Elon Musk Is Now The Richest Person In The WorldGuardian Life

Saturday, 09 Jan, 2021

Elon Musk, CEO of SpaceX and Tesla, has surpassed the net worth of Amazon founder Jeff Bezos.

January 7's increase in Tesla's share price pushed Musk past Jeff Bezos, whose current net worth is about Dollars 184 billion.

So, what is the secret of his success?

Musk passed Warren Buffett in July to become the seventh-richest person, and Bill Gates in November to become the world's second-richest person.

Musk put these controversies behind him a year ago as Tesla significantly boosted output at vehicle factories in California and Shanghai and moved ahead to build new factories in Texas and Germany.

Tesla shares are off to a good start in 2021, rising more than $90 a share, or 13%, since the start of this year, including the gains early Thursday.

Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

However, Musk did not find it very interesting and was eager to get back to work, with a pending launch in SpaceX.

Tesla is expected to increase its near-term gains thanks to Democrats winning both the Georgia Senate seats, which pivoted control of Congress to the US political party more in favor of advocating for rapid adoption of electric vehicles.

The Forbes Billionaires List, however, said Musk still trails Amazon's Bezos by $7.8 billion.

It is likely that Musk will continue to add more wealth as Tesla shows impressive growth. Tesla stock still sits at record highs, now trading for over $800 per share.

Musk's wealth on paper reflects his roughly 20% stake in Tesla and 48% stake in SpaceX, as well as 57 million vested Tesla stock options, Bloomberg says. "Those securities come from two grants he received in 2012 and 2018, the latter of which was the largest pay deal ever struck between a CEO and a corporate board", adds the Bloomberg report. The company's market value has grown to United States dollars 737.6 billion.