Tesla’s Elon Musk overtakes Bill Gates in personal net worth

Tesla’s Elon Musk overtakes Bill Gates in personal net worth

The market value of Tesla has reached nearly $500 billion, skyrocketing Musk’s net worth

2020 has been a troublesome year for many, especially when it comes to finances, but not for someone like Elon Musk. The entrepreneur has seen his wealth grow more than $100 billion this year to become the world’s second-richest person. Bill Gates was recently moved down to third spot despite having a net worth of nearly $128 billion. He was at the 35th spot at the start of the year on the world’s top 500 wealthiest people.

Musk, the founder of SpaceX and Tesla, has seen the meteoric rise in his riches due to Tesla’s spike in share value. The company currently has a market value of about $500 billion. That’s about half a trillion dollars. Three fours of Musk’s wealth is based on Tesla shares. At the current rate, Elon could threaten Jeff Bezos for the top spot soon. Currently, Bezos, the founder of Amazon, has a net worth of over $181 billion.

SpaceX focuses on space-related technologies and has recently launched a successful crewed mission to space in collaboration with NASA. Tesla is an auto manufacturer that is working on vehicles with ultra-modern technologies. The company mainly focuses on autonomous vehicles that will be driven by Artificial Intelligence (AI).

Musk is known for his brash talk, which has led him to trouble with the Securities and Exchange Commission (SEC) and caused the stock prices to drop. During an interview, he was smoking weed while answering questions. His eccentric personality and rash brand of management has seen him achieve a cult favorite status among many youngsters. It will be interesting to see the further growth of his companies and his wealth in the near future.

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