Elon Musk is now the richest person on the planet

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After the automaker’s stock soared during early trading hours on Thursday morning, Tesla CEO Elon Musk surpassed Amazon CEO Jeff Bezos as the World’s Richest Person.

Musk’s net worth now sits at over $185 billion, which pushes the South African-born entrepreneur and serial tech developer past Bezos, the man responsible for starting the world’s largest e-commerce company.

The net worth of Musk more than tripled in 2020 due to the more than 700 percent rise in Tesla stock during the year, which was packed with lucrative quarters, new vehicle deliveries, and Wall Street forecasts in terms of vehicle deliveries and production rates. Last year, the CEO also unlocked multiple tranches of his deal, which added to his net worth.

Tesla has established itself as the main player in the electric vehicle industry, leading the EV growth and battery production and efficiency of some of the world’s biggest, oldest, and most established car companies.

The majority shareholder in Tesla with a 20.9 percent ownership value is Musk, who does not accept a salary from his employer. Because of the rule, Musk is forced to accept the California state minimum required wage, but he insists he doesn’t touch it. “It just ends up accumulating in a Tesla bank account somewhere,” he said.

Tesla stock shares are trading at $805.81, up 6.49% or $49.83 at the time of this post.

He now sits in front of Bezos, Bernard Arnault & family, and Bill Gates because of Musk’s raise on the list.

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