Elon Musk overtakes Jeff Bezos to become world’s richest

Elon Musk overtakes Jeff Bezos to become the world's richest person

Serial entrepreneur Elon Musk overtakes Jeff Bezos to become the world’s richest person with a net worth of more than $185 billion. Jeff Bezos has held the title of the world’s richest man since 2017.

Elon Musk’s wild ride

Elon Musk has founded companies such as PayPal, Tesla, SpaceX and Neuralink, among others. Musk’s wealth has been created largely by the eight-fold growth of Tesla’s shares since the start of 2020. Shares of Tesla were also inducted into the S&P 500 last year, which resulted in a surge in the share price.

Just 18 months earlier, Elon Musk drew a lot of flak for burning through Tesla’s cash reserves. At the start of 2020, Musk had a net worth of just $27 billion. In a massive rise fueled by Tesla shares and his handsome pay package, Musk has added more than $150 billion this year to catapult him to the top of the rich list. This has been one of the fastest and most meteoric increase in wealth seen in living memory.

Along this journey, Musk has overtaken both Bill Gates and Warren Buffet, both mainstays of the world’s rich list.

Jeff Bezos’ Cruise

Amazon founder, Jeff Bezos has held the title of the world’s richest person since 2017. This is the first time the title has been wrested from him. In contrast to Tesla’s share price, the Amazon share price has been more subdued and has hovered within a range.

The potential for increased regulation by the US government has kept the Amazon share price in check.

Wealth surge for several others

With Elon Musk overtaking Jeff Bezos to become the world’s richest, he is not the only one to have contributed to rearranging the rich list. Late last week, Mukesh Ambani too was dethroned as Asia’s richest man by Zhong Shanshan. Some have taken advantage of the pandemic induced situation to increase their wealth, while some billionaires have fallen lost billions.

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