Elon Musk overtakes Jeff Bezos as the richest person in the world

Elon Musk Overtakes Jeff Bezos As The Richest Person In The World

Elon Musk has just overtaken Jeff Bezos as the richest person in the world. Musk’s net worth of more than $185 billion is more than Bezos’ current worth of around $184 billion. The Amazon boss has been the richest person in the world since 2017 but now has some catching up to do.

Elon Musk soars to the top of the rich list

It was Thursday’s increase in Tesla’s share price that allowed Musk to overtake Bezos. On top of this, the surge in Musk’s wealth over the past year is deemed the fastest rise to the top of the rich list ever.

This fact marks a dramatic financial turnaround for the entrepreneur. It was just 18 months ago that Musk was in the headlines for Tesla’s rapid cash burn. At that time, he had to use his personal leverage against his company’s stock.

2020 wasn’t bad for rich people

2020 saw Musk with a worth of around $27 billion and he barely featured on the top 50 list of richest people. With Tesla’s zooming share price, which increased more than ninefold over the year, plus his generous pay package, he has added more than $150 billion to his net worth.

Many might believe that Jeff Bezos and Amazon are truly coining it during the COVID-19 pandemic, with so many people ordering online. However, the company’s share price is more subdued, over the potential for increased regulation from Washington.

Elon Musk rockets upwards

During July, Elon Musk overtook Warren Buffett to hold the title of the seventh-richest person. November saw him vroom past Bill Gates to become the second-richest. In fact, amazingly, Elon has gained more wealth during the past 12 months, than Gates’ entire net worth of $132 billion.

As noted by CNBC, on Wednesday this week, the Bloomberg Billionaires Index listed Musk as within $3 billion of Bezos’ net worth. At market close on Thursday, the Forbes Real-Time Billionaire’s List pegged Musk at around $7 billion behind the Amazon boss. Forbes reported Bezos’ net worth as $184.6 billion, with Musk at a mere $177.2 billion. However, Forbes may have left out the value of Musk’s options, which he got as part of his pay package, to buy more than 33 million shares in Tesla.

About the Tesla boss

Elon Musk was born in Pretoria, South Africa on June 28, 1971. He is an early investor, CEO and product architect of Tesla, Inc and the founder, CEO, CTO and chief designer of Space X. Musk is also the founder of The Boring Company, co-founder of Neuralink and co-founder and initial co-chairman of OpenAI.

Let’s face it, for the average person, it is almost impossible to imagine holding such wealth. So many people have lost so much during the COVID-9 pandemic, including jobs, family members, friends and more. However, we always have Stephen Colbert of the Late Show to keep us smiling regardless. On a lighter note, enjoy his quips about Bezos and Musk in the video included here.


Anne Sewell

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