Words are not enough to describe the successful run Elon Musk is having. Every other day, he is achieving a new milestone. Other companies are trying hard to survive in this pandemic era. For Elon, the last 12 months were like a money machine. His success is phenomenal in the last 12 months. He is riding high on the success of Tesla. As per the latest trends in the share market, Elon Musk is the richest person in the world.
Reasons Behind His Journey to the Wealthiest Person
The primary reason for the success of Musk is the exponential growth of Tesla’s share. He added around $155 billion in the last 12 months. The pandemic year proved to be a boon for Elon.
Tesla has brought a revolution in the electric car industry. Model 3 of Tesla is the most selling electric car in the world. Tesla has sold approximately 500000 units of Model 3 till now. Recent Indian entry will also boost Elon Model 3 sales further.
Another reason for Musk’s top rank is the devaluation of Bezos’ net worth. In recent months, Amazon shares are continuously devaluating.
But the net wealth of Musk is also very volatile. It is totally share based. He owns 20% shares of Tesla. Other than shares, he also has other profit-related agreements with Tesla.
SpaceX is also adding value to his net worth. He has a 48% SpaceX stake. SpaceX is another venture under the leadership of Elon Musk.
How He Became the Richest Person
When the new year started, Elon was not on the list of the top 50 richest people. Within 12 months, he added more wealth than the entire wealth of Bill Gates. He has added around $155 billion in his pre-2019 wealth. While the total wealth of Bill Gates is $132 billion.
Elon started the year 2020 with a total net worth of $27 billion. Jeff Bezos was the richest person from the year 2017. His total net worth stands at $184 billion.
Tesla’s share skyrocketed to $802. In the last 12 months, Tesla’s share saw a jump of 740%. On Thursday itself, Tesla’s share saw a jump of 4%.
Elon first dethroned Warren Buffet to become the 7th richest person in the world. Later he passed Bill Gates to secure 2nd richest person position. Now with his net worth of $185 Billion, he left Jeff Bezos’ wealth of $184 behind to take the first position.
“How Strange, Well… Back to work” was Elon’s humble reply when a user posted the richest person news on his Twitter account.
Elon Musk has dedicated his half money to solving earth problems and the remaining half for setting up a city over Mars.
As per the reports, Elon Musk’s net worth surge is the fastest in the financial world history.