Elon Musk surpasses Jeff Bezos to become the richest person on Earth

Thanks to the soaring price of Tesla shares

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Elon Musk has become the richest person on the planet, surpassing Amazon CEO Jeff Bezos, thanks to the continuous increase of Tesla’s stock price. According to the Bloomberg Billionaires Index.

“Strange,” Musk tweeted Thursday. “Well, back to work …” the two tech moguls, one who often focuses on the achievements of their respective businesses. Bezos has a spaceflight company on Blue Origin, just as Musk has with SpaceX. they launched spikes on their rockets and even fought over sacred NASA real estate. (SpaceX won that fight and is the only one of the two companies to reach orbit successfully. )

Musk just overtook Bill Gates in November to become the second richest person in the world. The Tesla CEO saw his personal net worth more than $ 150 billion in 2020, in large part because Musk owns a lot of Tesla stock – roughly 20 percent of the company. And Tesla’s stock also grew incredibly valuable last year as Musk pulled the company out of what was known as “production hell” and dramatically increased sales of its electric vehicles.

Thanks to the cheaper Model 3 Sedan and the Model Y SUV, this coincided with a staggering surge in private investors more willing to fully immerse themselves in Tesla’s story than many on Wall Street, particularly after signing an extensive 10-year compensation package with the company in 2018, which continued to tie its profits to Tesla’s share price and revenue targets.

Every time a new milestone is reached, he gets a number of stock options to beat the company; The first tranche, which he received earlier this year, was valued at around $ 800 million.

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Like most billionaires, Musk only saw his total fortune grow during the coronavirus pandemic. In contrast to this peer group, however, Musk claimed in court to be “low in cash”. and “financially illiquid” in 2019 and said last year that he would sell “almost all physical possessions”, including his mansions.

He takes out loans against the stocks that make him so rich and plows the money back into his businesses like dumping The Boring Company received roughly $ 100 million in 2018. Musk has a long history of using his own fortune to fund new ventures as he financed Tesla and SpaceX after becoming a millionaire with Zip2 and PayPal.

Musk may be the richest man in the world by the standards of money-oriented companies like Bloomberg and Forbes, though they tend to focus on calculating discernible assets.

However, authoritarian leaders like Vladimir Putin and Mohammed bin Salman are both extremely personally rich in some ways that are harder to calculate and also have undeniable access to the vast wealth of their nations.

Theverge / TechConflict.Com

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