The businessman behind Tesla and SpaceX, Elon Musk, is now the richest man on the planet and surpassed his opponent.
The rise of 4.8% in the electric car maker’s share price propelled Elon Musk surpassed his opponent Amazon founder Jeff Bezos on the Billionaires Index, ranking the 500 richest people in the world.
The net worth of the engineer born in South Africa was $ 188.5 billion in New York. That was $ 1.5 billion, and it was more than Bezos. Elon Musk, as the CEO of Space Exploration Technologies Corp., or SpaceX, also had a rival with Jeff Bezos, who is the owner of Blue Origin LLC, in the private space race. After getting success of Elon Musk project, he surpassed his opponent Jeff Bezos has stood first as the richest person in the world.
The milestone of Musk concludes an extraordinary 12 months mark. His net worth raised to more than $ 150 billion during the past year. That was possibly the fastest enrichment in history. An unprecedented rally in Tesla’s share price rose 743% last year on steady earnings. That included the S&P 500 Index, and enthusiasm from Wall Street investors and retailers fueled its rise.
The jump in the share price of Tesla further inflates a light-year valuation on numerous metrics of other automakers. Tesla produced almost more than half a million cars last year. That was a fraction of the production of Ford and General Motors. The company assured more benefits in the near term because Democrats won both the Georgia Senate seats. Thus handed control of Congress to the party that advocates faster adoption of electric vehicles.
Elon Musk, How Surpassed His Opponent
Elon Musk has benefited from the stratospheric rise of Tesla in more ways than one. He is sitting on some $ 42 billion of unrealized paper earnings stock options besides his 20% stake in the automaker. Those values come from two grants he received in 2012 and 2018, the latter of which was the largest salary agreement ever reached between a CEO and a company’s board of directors.
Elon Musk has said that he had little interest in material things and has few assets outside of his stakes in Tesla and SpaceX despite his astronomical earnings. He told in an interview that the primary purpose of his wealth is to accelerate humanity’s evolution toward a space civilization.
Musk said that he wanted to contribute as much as possible to the city of mars, which means he is doing with a lot of capital.
The 500 richest people in the world added a record $ 1.8 trillion to their combined net worth in 2020. That was equivalent to a 31% increase in a year when millions of people fell below the poverty line. The earnings were disproportionately high when compared to those of five individuals who had fortunes of more than $ 100 billion and the worth of another 20 at least $ 50 billion.
Less than a week after the new year, they already revised the rankings for great rallies. Chinese Zhong Shanshan has overtaken Warren Buffett to claim sixth place after shares in his bottled water company soared, adding $ 15.2 billion to his fortune.