Zuckerberg overtakes Bezos on rich list

📍Top line: Meta CEO Mark Zuckerberg has overtaken Jeff Bezos to become the world’s second-richest person. The 40 year-old now has a net worth of $206.2 billion.

Meta's stock has soared 23% since the company reported better-than-expected sales in the second quarter, driven by its advances in artificial intelligence and large language models for AI chatbots. Meta has also invested heavily in data centers and computing power, positioning itself strongly in the AI race.

Zuckerberg, who holds a 13% stake in Meta, has climbed four spots this year in the Bloomberg Billionaires Index, and he now trails only Elon Musk, whose net worth remains nearly $50 billion higher.

West Ham owner slashes price of London mansion

📍 Top line: David Sullivan, the chairman and largest shareholder of West Ham United Football Club, has significantly reduced the asking price of his London mansion by £10 million, bringing it down to £65 million. The 21,000-square-foot, six-story Georgian property, located in Marylebone, was purchased by Sullivan in 2015 for £27 million. He then spent nearly £50 million on a major renovation, transforming it into one of London’s most striking historic homes.

The mansion boasts original period features, a grand staircase, two garages, a roof terrace, a wellness suite with a 42-foot pool, a full commercial kitchen, and numerous luxury details, including handpainted wallpapers, bespoke chandeliers, and marble bathrooms. The property also includes a separate mews house with five additional bedrooms.

Sullivan acknowledged that the London real estate market has cooled, particularly for ultra-luxury homes, with data from Knight Frank showing a significant drop in sales of properties above £30 million. While Sullivan admits to selling at a loss, he emphasised the need to be practical, stating that his decision to cut the price is influenced by high interest rates and potential changes to the UK’s tax policies, particularly regarding non-domiciled residents.

Elsewhere in the economy:

📉 The pound has dropped significantly following remarks from Bank of England Governor Andrew Bailey, who suggested that the central bank could take a "bit more aggressive" stance on cutting interest rates if inflation continues to ease. In an interview with The Guardian, Bailey noted that inflationary pressures from the cost of living had not been as persistent as feared but highlighted ongoing concerns about potential oil price shocks due to the Middle East crisis.

💷 People who may need to file a tax return for the first time are being reminded to register for self-assessment by October 5 to avoid penalties. This includes newly self-employed individuals, landlords, new business partners, those earning over £150,000, people affected by the high-income child benefit charge, and gig economy workers or individuals with "side hustles" using online platforms for income.

Texas sues TikTok for breaching privacy laws

📍Top line: Texas Attorney General Ken Paxton has filed a lawsuit against TikTok, accusing the social media platform of violating children's privacy by sharing their personal information without parental consent.

The lawsuit, submitted in a state court in Galveston County, seeks civil penalties of up to $10,000 for each violation of the state's Securing Children Online law. It claims TikTok has not provided adequate tools to protect children's privacy, even sharing data from accounts marked as "private" and allowing targeted advertising directed at minors.

TikTok has yet to issue a response regarding the lawsuit. This legal action adds to the growing scrutiny of major tech platforms regarding their handling of user privacy, especially for minors.

Elsewhere in business:

🍹 The owner of Pimm’s has called off the sale of the iconic British drinks brand after failing to reach an agreement with potential buyers. Pimm’s, a staple of British summertime events like Wimbledon and the Chelsea Flower Show, has struggled to expand beyond the UK, where it generates more than two-thirds of its sales. The brand has faced increasing competition from Italy's popular Aperol spritz, which has surged in demand globally. While Pimm’s was estimated to fetch between £40 million and £60 million, larger drinks companies may have been deterred by its reliance on the UK market.

🇬🇧 Britain has lost around half a million small businesses since the country’s withdrawal from the European Union and the start of the COVID-19 pandemic, according to official figures from the Department for Business and Trade. The total number of private sector businesses declined by 56,000 to 5.5 million in the year leading up to 2024, continuing a larger trend that has seen the business stock drop from a peak of six million in early 2020.

Global consulting firm L.E.K has opened applications for its 2025 Entry Level Associate position in London. The role offers exposure to multiple industry sectors and a wide variety of commercial challenges. Successful applicants will work with senior teams, undertaking research and financial analyses to inform business strategy decisions. Apply here.

Google unveils bold new search feature

📍 Top line: Google has unveiled a new feature that allows users to search the internet by taking a video, marking a significant step in its integration of artificial intelligence (AI) into everyday searches. The video search function enables users to point their camera at something, ask a question, and receive search results in response.

Android and iPhone users worldwide will be able to access Google's new video search feature by enabling the "AI Overviews" option in their Google app. The feature will only support English at launch.

This update is part of Google’s broader effort to revolutionise online search through AI, following a wave of AI-based enhancements, including the ability to ask questions about still images via Google Lens.

In addition to video search, Google has made other updates, including improved shopping results with reviews and pricing and a new music-identifying tool for Android devices, set to compete with Apple's Shazam.

Elsewhere in tech

🕶️ Two Harvard students have developed smart glasses with facial recognition technology that can reveal strangers' personal details within seconds. In a demonstration carried out in public, one of the students, using the glasses, identified a woman at a Boston train station, learning her name, address, and relatives. The creators used readily available tools, combining live video feeds from the glasses with AI, to match faces and dig up information from voter databases and news articles. 

🚗 Tesla has announced it will recall over 27,000 Cybertrucks in the United States due to delayed rear-view camera images, which could impair driver visibility and heighten crash risks. This marks the fifth recall of the 2024 Cybertruck models since January. Tesla plans to resolve the issue with a software update.

🤝 The UK has agreed to transfer sovereignty of the Chagos Islands to Mauritius, resolving a long-standing dispute over the Indian Ocean territory. The agreement includes Diego Garcia, a key military base operated by the UK and the US, which will remain under their control for at least the next 99 years to maintain regional stability and security.

🔭 The Northern Lights could dazzle the UK skies over the next few nights, thanks to solar flares from the sun. These vibrant displays, known as the aurora borealis, occur when solar storms interact with Earth's atmosphere. If conditions align, the UK might get another breathtaking light show, similar to the one seen in May.

👨‍⚖️ A new bill proposing the legalisation of assisted dying for terminally ill adults is set to be introduced in Parliament this month. This marks the first serious push for such legislation since MPs last rejected a similar proposal in 2015. Prime Minister Sir Keir Starmer has committed to giving Labour MPs a free vote on the matter, meaning they will not be bound by party lines when the bill comes to debate.