TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how Elon Musk could become the first trillionaire.
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00:00I'm Conway Gittins. Here's what we're watching on the street today.
00:03Wall Street was in a holding pattern as the Federal Reserve wrapped up its first day of meeting.
00:08Investors are still uncertain as to whether the Fed will cut interest rates by 25 or 50 basis points.
00:15Policymakers are weighing a moderation in inflation against a labor market that has shifted into lower gear
00:21and an overall economy that's slowing but remains on firm footing.
00:25A decision will be announced on Wednesday.
00:28In other news, according to a new report, the world could be less than three years away from having its first trillionaire.
00:35The Informer Connect Academy predicts that Elon Musk will reach the milestone by 2027.
00:41Musk, who is the CEO of several companies including X, SpaceX and Starlink, currently has a net worth of roughly $250 billion.
00:50The report notes that Musk's fortune is growing by an average of 110 percent per year,
00:57putting him on track to hit a net worth of $1 trillion in less than two and a half years.
01:02The biggest factor to whether he gets there will be Tesla.
01:06Musk owns 13 percent of the EV maker and his stake is currently worth $93 billion.
01:13But he owns another 303 million stock options, which are linked to his controversial compensation package.
01:21Shares of Tesla are up more than 1,300 percent over the past five years.
01:25Musk also owns 42 percent of SpaceX, which is currently valued at $210 billion.
01:31But Elon Musk is not the only big name Informer thinks could reach trillionaire status.
01:37The report suggests NVIDIA CEO Jensen Wang and India's richest man Gautam Adani could both hit the mark in 2028.
01:47And that'll do it for your daily briefing. I'm Conway Gittens with The Street.