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Jeff Bezos overtook Elon Musk to regain the title of the richest man in the world

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Elon Musk Surpasses Jeff Bezos to Become World’s Richest Person Description video: Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet.\n\nA 4.8% rally in the electric carmaker’s share price Thursday boosted […]

Elon Musk Surpasses Jeff Bezos to Become World’s Richest Person

Description video:
Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet.\n\nA 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.\n\nThe South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race.\n\nThe milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S\u0026P 500 Index and enthusiasm from Wall Street and retail investors alike.\n\nBezos would still hold a wide lead over Musk had it not been for his divorce, which saw him cede about a quarter of his Amazon stake to his ex-wife, MacKenzie Scott, and his philanthropy. He donated shares worth about $680 million in November.\n\nThe jump in Tesla’s stock price further inflates a valuation light-years apart from other automakers on numerous metrics. Tesla produced just over half-a-million cars last year, a fraction of the output of Ford Motor Co. and General Motors Co. The company is poised for further near-term gains as Democrats captured both Georgia Senate seats and handed control of Congress to the party that’s advocated for quicker adoption of electric vehicles.\n\nMusk, 49, has benefited from Tesla’s stratospheric rise in more than one way. In addition to his 20% stake in the automaker, he’s sitting on about $42 billion of unrealized paper gains on vested stock options. Those securities come from two grants he received in 2012 and 2018, the latter of which was the largest pay deal ever struck between a CEO and a corporate board.\n\nDespite his astronomical gains, Musk has said he has little interest in material things and has few assets outside his stakes in Tesla and SpaceX. He told Axel Springer in an interview last month that the main purpose of his wealth is to accelerate humanity’s evolution into a spacefaring civilization.\n\n“I want to be able to contribute as much as possible to the city on Mars,” Musk said. “That means just a lot of capital.”\n\nMusk tweeted “How strange,” after reports of his new status were published, then added “Well, back to work.”\n\nThe world’s 500 richest people added a record $1.8 trillion to their combined net worth last year, equivalent to a 31% increase. The gains were disproportionately at the top, where five individuals hold fortunes in excess of $100 billion and another 20 are worth at least $50 billion.\n\nLess than a week into the new year the rankings have already been upended by extraordinary rallies. China’s Zhong Shanshan has vaulted past Warren Buffett to claim the sixth slot after shares of his bottled-water company surged, adding $15.2 billion to his fortune.\n\nSubscribe to our YouTube channel: https://bit.ly/2TwO8Gm\n\nBloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.\n\nTo watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.\n\nHave a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30\n\nConnect with us on…\nYouTube: https://www.youtube.com/user/Bloomberg\nBreaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews\nTwitter: https://twitter.com/quicktake\nFacebook: https://www.facebook.com/quicktake\nInstagram: https://www.instagram.com/quicktake

Jeff Bezos overtook Elon Musk to regain the title of the richest man in the world

According to Forbes real-time data, Amazon CEO Jeff Bezos regained his title of richest man in the world after beating Tesla CEO Elon Musk.

Equity Ilona Mask fell $ 3.9 billion on Tuesday, when Tesla shares closed at $ 796.22 apiece, down more than 2.4%. 49-year-old entrepreneur surpassed Jeff Bezos in January and became the richest person in the world thanks to a sharp rise in Tesla stock prices, generous salaries and bonuses.

Musk returned the title of richest man to Bezos as quickly as he climbed the rankings. From 2017 until last month, Bezos was the wealthiest man in the world..

The personal wealth of the Amazon founder, which is mostly concentrated in stocks, has skyrocketed in recent years along with the company’s stock price. Bezos continues to explore new frontiers in increasing his own wealth. In August last year, he became the first person whose net worth exceeded $ 200 billion, and in 2018 he became the richest person in the world in recent history, when his personal fortune exceeded $ 150 billion..

Bezos is once again the richest man in the world, preparing to leave office later this year. Earlier this month, Bezos announced that he would hand over control to the boss of the cloud business. Amazon Andy Yassi. Bezos is expected to continue to follow the company he founded, but he will have more time to focus on other projects, including his rocket company Blue Origin and The Washington Post, as well as Bezos Earth charity projects. Fund and Amazon Day 1 Fund.

Jeff Bezos overtook Elon Musk to regain the title of the richest man in the world