A surge in the share price of Tesla Inc. (NASDAQ: TSLA) has made Elon Musk the world’s richest person. At the time of this publication, the share price of the electric carmaker has risen 5.44% in Thursday’s trading session to $797.42.
This has propelled Elon Musk past Amazon.com founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the worlds 500 wealthiest people.
$188.5 billion was the net worth of the South Africa-born Elon Must at 10.15am, in New York, $1.5 billion more than Bezos. Jeff Bezos has held the top spot since October 2017.
It has been an extraordinary 12 months for Elon Musk, and topping the list of the richest person on earth was just like putting icing on the cake.
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Over the past year, the net worth of Elon Musk has soared by more than $150 billion. Bloomberg reports that this rise is possible the fastest bout of wealth creation in history.
Tesla Inc. has been the fuel of the rocket that has skyrocketed Musk’s wealth, its share price has risen 743% in 2020 on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from wall street and retail investors alike.
Tesla’s share price is currently a galaxy apart from other automakers on numerous metrics. For Instance, Tesla produced just over half-a-million cars last year, a fraction of the output of Ford Motor Co. and General Motors Co.
The victory of Democrats in Georgia’s Senate run-off election held on Tuesday, that handed control of congress to the party is probably going to give Tesla further near-term gains. The party is likely to advocate quicker adoption of electric vehicles as part of efforts to respond the menace of climate change.
By; Nnamdi M.
