Elon Musk, CEO of Tesla and SpaceX, has once again become the richest person in the world, overtaking Amazon boss Jeff Bezos. Musk’s net worth is estimated at $190 billion, thanks to Tesla’s soaring stock price and the success of SpaceX.
Musk’s journey to becoming the world’s richest man has been a roller-coaster ride. In 2020, he briefly overtook Bezos as the world’s richest person, only to lose the title a few days later. But at the start of 2021, Musk climbed back to the top of the billionaires list thanks to a surge in Tesla’s stock price.
So how did Elon Musk become the richest person in the world again?
Tesla shares surge
One of the key factors driving Musk’s rise to the top of the billionaire ladder is the success of Tesla. In 2020, Tesla’s stock price rose sharply due to strong sales and increased demand for electric vehicles.
In December 2020, Tesla was added to the S&P 500 index, a move that further boosted the company’s stock price. That meant many mutual funds that track the S&P 500 index were forced to buy Tesla shares, driving the price up even more.
As a result of the rise in Tesla stock, Musk’s net worth has increased dramatically. In fact, according to Forbes, Musk’s net worth grew by a staggering $150 billion in just one year.
SpaceX success
Another factor contributing to Musk’s rise to the top of the billionaire list is the success of SpaceX. Musk founded SpaceX in 2002 with the goal of reducing the cost of space exploration and making it accessible to the general public.
Since then, SpaceX has made incredible strides in space exploration. The company launched a number of successful missions, including the first privately funded spacecraft to enter orbit and the first privately funded spacecraft to dock with the International Space Station.
In 2020, SpaceX made history again when it launched two NASA astronauts to the International Space Station, marking the first time a privately funded spacecraft has carried astronauts into orbit.
SpaceX’s success not only cemented Musk’s place in history as one of the most innovative entrepreneurs of our time, but also added to his net worth. In fact, according to Forbes, Musk’s net worth increased by $11.8 billion in a single day after SpaceX’s successful launch.
Musk’s Other Ventures
In addition to Tesla and SpaceX, Musk has a number of other businesses that contribute to his net worth. For example, he founded The Boring Company, which aims to reduce traffic congestion by building underground tunnels for transport.
Musk is also involved in a number of other ventures, including Neuralink, which develops implantable brain-machine interfaces, and OpenAI, an artificial intelligence research company.
All of these businesses add to Musk’s net worth and help cement his position as one of the world’s most successful entrepreneurs.
Conclusion
Elon Musk’s journey to becoming the world’s richest person has been marked by ups and downs, but in 2021 he has once again reached the top of the billionaires list. This was largely due to the success of Tesla, which saw its share price soar in 2020, and the success of SpaceX, which made incredible strides in space exploration.
In addition to his success with Tesla and SpaceX, Musk’s other ventures also contribute to his net worth. All of these factors combined have helped cement Musk’s position as one of the most innovative and successful entrepreneurs in the world, and it will be interesting to see what he achieves next.
