Elon Musk is now the wealthiest person in the world, passing Jeff Bezos.
Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history — and marks 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 Tesla’s stock.
Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people.
Tesla’s rocketing share price — which has increased more than nine-fold over the past year — along with his generous pay package have added more than $150 billion to his net worth.
Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington.
Elon Musk passed Warren Buffett in July to become the seventh richest person. In November, Musk raced past Bill Gates to become the second richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.
Tesla’s shares were recently trading at about $790, up more than 4% in trading Thursday. The company’s market value has grown to $737.6 billion.
Elon Musk has become the wealthiest person on the planet, surpassing Amazon CEO Jeff Bezos, thanks to the continued rise in Tesla’s stock price. Musk is now worth around $188 billion, according to Bloomberg’s Billionaires Index. “How strange,” Musk tweeted Thursday. “Well, back to work.
For the first time in three years, there’s a new person sitting on the throne of the world’s richest man.
Tesla CEO Elon Musk beat out Amazon founder and space race rival Jeff Bezos for the crown on Thursday as his electric automaker continued its staggering stock rally.
Musk’s fortune grew to $188.7 billion with Tesla’s shares climbing as much as 5.5 percent to a peak of $801 in morning trading, according to The Post’s calculations. Musk owns 170.5 million shares of Tesla, or 18 percent of the company.
That put him slightly ahead of Bezos, whose net worth sits just shy of $187 billion with Amazon shares jumping as much as 1.6 percent to $3,189.58 apiece.
“How strange,” Musk tweeted in response to someone telling him that he was the new No. 1, adding: “Well, back to work…”
While the duo’s rivalry on the rich list is new, the men have been competing for years in space with Bezos at the head of space-exploration startup Blue Origin and Musk at the head of rocket-maker Space X.