Elon Musk overtakes Bezos to become world’s wealthiest person

Date:

Elon Musk, the outspoken and envelope-pushing chief executive of Tesla, overtook Amazon boss Jeff Bezos to become the world’s wealthiest person, US media reported Thursday.

Musk is a major shareholder of the electric car company and has benefited from Tesla’s surging share price over the last year. CNBC estimated Musk’s wealth at $185 billion.

The distinction is the latest superlative for the South African-born Musk, who leads the aerospace venture SpaceX in addition to Tesla, which has become a pacesetter for the car industry as conventional automakers try to catch up to Tesla’s lead in electric autos.

Tesla had a strong 2020 as it ramped up auto production, broke ground on new factories and reported a series of profitable quarters that enabled shares to rise more than 700 percent during the year as it was added to the prestigious S&P 500 index.

Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted.

Shares of Tesla surged 5.9 percent to $800.43 in late morning trading, lifting the company’s market capitalization above $750 billion.

(Visited 114 times, 1 visits today)

Share post:

Featured Video

click to play

Popular

More like this
Related

Well Wishes pour in for Martse as He Battles Burn Wounds

A number of music artists in the country are...

Student in Cooler for defiling a fellow classmate at Mayani Sec Sch in Dedza

Police in Dedza district are keeping in custody a...

Watch|| Nigerian Young Lady Tied & Gang Raped, 12 Used C0ndoms Found In Hotel Room

The Ebonyi State Police Command has found a 26-year-old...

Six Habits that Can Make You Look Younger Than Your Age

Many people desire to look younger than their age,...