Elon Musk is Second in The Race For The World’s Richest Man

by Rashi Shukla
Elon Musk is Second in The Race For The World’s Richest Man

After a recent swell in Tesla share price, Elon Musk is now the world’s second richest man with a net wealth of more than $128 billion.

Featured Image Credits: Maurizio Pesce from Milan, ItaliaCC BY 2.0, via Wikimedia Commons

This year has been a profitable year for billionaires all around the globe. From amazon CEO Jeff Bezos to Reliance chairman and MD Mukesh Ambani and Bill Gates to Facebook CEO Mark Zuckerberg. They all have added billions of dollars to their wealth even in this pandemic. And after a recent gush in Tesla shares, Elon Musk has now surpassed Bill Gates and became the second richest man in the world. His net worth is now $128 billion which has increased by $100 billion in 2020. This year Tessa shares have jumped off more than six-fold after investors from around the world have dashed to buy them. 

After being overtaken by Tesla CEO last week, Mark Zukerberg has fallen to fifth place after Bernard Arnault, a French businessman overtook his position. At the beginning of this year, Elon Musk was ranked 35th on the list. And just after taking over the third-place beating Mark Zukerberg, Musk’s wealth bounced from $7.2 billion to $128 billion this Tuesday. Musk crossed Microsoft CEO Bill Gates who held his second position after Bezos who has a net worth of $182 billion which rolled by $67billion this year. So there is still a big gap to be filled by Musk if he wants to be on the top. 

The main reason how Musk touched this mark is because of the swift rise of Tesla’s share price. At the start of this year, the market capitalization of Tesla was under $100 billion which has now marked to almost $500 billion. Even though Tesla only produces only a fraction of cars as compared to other established automobile companies it has the highest market capitalization of any automobile company on the globe. 

Another important venture where Musk has seen success in recent times is SpaceX. The company sent 4 astronauts last week to the ISS in its Crew Dragon spacecraft. Bill Gates topped the list for four years before Jeff Bezos overtook him in the year 2017. According to Bloomberg, Bill Gates would still have much higher worth even now if he had not donated so much to the charity. Since 2006 Gates has been donated over $27 billion to the Bill and Melinda Gates Foundation. 

Even before overtaking Gates’s position, Musk and Gates had some major disputes this year. According to Gates, electric semi-trucks, cargo ships, and passenger jets will “probably never” be a practical thing. Musk’s response to that was, Bill Gates has “no clue” about the practicality of electric trucks. In an interview earlier this year Microsoft co-founder said that Elon Musk should try and avoid making big projections about things he is not that familiar with after Musk underestimated the risk of coronavirus pandemic.

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