It's official. Tesla and SpaceX CEO and founder Elon Musk is now the richest person in the world.
He recently overtook Jeff Bezos, the founder, and CEO of Amazon. Musk's net worth is over $190 billion, or about PHP 9.1 trillion.
So how did he get there? A big part of that reason is, of course, Tesla. The electric car company's share prices surged by over 700 percent in 2020 and jumped another 8 percent at the time of writing. Now, a single share in Tesla is worth $816, and Musk has about 241 million of it.
Wind back a year and, Tesla's share prices were worth less than $100. But what helped Tesla got to where they are now is their production for 2020. Last year, they rolled out 509,000 vehicles, their best yet. Tesla is one of the few automakers that saw a rise in production despite everything that happened during the past 12 months. With targets met, the company reported profits, further boosting its stock.
One of Tesla's sales drivers last year was the Model Y. It sits in the popular compact crossover class and is currently the second most affordable model in the line-up. Tesla jumped in on the hotly contested segment just in time as more automakers began introducing their versions of plug-in crossovers. So in some ways, the Model Y, along with the more affordable Model 3, is what helped the electric car company reach their goal.
But aside from Tesla, there is also another reason why Musk is now the world's richest person. The person he overtook, Jeff Bezos, lost a big chunk of his net worth following his divorce. He had to give up 19.7 million shares to his ex-wife, which is estimated to be worth $ 35.6 billion.
So what is Musk's reaction to all this? In a Tweet, he simply said, “How strange”, followed by a second Tweet, “Well, back to work...”. With that, we don't think Musk has any plans of slowing down. He might even stay at the top for a little while longer should Telsa's stock keep its momentum.