Elon Musk Overtakes Amazon’s Jeff Bezos, Becomes The World’s Richest Person

  • by Johnnie Parks
  • in Money
  • — Jan 9, 2021
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Elon Musk overtook Jeff Bezos as the world's wealthiest person for the first time on Thursday, based on calculations using the Bloomberg Billionaires Index.

Musk's net wealth is now estimated to be $185 billion by CNBC.

His net worth is $188 billion dollars, about $1.5 billion more than Bezos.

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The achievement is based on an incredible run-up in Tesla's share price, the company gaining 7.94% in trading in a single day today, after rocketing almost 10x over the past year. Over the past year his net worth soared by more than US$150 billion in possibly the fastest bout of wealth creation in history.

On his way to the top spot, Musk has surpassed a bevy of billionaires this year, including Warren Buffet and Bill Gates.

Less than a week into the new year the rankings have already been upended by extraordinary rallies. He was briefly the second richest man in November past year. Larry Ellison's 2% stake in Tesla alone would be enough to place the Oracle Corp. founder among the world's 175 richest people (including his Oracle shares he's ranked 10th). Those options would be worth $12.3 billion at the shares' current value, after taking into account the exercise price. So Musk, who is a leading advocate of switching drivers around the world from gas and diesel to electric vehicles, is within reach of being worth more than one of America's largest oil companies.

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One driver of Musk's rapid rise is that stock in his electric vehicle company, Tesla, increased nine times in value over the past year.

Post the COVID-19 outbreak, even as the world faces its worst economic crisis since the 1930s Great Depression, crashing stock markets, plunging currencies, shelving companies, killing jobs, and so on, the ultra-rich continue to get richer.

Besides Tesla, the young entrepreneur also exhibits his interests in spacecraft as his company SpaceX sent four astronauts to the International Space Station last week.

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