How Elon Musk Became World’s Richest Person $190 Bn

World

A 49 year, African-born entrepreneur, Elon Musk just became the richest person on this planet. His net worth topped ($185bn) or (£136bn), this Thursday. Well, if you don’t know who he really is, he is well known for TESLA (electric cars company) and SPACE X (space transportation company).

Companies Owned By Elon Musk

Most hyped companies around the globe owned by Elon Musk includes

  • SpaceX (including Starlink) 
  • Tesla (including SolarCity) 
  • The Boring Company 
  • OpenAI 
  • Neuralink 

Elon Musk Surpassed Jeff Bezos

This Thursday, Elon Musk surpassed Jeff Bezos (Founder and CEO of Amazon) when Tesla’s market share price has increased suddenly. Tesla hit a market of 700 billion dollars this wednesday for the first time. Moreover, the electric car company worth has increased way more than Toyota, Volkswagen, Hyundai, GM, and Ford combined.

Reaction of Mr. Musk on His Wealth

Thursday night, when Tesla Owners of Silicon Valley posted about Elon Musk that he became the richest person of the entire world. Mr. Musk’s reaction was quite strange. Because he simply said,

“How strange? Well, Back to Work”

Elon Replied

What helped Mr.Musk to overtake Jeff Bezos?

Past

Back in February 2020, Elon Musk surpassed Bill Gates and became the second-richest person in the world. Before Feb 2020, Musk’s net worth was over $100 billion, but after the rise in stock pricing of Tesla, his net worth went to nearly $128 billion, according to NPR.  

Some people even don’t know the fact that Musk was one of the founders of PayPal. In fact, he started his career in California in the 1990s with the entrance into the tech industry. What made him grew so fast from PayPal is that eBay purchased PayPal in 2002 and Musk founded his space exploration company the same year.

Present

Meanwhile, he also founded his new companies and extended his business to far-flung boundaries. Now a 4.8% rally in Tesla stock market price boosted Elon’s wealth to 190 billion U.S. dollars. That’s a really great change in the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

Before Elon, Amazon.com Inc. Founder and Ceo Jeff Bezos maintained the top spot in BBI since Oct 2017. But Thursday morning at 10:15, an entirely new name on the top list came up. Although Musk’s tech companies and industries have different interests from Jeff’s companies. But African-born engineer proved to be a rival of Bezos in the private space race. Because Jeff is the owner of Blue Origin LLC.

2020 proved to be an extraordinary month for Elon. He had created history in possibly achieving the fastest bout of wealth creation in so little time. His net worth pushed to 150 billion dollars in this time. It was all Tesla’s share price which surged to 743% back year. This all gave him consistent profits.

Tesla’s stock price had suddenly hit the sky and created a valuation of hundreds of years apart from other automaking companies. It was because Tesla had literally produced 500,000 cars in 2020. Also, the company gained the advantage when Democrats handed control of Congress to that party which is totally in favour of robot cars or automotive vehicles like Tesla.

If you are wondering Mr. Bezos’s companies crashed down from top rank because of the pandemic, that’s not the case. Last year, Amazon benefited from stronger demand than ever before, from both the online store service and cloud computing services.

One important thing here which helped Elon Musk to overtake Jeff was, Jeff and his ex-wife MacKenzie Scott’s separation. Jeff gave a 4% stake in his business to Miss Scott. Also, there was a threat of regulation for Amazon’s stocks didn’t let them rise too high, which could otherwise have done.

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