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As his fortune continues to grow at an unprecedented rate, Elon Musk has now become the wealthiest person on planet earth, officially overtaking Amazon CEO Jeff Bezos. Shares of Musk’s electric-vehicle maker Tesla rose by another 8.2% as of 11:30 a.m. EST on Friday, January 8, 2021, pushing Musk’s net worth up by $12.5 billion, to $189.7 billion. That makes him the wealthiest person on the planet, according to Forbes’ estimates. Despite a report from Bloomberg earlier this week claiming that Musk became the world’s richest person on Wednesday, by Forbes’ calculations, the Tesla chief didn’t officially take the number one spot until Friday morning. He’s now nearly $5 billion ahead of the former world’s number one, Jeff Bezos, who has a net worth of $185 billion as of 11:30 a.m EST, in the video “Elon Musk Becomes The World’s Richest Person, Forbes“, below: Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet. A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race. The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike. Bezos would still hold a wide lead over Musk had it not been for his divorce, which saw him cede about a quarter of his Amazon stake to his ex-wife, MacKenzie Scott, and his philanthropy. He donated shares worth about $680 million in November. The jump in Tesla’s stock price further inflates a valuation light-years apart from other automakers on numerous metrics. Tesla produced just over half-a-million cars last year, a fraction of the output of Ford Motor Co. and General Motors Co. The company is poised for further near-term gains as Democrats captured both Georgia Senate seats and handed control of Congress to the party that’s advocated for quicker adoption of electric vehicles. Musk, 49, has benefited from Tesla’s stratospheric rise in more than one way. In addition to his 20% stake in the automaker, he’s sitting on about $42 billion of unrealized paper gains on vested stock options. Those securities come from two grants he received in 2012 and 2018, the latter of which was the largest pay deal ever struck between a CEO and a corporate board. Despite his astronomical gains, Musk has said he has little interest in material things and has few assets outside his stakes in Tesla and SpaceX. He told Axel Springer in an interview last month that the main purpose of his wealth is to accelerate humanity’s evolution into a spacefaring civilization. “I want to be able to contribute as much as possible to the city on Mars,” Musk said. “That means just a lot of capital.” Musk tweeted “How strange,” after reports of his new status were published, then added “Well, back to work.” In the video “Elon Musk  Surpasses Jeff Bezos to Become World’s Richest Person”, below: Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet. He passes Amazon founder Jeff Bezos to take the top spot on the Bloomberg Billionaires Index, in the video “Tesla CEO Elon Musk Is the World’s Richest Person“, below: Today Elon Musk eclipsed Jeff Bezos in becoming the world richest person. In this video Dave Lee shares his reaction, in the video “My Reaction to Elon Musk Becoming World’s #1 Richest Person (Ep. 228)“, below: Another person’s remark on Elon Musk’s being the richest man on earth, in the video “Elon Musk Is The Richest Man On Earth“, below: Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com Any comments, suggestions, concerns regarding this post will be welcomed at info.WindermereSun@gmail.com

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