Elon Musk Ranks Up; Ties w/ Bill Gates as World’s Second Richest

Tesla’s Elon Musk recently rose in the ranks of the world’s richest men when his wealth reached a networth value equaling that of second placer Bill Gates.

Musk’s net worth skyrocketed as his electric automaker’s shares reached the highest record, which according to Bloomberg Billionaires index boosted his net worth to $127.7 billion. Although the value surpassed that of Bill Gates for a short while, the Microsoft co-founder’s net worth also went on an upward trend. The final index saw the two billionaires tied as second placers for having the same net worth of $128 billion.

Amazon’s Jeff Bezos remains steadfast in his position as the world’s richest man, recording a net worth approximating $182 billion. After all, the COVID-19 pandemic, all the more boosted the performance of Amazon’s different e-commerce platforms.

Sources of Elon Musk’s Growing Fortune

While Musk mainly derives his riches directly from his 20% stock ownership of Tesla, he has other business interests outside ot his automated electric car company.

Elon Musk is the CEO of the space exploration firm called SpaceX which mainly deals with in the manufacture of aerospace space transport services,

He is also the chairman of Musk Foundation, an organization that provides assistance to researches in the development of technologies for use in medical pediatrics, in the rehabilitation of patients with critical impairments, in developing renewable energy, and in future goals of transporting humans in outer space. 

Despite the pandemic, the year 2020 brought positive results as Tesla’s stock zoomed up to 524%; resulting to a corresponding $100 billion increase in Musk’s wealth. When Tesla’s stock increased 6.6% last Monday and hit a record of $521.9 price per share, even Elon Musk was taken by surprise, as his only reaction to everything happening was a single-word tweet:“Wow!”