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31 CEOs have more net worth than cash in treasury

31 CEOs have more net worth than cash in treasury

(CNN) — Cash levels in US Treasuries are falling dangerously low as Washington waits until the last minute to raise the debt ceiling.

As it ended on 25th May, Only $38.8 billion was in cash in the treasury, according to the latest federal data. This figure is down from US$200,000 million at the beginning of the month is close to the minimum level 30 billion US dollars.

For context, the 31 billionaires each have a net worth of more than $38.8 billion in federal money. According to the Bloomberg Billionaires Index.

Some of them, like fashion mogul Bernard Arnold, own several. Arnold, the chairman of luxury goods maker LVMH, has a net worth of $193 billion. Tesla billionaire Elon Musk has a net worth of $185 billion and Amazon founder Jeff Bezos has a net worth of $144 billion.

The list of 31 billionaires worth more than Uncle Sam’s total cash includes household names like Michael Dell, legendary investor Warren Buffett and Facebook co-founder Mark Zuckerberg, as well as low-end billionaires like French billionaire Francois Pinault and Chanel boss Alain Wertheimer.

US President Joe Biden and House Speaker Kevin McCarthy have reached a bipartisan deal to suspend the debt ceiling until January 1, 2025.

If Congress does not raise the debt ceiling by June 5, Treasury Secretary Janet Yellen has warned that the government will not have enough funds to pay all of the nation’s obligations in full and on time.