Elon Musk has surpassed Jeff Bezos as the richest man in the world. The new ranking comes after the spectacular increase in the value of Tesla’s electric motor. The two big rivals in the tech industry have been into a tough competition over the past years. Benzos, Musk, and Messrs, established giant companies that have disagreed over Amazon’s dominance in the book publishing market. In the previous year, Amazon acquired a self-driving car company that offered stiff competition to Tesla.
Mr Musk’s current net worth is approximately $196 billion compared to last year, a time like this when it was roughly $40 billion. According to the Bloomberg Billionaires, he has managed to overtake Mr Bezo’s wealth by approximately $20 billion. Shares at Tesla rose by 8%, making Musk ranked the wealthiest person globally, a spot Mr Bezos has held for over three years.
It’s not easy to establish the net worth of the richest man in the world since most of their companies are private. Forbes, a company that tracks all the properties owned by billionaires, established that Mr Bezos was many billion dollars ahead of Mr Musk. The CEOS had reaped big during the pandemic as their company shares increased substantially to at the time when the deadly disease hit the world economy. Amazon has expanded its stock by 60% as people moved to e-commerce, and companies sort its cloud computing services. The government imposed a total lockdown to cut off all movements. Therefore, people were unable to go shopping, hence shifting to online shopping platforms like Amazon.
Mr Musk’s wealth comes about due to Tesla, whose value in the market increased by over 800 over the last years as entrepreneurs flocked into electric-car makers.
Currently, the company is the most expensive automaker in the world and has managed to overtake Facebook by value, making it the fifth-biggest carmaker in the U.S. By the end of 2020, Musk owned approximately 20% of Tesla, according to a securities filing.
Musk is the CEO of an individually owned rocket space firm. The company merged with NASA the previous year to recommence human space flight from the U.S. For many years, America has depended on foreign rockets. Born in South Africa, the 49 years old investor doesn’t receive a salary from Tesla but instead, get stock rewards when the company achieves some milestones related to its products. For the last three years, he became eligible for a stock option of over $23 billion, according to information from public governance.
Musk announced last year that he had shifted to Texas- a state where people don’t pay capital gains or state income tax. SpaceX and Tesla have operations in Texas, although they also have some offices in California. The company is located in Silicon Valley and distributed almost half a million globally during the previous year.
Elon Musk’s positivity and sympathy for grandiose claims that have at one time challenged his integrity may have played a more significant role in making him the second richest person in the world.