Elon Musk is The World’s Richest Man

Elon Musk is The World’s Richest Man

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

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Elon Musk, the outspoken entrepreneur behind Tesla Inc and SpaceX, just became the richest person on the planet.

A 4.8% rally in the electric carmaker’s share price on Thursday boosted Musk past Amazon.com Inc founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

The South Africa-born engineer’s net worth was $188.5 billion at 10:15 am in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp, or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race.

The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike.

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

Musk, however, 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 Gates’ entire net worth of $132 billion.

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

A little bit of controversy trailed the Thursday declaring of Musk richest human alive. He was No. 1 on Bloomberg Billionaires Index. The list had him within $3 billion of Bezos’ net worth on Wednesday. However, 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.

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