New York: Multi-Billionaire Elon Musk has become the richest person on the planet.
Elon Musk, the super rich entrepreneur behind Tesla Inc. and SpaceX, has surpassed Jeff Bezos, the founder of Amazon.com Inc. on the Bloomberg Billionaires Index.
The the Bloomberg Billionaires Index is a ranking which lists out the world’s 500 wealthiest people.
A 4.8% increase in the share price of Tesla on Thursday pushed Elon Musk past Jeff Bezos to the top spot on the Bloomberg Billionaires Index. Jeff Bezos has held the top spot since October 2017 – a period stretching more than 3 years.
Eleon Musk’s net worth was $188.5 billion on Thursday morning at the New York stock exchange. This was $1.5 billion more than the net worth of Jeff Bezos.
The last 12 months have been extraordinary for Eleon Musk. During this period, Elon Musk’s net worth has soared by more than $150 billion. This is perhaps the fastest bout of wealth creation in history.
This incredible run was fuelled by an increase in Tesla’s share price, which surged 743% last year due to consistent profits. During this period, Tesla was also included in the S&P 500 Index. It also saw a lot of enthusiasm from Wall Street and retail investors.