Business

Elon Musk Tops Jeff Bezos as World’s Richest Person

Elon MuskElon MuskElon Musk just became the richest person in the world, with a net worth of more than $185 billion.

Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history — and is a dramatic financial turnaround for the famed entrepreneur who just 18 months ago was in the headlines for Tesla’s rapid cash burn and his personal leverage against the company’s stock.

Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people.

Tesla’s rocketing share price — which has increased more than ninefold over the past year — along with his generous pay package have added more than $150 billion to his net worth.

Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington.

Elon Musk passed Warren Buffett in July to become the seventh-richest person. In November, Musk raced past Bill Gates to become the second-richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.

Tesla’s shares closed Thursday at $816.04, up nearly 8%. The company’s market value has grown to more than $760 billion.

While the Bloomberg Billionaires Index had Musk within $3 billion of Bezos’ net worth on Wednesday, before Thursday’s trading, the Forbes Real Time Billionaires List had Musk about $7 billion behind Bezos after the market close Thursday. Forbes pegged Bezos’ net worth at $184.6 billion and Musk at $177.2 billion. Forbes, however, may not be including the value of Musk’s options, which he received as part of his pay package, to buy more than 33 million shares of Tesla.

society_admin

Share
Published by
society_admin

Recent Posts

PICTORIAL: Senate President Akpabio visits Wike in Abuja

PICTORIAL: Senate President Akpabio Visits Wike In Abuja By Hannah Johnson The Senate President, Godswill Akpabio,…

2 hours ago

‘It’s unconstitutional, reckless,’ Peter Obi condemns emergency rule in Rivers

Peter Obi By Olugbenga Ige The 2023 presidential candidate of the Labour Party, Peter Obi, has…

2 hours ago

Defence minister justifies emergency rule in Rivers, blames Fubara

Minister of State for Defence, Bello Matawalle The Minister of State for Defence, Bello Matawalle,…

2 hours ago

ICYMI: Meet Rivers administrator, ex-Naval chief Ibas

Admiral Ibokette Ibas By Adetutu Sobowale President Bola Tinubu has named Admiral Ibokette Ibas, an administrator…

2 hours ago

Astronauts stuck in space for nine months return to earth

Suni Williams(L) and Butch Wilmore enroute to the launch pad at Space Launch Complex 41…

2 hours ago

Ghana president’s X account hacked, promotes crypto scam

President John Mahama Agency Report Ghana’s President John Mahama’s verified X account was hacked for…

23 hours ago