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Zhang, 43, is now worth more than $105 billion, according to the Bloomberg Billionaires Index. His rise comes after he weathered a prolonged regulatory battle over TikTok that at one point threatened to shut down the social media platform in the US.
The individual maintained that he had not deliberately attempted to evade tax. His case was that he had simply missed the ITR deadline while dealing with his relocation and new job in the US.
The US Federal Reserve's hike decision comes on the back of persistent inflation and a broader increase in global borrowing costs. Inflation has remained stubbornly elevated, while borrowing costs around the world have moved higher.
India's government has reduced export levies on petrol, diesel, and aviation fuel. The revised rates for these petroleum products took effect from September sixteenth. Export duty on petrol decreased by one rupee to zero point five rupees per litre. Diesel export levies were lowered by five rupees to twenty rupees per litre. These changes reflect a reversal of higher rates implemented earlier this month.
The Federal Reserve has set a new target range by increasing its benchmark interest rate, marking its first hike since 2023. President Donald Trump has called for a substantial reduction in interest rates, advocating for lower borrowing costs given the country's robust credit status. However, officials have stated that ongoing inflation remains a significant factor driving this adjustment.