NEW YORK: Tech giant Elon Musk has now become the richest person in the world, with a net worth of more than $185 billion, surpassing Amazon CEO Jeff Bezos.
The Tesla and SpaceX entrepreneur was pushed into the top slot after Tesla’s share price increased on Thursday. He takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017.
Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history. The famed entrepreneur started 2020 worth about $27 billion, and was barely in the top 50 richest people.
Tesla’s rocketing share price — which has increased more than nine-fold over the past year — along with his generous pay package has added more than $150 billion to his net worth.
Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington. Elon Musk passed Warren Buffett in July to become the seventh richest person.
In November, Musk raced past Bill Gates to become the second richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.
Tesla’s shares were recently trading at about $790, up more than 4% in trading Thursday. The company’s market value has grown to $737.6 billion.
