Elon Musk has raced past several other billionaires this past year in what seems like a quest to become the world’s wealthiest person. This week, Musk accomplished just that by surpassing Jeff Bezos’s wealth and garnering a net worth of $185-plus billion.
The excitement happened on Thursday when the share prices of Tesla pushed Musk’s net worth past Bezos. Since 2017, the Amazon founder and CEO had been the richest person in the world with a net worth of around $184 billion. That was until Musk’s net worth pushed slightly past Bezos.
It’s been a dramatic year for Musk, who less than two years ago was struggling just to hold on to some cash. At the beginning of 2020, Musk was only worth around $27 billion, small change compared to his current fortune. The sum was barely enough to keep him on the top 50 list of wealthiest people.
But in July, Musk became the seventh-richest person in the world, surpassing Warren Buffet. In November, Musk sat just below Bezos in the second spot, ousting Bill Gates for the position. To further put things into perspective, Musk’s wealth in the past year has grown more than Gates’ net worth, totaling $132 billion.
His rise to the top over the past few months has been one for the record books. Tesla’s share prices have multiplied by more than nine times in the last year. Musk also has a generous compensation package, and together, both have increased Musk’s wealth by over $150 billion in the last 12 months.
On the other hand, Amazon may be seeing increased regulation from the Feds and its share price hasn’t seen the dramatic rises Tesla has.
By the close of trading on Thursday, Tesla shares were up by almost 8 percent and stood at $816.04. Its market value is placed at more than $760 billion. On Wednesday, the Bloomberg Billionaires Index ranked Musk within a $3 billion shadow of Bezos’. But, the Forbes Real Time Billionaires List showed Musk around $7 billion less than Bezos’s fortune of $184.6 billion on Thursday evening after trading. It’s likely that Forbes isn’t including Musk’s stock options, which are part of his compensation.