Business Insider Worlds richest person Elon Musk to dedicate wealth

A boost to Tesla Inc.’s (Nasdaq: TSLA) share price Thursday morning made CEO Elon Musk the richest person in the world with a net worth of $188.5 billion, Bloomberg reported.

The rally pushed Musk $1.5 billion past Amazon.com Inc. (Nasdaq: AMZN) CEO Jeff Bezos, Bloomberg reported.

Musk has been bullish on Austin and Texas during the past year. Tesla is constructing a $1.1 billion plant east of Austin in Travis County, his tunneling startup — The Boring Company — recently grabbed space in Pflugerville north of Austin. Musk’s space exploration company, SpaceX, has rocket-testing sites in South Texas, and Musk recently moved to Texas himself, establishing his private foundation in Austin. On top of all that, the ABJ reported earlier this week that yet another Musk company — this one focused on embedding technology into humans — appears to be expanding into Austin.

The Bloomberg Billionaires Index, which is updated at the end of the trading day, shows that Bezos — the world’s richest man since 2017 — had $184 billion at the end of Wednesday, $3 billion more than Musk and more than $50 billion ahead of Microsoft founder Bill Gates, who Musk surpassed in November. Musk started last year with $27 billion.

By June, Musk was ranked at №20 with a net worth of $24 billion, according to the sports-betting platform OLBG. That means Musk’s net worth has increased by more than $160 billion since then.

Shares of Tesla have soared more than 750% in the last year and were trading around $800 per share on Thursday morning. Tesla’s market cap is more than $757 billion.

Tesla’s stock will likely continue to climb with Democrats in control of the U.S. Senate, Wedbush Securities analyst Dan Ives wrote in a research note on Jan. 7.

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“A Blue Senate is very bullish and a potential ‘game changer’ for Tesla and the overall EV sector, with a more green-driven agenda now certainly in the cards for the next few years,” Ives wrote. “We believe a doubling down on EV tax credits and further consumer incentives and government initiatives around the EV sector will be on the horizon which is a major positive for Tesla, GM, Rivian, Fisker and other auto players/EV supply chain (QS, etc.).”

Musk, known for his outspoken social media presence, commented on the news on Twitter on Thursday.

“How strange,” Musk said in response to a tweet about his new net worth from Tesla Owners of Silicon Valley. “Well, back to work.”

Elon Musk, founder of the high-end electric vehicle manufacturer Tesla, became the richest man in the world on Thursday thanks to the soaring of his firm’s shares on the stock market, according to calculations by the Bloomberg agency.

With the rise of Tesla shares on the stock market, and with the ownership of 18% of the company, the 49-year-old businessman who also runs SpaceX, thus surpasses Jeff Bezos, the founder of Amazon, who was since 2017 the man most rich in the world, according to the agency that has a ranking of billionaires.