Elon Musk Leaves Behind Amazon's Bezos To Become World's Richest Person

Elon Musk Becomes World’s Richest Person

Creating history, Tesla and SpaceX CEO Elon Musk, who had once decided to sell off Tesla owing to poor results, became the richest person on the planet, going past Amazon Founder Jeff Bezos on Bloomberg Billionaires Index, a ranking of the world`s 500 wealthiest people.

Musk’s Net Worth

A 4.8 per cent rally in Tesla’s share price on Thursday (January 7) took Musk past Bezos, with a net worth of $188.5 billion, 1.5 billion more than Bezos, who has held the top spot since October 2017.
Musk’s net worth increased by more than $150 billion this year and Tesla’s share price surged a massive 743 per cent last year.

Musk’s personal wealth has been boosted by last year’s more than eight-fold surge in the shares of Tesla, which became the world’s most valuable carmaker.

He told Axel Springer in an interview last month that the key purpose of his wealth is to "accelerate humanity`s evolution into a spacefaring civilization.

Including Thursday’s gains in Tesla shares, Musk, 49, had a net worth of more than $188.5 billion, $1.5 billion more than Bezos, the report said.

Combined Income of 500 Richest Persons

The world`s 500 richest people added a record $1.8 trillion to their combined net worth last year, according to Bloomberg Billionaires Index.

Delivered Vehicles In 2020

Tesla delivered 499,550 vehicles in 2020, slightly missing its most recent guidance of 5,00,000 vehicles.
In the fourth quarter, Tesla delivered 1,61,650 Model 3 and Model Y cars and produced 1,63,660 such vehicles.
The automaker also delivered 18,920 Model S and X vehicles and produced 16,097 of them.

“In 2020, we produced and delivered half a million vehicles, in line with our most recent guidance.
In addition, Model Y production in Shanghai has begun, with deliveries expected to begin shortly,” the company said in a statement last week.

Achieved the Feat Despite

The company achieved the feat despite closing its new factory in China as well as its vehicle plant in Fremont, California for several weeks as the new coronavirus spread.

Musk’s Tweet

Musk also tweeted: “So proud of the Tesla team for achieving this major milestone! At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all”.
Tesla delivered 88,400 vehicles in Q1, and 90,650 vehicles in Q2.

Deliveries in October

In October, Tesla said it delivered 1,39,300 vehicles during the third quarter, slightly better than the 1,37,000 Wall Street had expected.

For the year, Tesla delivered 4,42,511 Model 3 and Model Y cars, while producing 4,54,932 of the vehicles. It delivered 57,039 Model S and Model X cars while producing 54,805 such vehicles.

Musk has proclaimed that he wants to increase Tesla`s vehicle sales volume from about 5,00,000 in 2020 to 20 million annually over the next decade.

In Forbes Billionaires List

The Forbes Billionaires List, however, said Musk still trails Amazon’s Bezos by $7.8 billion.

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.

Co-founder of PayPal

Musk, who co-founded and sold Internet payments company PayPal Holdings Inc, now leads some of the most futuristic companies in the world.

Heading SpaceX and Neural ink

Besides Tesla, he heads rocket company SpaceX and Neural ink, 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.

Mail to Employees

Late last month, Musk told Tesla employees in an email to go all out in order to achieve the 5-lakh vehicle delivery goal