The wealth of the fifty-year-old entrepreneur surged after Thursday’s trading sessions in the United States where Elon Musk recorded daily gains of about $3.52 billion. With a crown of $196 billion, Elon Musk now sits on the throne of Bloomberg’s Billionaires Index. The visionary entrepreneur benefited from the rise of Tesla’s share price which increased by 2.2 percent on Thursday. The value of the world’s biggest electric vehicle manufacturer currently stands at $715 billion, with about 123 percent yearly growth.
Elon Musk has developed the most innovative companies in the world such as PayPal, SpaceX, and Tesla. He is known for his transformational leadership and big, sometimes outrageous, ideas. It, therefore, comes as no surprise that he has the world at his feet.
As of the beginning of 2020, the business magnate was not among the top 50 richest people in the world. Throughout 2020, his net worth increased by $150 billion, largely driven by his ownership of around 20% of Tesla stock. In November last year, Elon Musk passed Facebook co-founder Mark Zuckerberg to become the third-richest person in the world; a week later he passed Microsoft co-founder Bill Gates to become the second-richest.
In January 2021, with a net worth of $185 billion, Elon Musk became the world’s richest person for the first time, surpassing Amazon founder Jeff Bezos, who had been the richest man since 2017. Jeff Bezos however reclaimed the title as the world’s richest person the following month, after he overtook Elon Musk.
Apart from news that Tesla is making strong deliveries from its factory in China, Tesla’s shares surge may have been brought about by a generally bullish day for growth stocks. More than 50 percent of Tesla’s vehicle deliveries are expected to increase each year. China, where Tesla’s factory contributed to nearly 40 percent of the company’s installed manufacturing capacity in Q2, is critical to achieving this target.
As of February 2020, Elon Musk owns 20 percent of Tesla, and he is entitled to receive billions more from his payroll agreement based on Tesla stock, in other words, the world’s richest man is bound on getting richer.
Elon Musk has moved past, Amazon’s founder Jeff Bezos, who is now worth $194 billion and who, some days ago, tied on the title as the world’s richest person with Elon Musk.