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Elon Musk has become the world’s richest person, as his net worth crossed $185bn.
The Tesla and SpaceX entrepreneur was pushed into the top slot after Tesla’s share price increased on Thursday. He takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017. Mr. Musk’s electric car company Tesla has surged in value this year and hit a market value of $700bn for the first time on Wednesday. That makes the car company worth more than Toyota, Volkswagen, Hyundai, GM, and Ford combined.
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 outspoken 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 has increased more than ninefold over the past year and his generous pay package has added more than $150 billion to his net worth.
Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington. 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 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.
Despite his astronomical gains, Musk has said he has little interest in material things and has few assets outside his stakes in Tesla and SpaceX. He told Axel Springer in an interview last month that the main purpose of his wealth is to accelerate humanity’s evolution into a spacefaring civilization.
“I want to be able to contribute as much as possible to the city on Mars,” Musk said. “That means just a lot of capital.”
A statement that seemed outlandish one year ago became plausible, then almost inevitable as Tesla Inc.’s share price climbed higher and higher in 2020. We, Etpsonline as an upcoming e-commerce company have a lot to learn and get inspired by Mr.Elon Musk. The owner of a business that has only just made its first annual profit and is still a minnow compared to the likes of Toyota – or Amazon – is now the world’s richest person.
It is the fact that Tesla’s share price has increased more than seven-fold in the past year that has sent Elon Musk’s fortune rocketing past that of Jeff Bezos. To believe the electric car maker’s worth could rise so rapidly in just 12 months is the ultimate example of irrational exuberance. It means that Musk will have to show within the next five years that Tesla can make more profits than just about the whole of the rest of the motor industry combined to justify the valuation.