'moving mountains' to make payroll; workers receive January salary
Jeff Bezos
Jeff Bezos, the founder of Amazon, plans to sell up to 50 million shares over the next 12 months, aiming to capitalise on Amazon's stock surge.
After Amazon reported robust online sales growth, Bezos gained $12.1 billion, narrowing the gap with Elon Musk for the title of the world's richest person.
Amazon's shares rallied nearly 8% to $172, contributing to Bezos' wealth increase.
READ HERE- Jeff Bezos discloses plan to sell 50 million Amazon shares as stock surges
Bernard Arnault
Bernard Arnault, chairman and chief executive of LVMH Moet Hennessy Louis Vuitton SE, has surpassed Elon Musk to become the world's richest person, according to Forbes.
Arnault and family's net worth stands at $211.4 billion, exceeding Musk's $198.4 billion.
A surge in Arnault's net worth was witnessed recently, rising by $23.6 billion on January 26, attributed to LVMH's strong quarterly results.
READ HERE- Not Elon Musk, world's richest man now is…
Louis Vuitton reported a 10 per cent increase in quarterly sales, contributing to the surge in the company's stocks.
