Elon Musk surpasses Jeff Bezos to become world’s richest person

Elon Musk surpasses Jeff Bezos to become world’s richest person

Jeff Bezos has been dethroned as the world's richest person.

Musk surpassed Jeff Bezos, whose wealth is largely composed of his stock in the e-commerce giant Amazon, which he founded and where he remains chief executive. CNBC also pointed out that this "is a dramatic financial turnaround for the famed entrepreneur who just 18 months ago was in the headlines for Tesla's rapid cash burn and his personal leverage against the company's stock".

The title of world's richest caps an extraordinary run for Musk and Tesla, especially during a pandemic that has ground the world's economy to a halt, with record lines outside food banks and elevated unemployment. Musk's monumental wealth increase is thanks largely to an "unprecedented rally" in Tesla's share price, which saw his net worth soar "by more than $146bn".

A 2.8 per cent rally in the electric carmaker's share price on Wednesday boosted Mr Musk to within US$3 billion of Amazon.com founder Jeff Bezos, who now occupies the top spot on the Bloomberg Billionaires Index, a ranking of the world's 500 wealthiest people.

The 49-year-old South Africa-born engineer's net worth was $188.5 billion at 10:15 a.m.in NY, $1.5 billion more than Bezos, who has held the top spot since October 2017.

With Musk's net worth reaching $181.1 bln this month, it is only about $3 billion shy of the wealth of Jeff Bezos, CEO and founder of Amazon.

"How unusual", Musk tweeted in response to the news Thursday morning.

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The latest surge means the company is worth more than General Motors, Ford, Toyota, Honda, Fiat Chrysler and Volkswagen combined.

Musk, 49, has benefited from Tesla's stratospheric rise in more than one way.

"Wednesday's [and Thursday's] jump in Tesla's stock price further inflates a valuation light-years apart from other automakers on numerous metrics.", Bloomberg stated. He also owns a significant stake in the privately held rocket company SpaceX.

"According to an article by the Daily Mail, Elon Musk is now on track to actually land the spot of the richest man in the world after his net worth has increased to a whopping "$184.5 billion".

Daniel Ives, Wedbush Securities expressed: "A Blue Senate and a potential "distinct advantage" for Tesla and a more green-driven plan for the following not many years".

So just how much does Musk have?

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