Elon Musk emerges as the richest person surpassing Jeff Bezos

Elon Musk emerges as the richest person surpassing Jeff Bezos


he Chief of Tesla Inc and billionaire entrepreneur Elon Musk transcends Amazon.com Inc's Chief Jeff Bezos emerging as the world's richest person as reported by Bloomberg news on Thursday. He dethroned the top company owner Jeff Bezos who acquired the spot since 2017. After the Thursday gains in Tesla shares, the net worth of Musk stands at $188.5 billion, giving an edge of $1.5 billion dollars over Jeff Bezos as described by Bloomberg's Billionaires Index. His electric car company Tesla has depicted some enormous surges in its market value reaching $70 billion dollars for the first time on Wednesday.

At 10:54 ET Tesla's shares were up 5.65% or 42.75 points at $798.73. The greatest change in the list of 500 world's wealthiest people by Bloomberg has been witnessed after a 4.8% rally in electric carmaker's was observed that surpassed Jeff Bezos from pedestal. The 49 year old South Africa born Elon Musk is an engineer with net worth mounting to $188.5 billion at 10:15 am in New York. He now overtook Jeff Bezos who has affirmed the top spot since October 2017. As Chief Executive Officer (CEO) Space Exploration Technologies Corp., or SpaceX, Musk has been a constant business rival of Bezos, owner of Blue Origin LLC, in the private space race.

Elon Musk retaliated in an amusing manner by tweeting, "How strange," on the announcement of his achievement. Musk recently replaced Bill Gates in November becoming the second richest person in the world and now in a matter of a month or two he acquired the top spot. In the course of last year his wealth grew by $150 billion dollars registering the fastest growth of wealth in history. His rise is a result of an unprecedented rally in Tesla's share price which rose 743% last year due to strong backing of profits, inclusion S&P 500 Index and enthusiasm from Wall Street and retail investors. The jump in Tesla's stock price is due to higher performance comparison from other automakers on numerous parameters.

Tesla produced over half a million cars in 2020, a fraction of the output of Ford Motors Co. and General Motors Co. The world's 500 richest people have added $1.8 trillion to their combined worth in 2020 leading to a rise of 31% increase.