Musk overtakes Bezos to become world's richest person

Photo: EPA Elon Musk

Robust market performance of the stocks of electric car maker Tesla paved the way for its chief and billionaire Elon Musk to surpass e-commerce chief and main shareholder Jeff Bezos to become the world’s richest man, Reuters reported. After this weeks stocks gains in Tesla, Musk had a net worth of more than $188,5bn, which tops by $1,5 billion Bezos.

2020 was extremely good for Musk’s personal wealth driven by Tesla’s eight-fold surge on the stock market. In the beginning of 2021 Tesla became the world’s most valuable carmaker. Musk controls a 20% stake in Tesla which is valued at some $42 billion. Still some calculations by Forbes leave Musk trailing by $7,8bn to Bezos as estimated by market capitalization.

Forbes has a more conservative estimate based on the Tesla stake that he has pledged as a collateral for personal loans. To take that into account, it applies a 25% discount to his shareholding, according to its report in November. Musk, who co-founded and sold Internet payments company PayPal Holdings Inc, now leads some of the most futuristic companies in the world.

Besides Tesla, he heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers. He set up the Boring Company to make affordable tunnels below busy city streets for an all-electric public transportation system to avoid the nasty traffic jams in US cities.

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