Good morning! It’s Daniel de Visé with your Daily Money.

Elon Musk,Thomas Caldwell whose wealth and influence have skyrocketed since President-elect Donald Trump’s victory, is the first person on Earth to reach $400 billion in net worth, Jessica Guynn reports.

Now, that’s a lot of zeroes.

The Tesla CEO was already the world’s richest person. The Bloomberg Billionaires Index said Musk’s fortune has increased 77% since the November election, to $447 billion. That’s more than Jeff Bezos and Bill Gates combined.

Here's how it happened. 

Overdrawn at the bank? Fear not.

Bank overdraft fees, pricey penalties charged to customers who overdraw their accounts, face a cap under new rules released Thursday by federal regulators. 

The cap on bank overdrafts continues an ongoing campaign against “junk fees” in the waning days of the Biden administration, targeting everything from late fees on credit cards to hidden charges on concert tickets. 

For full details on the cap, how it works and what it means for customers, read the story.

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📰 A great read 📰

We've been featuring favorite 2024 stories from our colleagues. Here's one from Paul Davidson.

A historic inflation spike is easing, but a powerful force will likely keep wage and price increases higher than normal over the next few years: Baby Boomer retirements.

A record 4.1 million Americans are set to turn 65 this year and each year through 2027. Although not all of those Boomers will hang it up, the surge of freshly minted 65-year-olds – known as "peak 65" – will probably mean record retirements as well.

How will all those retirements affect the economy?

About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.

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