Elon Musk becomes the 2nd richest person on the planet

Elon Musk becomes the 2nd richest person on the planet

For many, 2020 may turn out to be an awful year but Elon Musk seems to be on a roll. In 2020, the Tesla CEO added almost $100 billion to his fortune and is now the world’s second-richest individual. Musk’s total net worth is now $128 billion, just a shade more than Microsoft co-founder Bill Gates, according to the Bloomberg Billionaires’ Index.

The net worth of the 49-year-old entrepreneur rose from $7.2 billion to $127.9 billion, powered by yet another surge in the share price of Tesla. This year, Musk added $100.3 billion to his net worth, the most on the Bloomberg Billionaires Index, a list of the 500 richest people in the world. He was ranked 35th in January.

Elon musk advance in the ranks of wealth was largely driven by the electric car manufacturer, whose market cap crossed $500 billion after Tesla shares rallied further on Tuesday. Tesla shares, priced more than four times as much as its stake in Space Exploration Technologies Corp., or SpaceX, constitute around three-quarters of its net worth

Elon Musk: Tesla CEO

Tesla, SpaceX, Neuralink, and The Boring Company were co-founded and led by Elon Musk. As the co-founder and CEO of Tesla, Elon leads all the company’s electric cars, battery products, and solar energy products in product design, innovation, and global manufacturing.

Tesla’s mission has been to accelerate the world’s transition to renewable energy since the company’s inception in 2003. The Roadster sports car, the first Tesla vehicle, debuted in 2008, followed by the Model S sedan, released in 2012, and the Model X SUV, launched in 2015. Model S won the Best Overall Car from Customer Reports and was named Motor Trend’s Ultimate Car of the Year while Model X was the first SUV to win 5-star safety ratings in each category.

Tesla released Model 3 deliveries in 2017, a mass-market electric vehicle with a range of more than 320 miles, and unveiled Tesla Semi, intended to save owners at least $200,000 over a million miles based on the cost of fuel alone. Tesla launched Cybertruck in 2019, which will have more utility than a standard truck and more speed than a sports car, as well as the lightweight Model Y SUV, which started shipping to customers in early 2020.

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