(Elon Musk) Elon Musk became the richest person on the planet, surpassing the CEO of Amazon,Jeff BezosJeff Bezos, thanks to the steady rise in Tesla’s stock price.
Electric car maker Tesla has a market value of more than $ 800 billion, for the first time in its history, and is slowly approaching the trillion dollar club.
And according to For the Bloomberg Richie Index, Musk’s fortune now stands at about $ 209 billion versus $ 186 billion for Bezos.
And theThe personal wealth advantage of Elon Musk over Jeff Bezos is the latest development in the years-long competition between the tech poles.
Bezos was reportedly so jealous of Musk’s success in securing a $ 1.3 billion stimulus package for Tesla’s Gigafactory plant in Nevada that it marked the start of Amazon’s search for a place to build its second headquarters.
Bezos has a spaceflight company Blue Origin as Musk does with SpaceX, and the two men exchanged harsh criticism about their rockets, and even fought over lucrative NASA contracts, andSpaceX won that battle, and it is the only one of the two companies to successfully reach orbit.
Elon Musk overtook Bill Gates in November to become the second richest person in the world. Tesla’s CEO saw his personal fortune skyrocket in 2020, to more than $ 150 billion, in large part because Musk owns so much of Tesla’s shares, about 21 percent of the company.
Tesla’s stock has grown incredibly well over the past year, as Musk helped the company overcome troubles and dramatically increase electric vehicle sales, thanks to the Model 3 and Model Y.
This coincided with the staggering rise of retail investors who were more willing to invest in Tesla compared to many on Wall Street.
The billionaire executive’s fortune continues to grow, especially after signing a large 10-year compensation package with the company in 2018, which tied his earnings to Tesla’s share price and revenue targets.
Like most Silicon Valley billionaires, Musk has seen his total net worth increase during the coronavirus pandemic.
Musk has a long history of using his personal fortune to fund new endeavors, financing Tesla and SpaceX after he became a millionaire due to Zip2 and PayPal.
Musk may now be the richest person on Earth by the standards of a media focused on counting well-known assets, such as Bloomberg, however, Authoritarian leaders are wealthy in hard-to-calculate ways and have unchallenged access to the vast wealth of their nations.