Musk moves closer to becoming the world’s richest person

Elon Musk is pretty close to becoming the world’s richest person. The entrepreneur behind Tesla Inc. and SpaceX started the new year by reaching nearer to the most coveted title on the earth. On Wednesday, a 2.8% rise in the Tesla share brought closer to Inc. founder Jeff Bezos. Musk is trailing by $3 billion. On the Bloomberg Billionaires Index, Bezos occupies the top spot. Bloomberg Index is a ranking of the world’s 500 wealthiest people. On Wednesday, his net worth was $181.1 billion. Bezos has occupied the top spot since October 2017. In the private space competition, Musk as CEO of SpaceX is a rival to Bezos, who is the holder of Blue Origin LLC, in the private space race.

In what can be called the fastest spell of wealth making in history, Musk’s net worth soared by more than $150 billion over the past year. His rise was closely associated with Tesla’s share price, which rose 743% last year. This was due to the continuous profits, inclusion in the S&P 500 Index and interest from Wall Street and retail investors alike. Nevertheless, it is to be noted that Tesla produced about half a million cars only last year. This is only a portion of the productivity of General Motors Co. and Ford Motors Co.

From Tesla’s amazing rise, Musk has benefited in many ways. He holds 20% stake in the Tesla. Apart from this, he has about $40 billion of unrealized paper gains on consigned stock options. He received those securities from two grants that he received in 2012 and 2018.

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