MIAMI — Amazon founder Jeff Bezos remains Florida’s wealthiest resident, according to Forbes’ newly updated ranking of the 400 richest people in America, with his fortune climbing to $378 billion this year even as he continues to sit behind Tesla and SpaceX chief executive Elon Musk atop the overall national list.

Forbes placed Bezos at No. 2 nationally on its annual list, unveiled this week, while Musk held the top spot for the fifth consecutive year. Bezos briefly reclaimed the title of the world’s wealthiest person on Monday, according to real-time wealth tracking, even as Forbes’ own annual snapshot, based on stock prices and exchange rates as of early September, kept him in second place behind Musk on the formal published ranking. Musk’s net worth on this year’s list reached $908 billion, the highest figure ever recorded in the Forbes 400’s history, giving him a lead over Bezos of more than $500 billion.

Bezos’ net worth has grown substantially over the past year. Last year, Forbes valued his fortune at $241 billion; this year’s updated figure of $378 billion represents an increase of well over $100 billion, reflecting continued strength in Amazon’s stock alongside gains tied to his other business interests.

Nearly three years have now passed since Bezos first announced plans to leave Seattle, the city long associated with Amazon’s headquarters, in favor of a new home in Florida. He announced the move in November 2023 on Instagram, saying at the time that he wanted to live closer to his parents, who had relocated back to Florida. Bezos has continued to maintain ties to the state’s business and civic landscape since making the move, including through his space exploration venture Blue Origin, which operates out of Cape Canaveral on Florida’s Space Coast.

Bezos was not the only notable Florida billionaire to appear prominently on this year’s Forbes list. Jacksonville Jaguars owner Shad Khan ranked as Florida’s No. 8 wealthiest resident, with a net worth of $16.5 billion, placing him at No. 70 on the overall national ranking of America’s richest individuals.

President Donald Trump also appeared among the billionaires included on this year’s Forbes 400, with a net worth of $7 billion, placing him among a group of 48 individuals on the list who share that same valuation, according to Forbes’ rankings.

This year’s Forbes 400 list overall reflected record levels of wealth concentration among America’s richest individuals. The 400 people included on the list are collectively worth $8 trillion, an increase of $1.4 trillion from the prior year’s total, according to Forbes. The minimum net worth required to qualify for inclusion also reached a new high this year, climbing to $4.4 billion, up $600 million from the previous year’s cutoff.

Forbes has compiled and published the list annually since it was first launched by Malcolm Forbes in 1982, using it as what the publication describes as the definitive ranking of the wealthiest individuals in the United States. This year marked the list’s 45th annual edition.

Bezos’ continued position as Florida’s richest resident underscores how significantly his relocation has reshaped the state’s own internal wealth rankings since his 2023 move. Florida has increasingly become a preferred destination for high-net-worth individuals relocating from other states in recent years, drawn in part by the state’s lack of a personal income tax, and Bezos’ continued residency in the state, combined with his rising net worth, has kept him firmly established at the top of Florida’s own list of resident billionaires for a second consecutive year.

Beyond his position on the Forbes list, Bezos has continued to expand his business interests since relocating to Florida. Blue Origin has remained active in the commercial space sector, competing alongside Musk’s SpaceX and other private space companies for both government and commercial launch contracts. Amazon, the company Bezos founded in 1994 and led as chief executive until stepping down from that role in 2021, has also continued to post strong financial results, a factor that has directly supported the growth in Bezos’ overall net worth reflected in this year’s Forbes ranking, given that a substantial portion of his fortune remains tied to his continued ownership stake in the company.

The gap between Bezos and Musk atop the national rankings has widened considerably over the past year, even as Bezos’ own fortune has grown substantially in absolute terms. That dynamic reflects the outsized scale of gains Musk has recorded across his various business ventures, including Tesla, SpaceX and his newer AI venture xAI, over the same period, a pace of wealth accumulation that has left even the world’s second-richest individual trailing by an increasingly large margin.

With Forbes’ list now published for the year, attention is likely to turn toward how the fortunes of both Bezos and Musk, along with the rest of the country’s wealthiest individuals, continue to evolve over the coming months, particularly given the substantial role that publicly traded stock holdings play in determining the rankings from one year to the next, leaving even the list’s most dominant figures subject to significant swings in net worth tied to broader market conditions.

Shares of CMS Info Systems gained as much as 7% to their day’s high of Rs 239 on the BSE on Wednesday after becoming a potential direct beneficiary of the government’s decision to announce the first-ever Merchant Discount Rate (MDR) on select UPI transactions above Rs 2,000.

The government will introduce MDR on some Person-to-Merchant (P2M) UPI transactions from October 15 onwards, with merchants paying 0.4% on transactions above Rs 2,000, the National Payments Corporation of India (NPCI) announced on Tuesday. A maximum fee of Rs 300 can be levied on such transactions of Rs 75,000 or more.

CMS Info Systems is one of India’s largest cash management and business services companies, offering physical logistics, banking automation and AI-driven technology solutions.

How is CMS Infosystems a beneficiary?

The positive read-through for CMS Info Systems is mainly through a potential shift back towards cash for higher-value merchant transactions.
With a 0.4% MDR on UPI P2M transactions above Rs 2,000 from October 15, higher-value digital payments will no longer be completely free for merchants. This could make cash payments relatively more attractive for some merchants, particularly where transaction values are high and margins are thin.

That could benefit CMS because its core business includes cash logistics, ATM cash management, retail cash management and cash-in-transit services.

CMS Infosystems Q1 results

Cash logistics major CMS Info Systems reported a 10.6% year-on-year decline in consolidated profit after tax (PAT) to Rs 83.7 crore in the first quarter of FY27, compared with Rs 93.6 crore in the same quarter a year ago.Consolidated revenue, however, rose 1.2% year-on-year to Rs 634.7 crore in Q1 FY27 from Rs 627.4 crore in Q1 FY26. EBITDA increased 6.9% year-on-year to Rs 168.8 crore from Rs 157.9 crore, while the EBITDA margin improved to 26.6% in Q1 FY27 from 25.2% in the year-ago quarter.

CMS Info shares have had a rough 2026, down 19% in the last six months and a massive 35% since the beginning of the year. In the last one year, the stock is down 45%.

RBI supports MDR charges

The Reserve Bank of India (RBI) backed the introduction of Merchant Discount Rate (MDR) on large-value UPI transactions, saying the move will help strengthen the long-term sustainability of India’s digital payments ecosystem. In a post on X, the central bank said the move would enable UPI to continue scaling, innovating and serving consumers and businesses across the country.

For nearly seven years, UPI became more and more popular as a transaction could be made so quickly without paying any additional charges. The government has however repeatedly clarified that UPI will remain free for citizens and person-to-person transactions will continue without charges.

While discussing the costs of digital-payment infrastructure, RBI Governor Sanjay Malhotra in August said, “Someone has to pay the cost”. He stressed that the RBI wants digital payments to remain accessible, affordable and safe, but also sustainable.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Rises in petrol, diesel and airfares pushed UK inflation up to its highest level in six months in the year to August.

Inflation accelerated to 3.1% from 2.9% , according to the Office for National Statistics (ONS).

The cost of filling up a vehicle soared in August as the conflict in the Middle East continued to disrupt global oil supplies. Petrol prices jumped to their highest for nearly four years, the ONS said, while diesel also rocketed.

Meanwhile, the cost of flying jumped during the key month for summer getaways.

Overall, motor fuel prices rose by 23% compared to August last year.

Oil hit more than $91 a barrel as the US-Israel war with Iran went on. That compares to around $73 just before hostilities began earlier this year.

As a result, average petrol prices have continued to climb and between July and August, they rose by 9.1p to 161.3p per litre.

“This is the highest price recorded since November 2022,” said the ONS. At that point, Russia’s full-scale invasion of Ukraine had pushed up global energy costs.

Capital Economics said, at this point, the effect of higher oil prices has not spilled over into other areas such as food and drink, where the pace of inflation remained at 1.3% in the year to August.

But its chief UK economist, Paul Dales, said: “Everyone knows that bigger rises in inflation are on their way.”

Grant Fitzner, chief economist at the ONS, said: “Rising crude oil and petrol prices increased both the annual cost of raw materials and the price of goods leaving factories respectively.”

Dales estimates that a combination of higher oil and gas prices and “the eventual ‘first-round’ effect of businesses passing on some of their higher energy costs” will lead to inflation peaking at 4.2% in January.

Steven Bartlett’s holding company Steven.com and Authentic Brands Group have launched OBSN, a joint venture that will invest in and build businesses around creators, with Bartlett saying he aims to deploy up to $400m in creator businesses over the coming years.

The venture, whose name is short for Obsession, was announced in New York yesterday. It was due to debut the same day at a creator-focused event in the city, where Maggie Sellers Reum, investor and founder of Hot Smart Rich, was to moderate a fireside conversation with Bartlett and Jamie Salter, founder and executive chairman of Authentic.

According to the two companies, OBSN is “designed for the world’s most ambitious and consequential creators”. At its centre is a platform providing news, analysis and live experiences for the creator economy, which the partners say is designed to become the sector’s “definitive voice and home”.

How the partnership will work

Under the arrangement, Steven.com will lead OBSN’s media, technology, data and audience-growth operations. Authentic will contribute its expertise in brand building, product, licensing, strategic partnerships and global distribution.

The partners said every deal struck through OBSN would be tailored to the individual creator, whether that involves expanding a media business, developing products, growing licensing programmes, pursuing strategic partnerships or exploring investment and international expansion. They said the venture would provide creators with infrastructure, expertise and long-term partnership as well as capital.

The companies said they see opportunities to deploy hundreds of millions of dollars in the near term into creator-led businesses that meet their criteria.

“The next generation of global media companies and consumer brands will be built around creators. But a global audience of millions is not yet a company, and it certainly should not be the ceiling of a creator’s potential,” said Bartlett.

“Steven.com understands how to build media and audiences around creators, and Authentic understands how to build and extend brands around the world. OBSN brings those capabilities together so ambitious creators can reach the full scale of their ambition. We are aiming to deploy up to $400m in creator businesses over the coming years, OBSN is at the heart of that strategy.”

Matt Maddox, president and chief executive of Authentic, said: “Creators are redefining media and shaping the future of entertainment, with many poised to become multigenerational brands in their own right.”

He added: “By combining our complementary capabilities, we will identify, invest in and scale creator-led IP, capitalizing on a once-in-a-generation opportunity to strategically deploy hundreds of millions of dollars across the creator economy and build the brands of tomorrow.”

The companies behind OBSN

Steven.com is the holding company for Bartlett’s businesses, including The Diary Of A CEO podcast, marketing agency FlightStory, production business FlightCast and investment arm FlightFund. In October 2025 it was valued at $425m following investment from Slow Ventures and Apeiron Investment, with Bartlett retaining more than 90 per cent ownership. In December 2025, Bartlett also announced plans for Founded, a tech news website covering UK and US start-ups.

Authentic owns more than 50 brands, including Reebok, Champion, Ted Baker, Brooks Brothers, Hunter and Sports Illustrated, as well as rights linked to David Beckham, Shaquille O’Neal, Elvis Presley and Muhammad Ali. The company says it works with a network of more than 1,700 licensees and partners in more than 150 countries, and that its brands generate more than $38bn in annual systemwide retail sales. Its portfolio reaches nearly one billion social media followers, according to the company.

The move comes as advertising money shifts towards creators. Business Matters reported last year that creator platforms were forecast to overtake traditional media in global ad revenue for the first time.

OBSN said its creator economy media and events arm is already live, with more than one million followers on Instagram. The partners plan to expand it into new content formats, channels and live experiences, including festivals and official awards. Creators can register interest through the Obsession.com website.

Solar Industries shares fell another 4% on Wednesday to Rs 18,480 apiece on the NSE, extending their decline to more than 17% over two sessions as investors continued to digest the defence major’s Rs 12,951 crore acquisition of South Africa’s Omnia Holdings.

The stock had plunged nearly 14% on Tuesday following the announcement of the all-cash deal to acquire 100% of Omnia’s issued shares for $1.355 billion.

Despite the sharp selloff, Jefferies and Nuvama have advised investors to use the correction as an opportunity to add the stock, pointing to the potential benefits of the acquisition. The deal, Solar Industries’ largest overseas acquisition, is aimed at expanding its global commercial explosives and blasting solutions business, particularly across Africa’s mining markets.

The acquisition is expected to be completed in early to mid 2027, subject to customary conditions, including competition approvals under relevant jurisdiction. Upon successful completion of the transaction, Omnia will be delisted from the Johannesburg Stock Exchange and A2X Markets securities exchange.

Also read | Solar Industries shares crash 14% after acquisition of South Africa’s Omnia Holdings for Rs 12,951 crore

Jefferies on Solar Industries share price

Jefferies maintained its ‘Buy’ call for the shares of Solar Industries with a target price of Rs 28,160 apiece, implying more than 46% upside potential from the stock’s previous closing price of Rs 19,250 apiece. The international brokerage said the bulky acquisition could dilute the company’s FY28-29 EPS by 4-6%, and that for FY30 by 1% on normalised growth assumptions at Omnia. Defence share is likely to fall to 22-25% by FY30, as against 35-40% expected earlier.
However, Jefferies believes the correction offers a heightened opportunity to own a business with a 30% EPS CAGR potential and 25%+ ROE even considering the acquisition. Solar Industries saw its profits rise 10x in the last decade between market share gains globally in explosives, an acquisition in South Africa in 2024 and its foray in defence, the international brokerage noted, adding that management has a healthy track record on sound capital allocation and cash flow focus.“While share of defence on a consolidated basis will likely reduce, we believe that if the EPS CAGR and ROE profile of the consolidated entity remains at 30%+ and 25%+, respectively, any derating should be limited. Solar will likely move from a net cash entity to net debt:equity on consolidation of 1.2x in FY28, but this should quickly reduce to 0.5x by FY30 given strong cash flows,” Jefferies said.

Also read | Solar Industries to acquire South Africa’s Omnia for Rs 12,951 crore in biggest global expansion push

Nuvama on Solar Industries share price

Nuvama also has a ‘Buy’ call on the shares of Solar Industries with a target price of Rs 23,435 apiece, implying around 22% upside potential from the stock’s previous closing price. The brokerage said the acquisition will give Solar Industries enhanced control over Ammonium Nitrate sourcing, currently being externally procured, while expanding global reach.

Although its defence mix falls to 22% (post-deal) versus 27% of FY26 revenue, Nuvama views the debt-funded deal as pro-growth and self-financed.

Solar Industries share price

Solar Industries shares have dropped around 17% in one week and 7% in a month, but overall jumped more than 53% in 2026 so far. The stock has gained 27% in one year.

In the longer term, the shares of the explosives-maker have delivered explosive returns for its shareholders, rallying over 300% in three years and around 850% in five years. The company currently has a market capitalisation of around Rs 1.68 lakh crore.

Also read | Solar’s $1.3 bn bet is a turn for India’s defence-industrial complex

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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