Ah yes…we recall those days when everyone asked us “who needs another media site” as many will certainly ask of Mogulite. The difference, of course is that our friends at Mogulite can’t answer it, and we could! Kidding. Just like Mediaite, Mogulite will focus on personalities and in their case, the titans of industry and very powerful people who don’t always welcome attention the way our friends in media do.

So what to make of Mogulite? Well let’s let our newest cohort Amy Tennery explain its raison d’etre

Facebook may have been down yesterday, but its cofounder Mark Zuckerberg is up. The 26-year-old social-media whiz kid has been listed in the Forbes 400 as the 35th richest person in America, shooting past older media barons like Newscorp’s Rupert Murdoch, who is ranked 38th, and Apple’s Steve Jobs, who is ranked 42nd. Software kingpin Bill Gates of Microsoft still reigns on top of the Forbes list of rich people.

Viacom head Sumner Redstone is furious with claims that his new pet project, a Pussycat Dolls-esque pop band/reality TV package called the Electric Barbarellas, is terrible. After Daily Beast senior correspondent Peter Lauria wrote a report that Redstone is trying to “force” MTV to promote the band in a new reality show, Redstone left an ominous voicemail on the writer’s office phone asking for the identity of the source that leaked him the story.

In our weekly recap of movement in the Power Grid, we run down all of the big shifts and their current event causes. This week, we weigh White House Correspondent Jake Tapper‘s facial hair, Sumner Redstone‘s financial woes and People magazine’s huge photo exclusive to see how they affected our leader board.

Early headlines from the event have focused on the rise of social media (have you heard of Twitter?) as well as paid content. In other words, if you can’t make money off of Twitter or Facebook, how much should one pay for it? We’ll leave that question to the bigwigs in Idaho — we know what everyone’s really concerned with: where everyone ranks on the Power Grid.