Elon Musk close to surpassing Jeff Bezos as world’s richest person

A 4.9% rally in Tesla share price has boosted Elon Musk to within $3 billion of Amazon.com Inc. founder Jeff Bezos, who currently occupies the top spot on the Bloomberg Billionaires IndexDespite his astronomical gains, Elon Musk has said he has little interest in material things.
By : Bloomberg
| Updated on: 07 Jan 2021, 10:05 AM
While Elon Musk (L) is one of the richest men in the world, Jeff Bezoz tops the list.
While Elon Musk (L) is one of the richest men in the world, Jeff Bezoz tops the list.
While Elon Musk (L) is one of the richest men in the world, Jeff Bezoz tops the list.
While Elon Musk (L) is one of the richest men in the world, Jeff Bezoz tops the list.

Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, kicked off the new year by homing in on a characteristically audacious title: the richest person on the planet.

(Also read: Tesla targets Facebook, value of shares in striking distance)

A 4.9% rally in the electric carmaker’s share price Wednesday boosted Musk to within $3 billion of Amazon.com Inc. founder Jeff Bezos, who currently occupies the top spot on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

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The South Africa-born engineer’s net worth was $184.5 billion at 1:28 p.m. in New York, just shy of Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race.

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(Also read | Tesla poised for global expansion after just missing 2020 target)

The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $146 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike.

Wednesday’s jump in Tesla’s stock price further inflates a valuation light-years apart from other automakers on numerous metrics. Tesla produced just over half-a-million cars last year, a fraction of the output of Ford Motor Co. and General Motors Co. The company is poised for further near-term gains as Democrats appear on the verge of capturing both Georgia Senate seats and handing control of Congress to the party that’s advocated for quicker adoption of electric vehicles.

Stock Options

Musk, 49, has benefited from Tesla’s stratospheric rise in more than one way. In addition to his 20% stake in the automaker, he’s sitting on $41.1 billion of unrealized paper gains on vested stock options. Those securities come from two grants he received in 2012 and 2018, the latter of which was the largest pay deal ever struck between a CEO and a corporate board.

Despite his astronomical gains, Musk has said he has little interest in material things and has few assets outside his stakes in Tesla and SpaceX. He told Axel Springer in an interview last month that the main purpose of his wealth is to accelerate humanity’s evolution into a spacefaring civilization.

“I want to be able to contribute as much as possible to the city on Mars," Musk said. “That means just a lot of capital."

The world’s 500 richest people added a record $1.8 trillion to their combined net worth last year, equivalent to a 31% increase. The gains were disproportionately at the top, where five individuals hold fortunes in excess of $100 billion and another 20 are worth at least $50 billion.

Only six days into the new year the rankings have already been upended by extraordinary rallies. On Tuesday, China’s Zhong Shanshan vaulted past Warren Buffett to claim the sixth slot after shares of his bottled-water company surged, adding $13.5 billion to his fortune.

First Published Date: 07 Jan 2021, 10:04 AM IST
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