Elon Musk Becomes the Richest Person in the World Again

Elon Musk Becomes the Richest Person in the World Again

February 24, 2021 0 By Stephen Callahan

Tesla tycoon Elon Musk once again became the globe’s richest person defeating Jeff Bezos whose company witnessed the recent fall in shares. Amazon’s stock went down by 1.2% reducing the net worth of Bezos by $2 billion into $182.8 billion. Electric-vehicle maker shares (Tesla) also declined by 1.1% pushing down the net worth of Musk by $1.8 billion.

Musk is currently worth $182.9 billion, making him once more the richest person in the globe, as per Forbes’ estimates. The Tesla boss is currently only under $1 billion wealthier than Bezos who has taken the second position. The two tycoons spent most of their previous times competing for the globe’s wealthiest person title. Musk recently took the leading position from Bezos on Friday and Tuesday again.

The two billionaires are more than $30 billion richer as compared to the third richest person on the planet, Bernard Arnault (LVMH chairman) who is worth $149.4 billion according to Forbes estimates. Since March 2020, Musk’s net worth has increased at a great rate during the past year, increasing over $150 billion when he was valued at $24.6 billion. His fortune has also increased even though not that rapidly. Since last year March, Musk has risen from $113 billion.

Elon Musk’s new increase in Tesla price has seen him defeating Jeff Bezos who remained at the front line since 2017. In the last year, Musk’s surge in wealth marks the biggest rise to above the wealthiest person in history. It also marks a great financial turnaround for the famous entrepreneur.

CNBC calculations also positioned Elon Musk as the wealthiest world person at $185 billion net worth. Jeff Bezos who had taken the second position is presently worth about $184 billion. Musk’s rise of wealth in the last year marks the quickest rise marking a new chapter in history.

The dramatic turnaround came only 18 months after Elon Musk hit headlines with personal leverage on the firm’s stock and Tesla’s rapid cash burn. At the beginning of 2020, Musk was worth approximately $27 billion and then one of the 50 richest people in the world.

The rocketing Tesla’s share price has increased more than nine times during the previous year. His generous pay package has added over $150 billion to his total assets. The share price of Amazon has stayed more subdued because of the potential increased Washington regulation.

In July 2020, Elon Musk passed Warren Buffett to become the 7th richest person in the globe. He raced past Bill Gates to take the second position. Over the last twelve months, Musk has gained $132 billion which is more than the entire Bill Gates net worth. On Thursday, Tesla’s shares closed at $816.04, up almost 8%. The organization’s market value has increased to over $760 billion.

On Bloomberg Billionaires Index, Elon Musk had also taken the first position. 2021 is speculated to witness more changes with the New Year delivering when it comes to the order of global wealth. But how did this happen so rapidly? Since Tesla witnessed the reduced stock market in March 2020, the company shares have soared by 1,030% reaching $816 per share. Elon Musk owns 241 of the shares. That has put the accumulation of his wealth into overdrive within a brief timeframe.