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Tesla CEO Elon Musk Becomes World’s Richest Person, TSLA Stock Up 8%

UTC by Ibukun Ogundare · 3 min read
Tesla CEO Elon Musk Becomes World’s Richest Person, TSLA Stock Up 8%
Photo: Shutterstock

Elon Musk is the world’s richest person with $190 billion in wealth that is fueled by the constant increase in Tesla stock price.

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk had earlier become the second-richest person in the world. Now, Musk has taken the top position from Amazon.com Inc (NASDAQ: AMZN) CEO Jeff Bezos, who has been competing for the world’s richest person status with Microsoft Corporation (NASDAQ: MSFT) co-founder Bill Gates since 2017.

On the 7th of January, Elon Musk became the richest man in the world with a net worth of over $185 billion. However, the Bloomberg Billionaires Index currently shows that Musk’s net worth stands at $195 billion with a recent $13.6 billion addition. Reports revealed that Musk’s new position was triggered by a surge in the electric vehicle (EV) shares.

Currently, in the pre-market, Tesla is trading at around $845. The trading price is a 3.57% gain over its previous close of $816.04. And it’s also important to understand that the level of $816 was reached yesterday after having gained almost 8% in the trading session. Tesla has been performing excellently over the past year.

The company has recorded significant increases as it unveils new models. Tesla surged 747.68% in the last one year and jumped nearly 16% in its year-to-date record. Also, the automaker jumped 91.59% in the last three months and more than 30% over the past month. In the last five days, TSLA has pulled in an additional increase of 15.67%

In addition to Tesla’s recent achievement, the EV company reached a market capitalization of $700 billion for the first time ever on the 6th of January. Now, Tesla boasts a market cap of $716.59 billion.

Notably, Elon Musk’s wealth growth is the fastest rise among the world’s richest people in history. At the beginning of 2020, the CEO was worth about $27 billion and has surged significantly within 12 months. In January 2020, Musk was ranked the 35th richest person in the world according to the Bloomberg Billionaires Index.

On the other hand, Amazon has been facing challenges with increased regulatory scrutiny from Washington. At press time, in the pre-market, Amazon is trading at $3,180, which shows a 0.56% gain over its previous close of $3,162.16. Amazon CEO currently has a net worth of $185 billion, as Bloomberg noted, while Bill Gates’ net worth is $134 billion.

Elon Musk: from Second-Richest to World’s Richest Person

In November 2020, Coinspeaker reported that Elon Musk had surpassed Bill Gates to become the world’s second-richest person. Citing the Bloomberg Billionaires Index, the report revealed that Musk had gained more than $100 billion since the year began at the time of the report.

The co-founder of Microsoft was ranked the world’s richest person for years on the Bloomberg Billionaires Index. However. Jeff Bezos took over the top position in 2017, and now, Elon Musk has remarkably attained the top with significant additions.

In reaction to the news on Musk’s latest achievement in becoming the world’s richest person, the CEO said in a tweet.

Shortly after, he added:

“Well, back to work …”

Business News, Market News, News, Personal Finance, Stocks
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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