Elon Musk almost there to topple Jeff Bezos as world’s richest 
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
MONDAY, MAY 16, 2022
MONDAY, MAY 16, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Elon Musk almost there to topple Jeff Bezos as world’s richest 

Tech

TBS Report
07 January, 2021, 12:05 pm
Last modified: 07 January, 2021, 12:09 pm

Related News

  • From sneakers to Teslas, China lockdowns upend global supply chains
  • Elon Musk says Twitter legal team told him he violated an NDA
  • Maker of Walmart, Amazon store-brand baby formulas sees shortages through rest of 2022
  • Do spam bots really comprise under 5% of Twitter users? Elon Musk wants to know
  • Fifth Blue Origin flight scheduled for next week

Elon Musk almost there to topple Jeff Bezos as world’s richest 

Musk, 49, has benefited from Tesla's stratospheric rise in more than one way

TBS Report
07 January, 2021, 12:05 pm
Last modified: 07 January, 2021, 12:09 pm
SpaceX CEO Elon Musk celebrates with his brother Kimbal Musk (in hat) after the launch of a SpaceX Falcon 9 rocket and Crew Dragon spacecraft on NASA's SpaceX Demo-2 mission to the International Space Station from NASA's Kennedy Space Center in Cape Canaveral, Florida, US. May 30, 2020/ Reuters
SpaceX CEO Elon Musk celebrates with his brother Kimbal Musk (in hat) after the launch of a SpaceX Falcon 9 rocket and Crew Dragon spacecraft on NASA's SpaceX Demo-2 mission to the International Space Station from NASA's Kennedy Space Center in Cape Canaveral, Florida, US. May 30, 2020/ Reuters

Elon Musk, the wonder CEO behind the skyrocketing growth of Tesla Inc. and SpaceX is approaching to gain the title of the richest man on the planet. 

A 2.8% rally in the electric carmaker's share price Wednesday boosted Musk to minimize the gap to reach the top position of the Bloomberg Billionaires Index, reports NDTV.

As of Wednesday, the tech entrepreneur is worth $181.1 billion, a little behind 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.

Wednesday's 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. 

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 $40 billion of unrealized paper gains on vested stock options. 

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."

The world's 500 richest people added a record $1.8 trillion to their combined net worth last year, equivalent to a 31% increase. The gains were disproportionately at the top, where five individuals hold fortunes in excess of $100 billion and another 20 are worth at least $50 billion.

Top News / World+Biz

Elon Musk / Jeff Bezos / World's richest person / Tesla / Amazon

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Citizen's platform for monthly Tk1,000 allowance for unemployed youths 
    Citizen's platform for monthly Tk1,000 allowance for unemployed youths 
  • Photo: PID
    Make best use of funds in effective implementation of SDGs: PM Hasina
  • Commerce Minister Tipu Munshi. Photo: Collected
    Govt plans to import wheat from 5 countries: Tipu Munshi

MOST VIEWED

  • Musk has used his Twitter bid to secure more attention for all of the things he doesn’t like about it. Photo: Reuters
    Elon Musk shows some buyer’s remorse with Twitter
  • Elon Musk’s vision for Twitter may clash with Twitter’s own. Photo: Bloomberg
    Do spam bots really comprise under 5% of Twitter users? Elon Musk wants to know
  • FILE PHOTO: Elon Musk's twitter account is seen on a smartphone in front of the Twitter logo in this photo illustration taken, April 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    Musk puts $44B Twitter deal 'temporarily on hold', shares slide
  • Elon Musk’s vision for Twitter may clash with Twitter’s own. Photo: Bloomberg
    Twitter execs exit, hirings halt as Musk buy looms
  • Photo: PR
    Samsung extends ‘Dubike’ offer, providing discounts and attractive prizes
  • Photo: Collected
    Google making smartwatch in 'ambient' computing push

Related News

  • From sneakers to Teslas, China lockdowns upend global supply chains
  • Elon Musk says Twitter legal team told him he violated an NDA
  • Maker of Walmart, Amazon store-brand baby formulas sees shortages through rest of 2022
  • Do spam bots really comprise under 5% of Twitter users? Elon Musk wants to know
  • Fifth Blue Origin flight scheduled for next week

Features

Bitcoin, by far the largest cryptocurrency, is a terrible substitute for government-issued money. Photo: Reuters

Crypto’s wild week offers a much-needed warning

55m | Panorama
Karst Stone Paper Journal: Write on indestructible stone paper

Karst Stone Paper Journal: Write on indestructible stone paper

1h | Brands
Pesky bugs do not stand a chance against this automatic indoor insect trap

Pesky bugs do not stand a chance against this automatic indoor insect trap

1h | Brands
Wazeenah: Turning furniture into a canvas

Wazeenah: Turning furniture into a canvas

2h | Brands

More Videos from TBS

How can you become proficient as a new team leader?

4h | Videos
Future of newborn baby genome sequencing: Good or Bad?

Future of newborn baby genome sequencing: Good or Bad?

4h | Videos
What Europe-based Fair Wear says about fair price of Bangladeshi cloth

What Europe-based Fair Wear says about fair price of Bangladeshi cloth

18h | Videos
Microplastics found in 5 local sugar brands

Microplastics found in 5 local sugar brands

18h | Videos

Most Read

1
The hostile welcome to Bangladesh
Bangladesh

The hostile welcome to Bangladesh

2
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

3
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

4
Union Capital asked to return Tk100cr FDR to BATBC 
Banking

Union Capital asked to return Tk100cr FDR to BATBC 

5
Bangladesh gas fields burnt $3m worth of gas in the air in 2021
Energy

Bangladesh gas fields burnt $3m worth of gas in the air in 2021

6
Impact of falling taka against US dollar
Banking

Taka losing more value as global currency market volatility persists

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab