With a net worth of more than $185 billion, Elon Musk just became the richest person in the world. On Thursday, Tesla’s shares closed at $816.04, up nearly 8%, increasing the company’s value to more than $760 billion. Meanwhile, Amazon’s stock was down slightly for the year.
An increase in Tesla’s share price on Thursday pushed Musk ahead of Bezos to be the richest man. Jeff Bezos was known to be the richest man since 2017 with a net worth of about $184 billion.
What made him the fastest one to rise in history?
Musk’s wealth surge over the past year and his dramatic financial turnaround for the famed entrepreneur made him the richest man. An astounding fact was noted in the past 18 months when Tesla had rapid cash burn and Musk’s leverage was against the company’s stock.
Musk started 2020 worth about $27 billion and was hardly in the top 50 richest people. What made him push Jeff Bezos was a ninefold increase (over the past year) in Tesla’s rocketing share price. Not only this but also his plentiful pay package added more than $150 billion to his net worth. Meanwhile, Amazon’s share price remained subdued due to the potential for increased regulation.
To become the seventh-richest person, Elon Musk passed Warren Buffett in July. Whereas, Musk overtook Bill Gates in November in order to become the second-richest person. Over the past 12 months, he gained more wealth.
What’s brewing with Tesla in 2021?
Tesla’s existing models have earned acclaim and admiration from people. Model S manufactured by Tesla is credited as the first EV to achieve a 400-mile electric range. The Plaid Variant is expected to hit the market in 2021. The Cybertruck is supposed to be out and in the run by the end of 2021. It boasts an incredible electrified-pickup design.