Elon Musk is now the richest man on the planet

Tesla CEO Elon Musk’s fortune rose to $188.5 billion on Thursday, $1.5 billion more than Bezos

Amazon founder Jeff Bezos is no longer the richest man in the world, after Tesla CEO Elon Musk’s fortune on Thursday rose to $188.5 billion, $1.5 billion more than Bezos. Shares in electric carmaker Tesla rose by more than 6 percent on Thursday to push South African-born Musk into the top spot, dethroning Bezos from the place he has occupied for more than three years, according to the Bloomberg Billionaires Index. 

Tesla’s market capitalization, a measurement of the company’s stock price multiplied by its number of shares, has been on a tear since the beginning of last year, rising from about $80 billion in January 2020 to just over $760 billion today. Musk’s personal fortune, which is tied to Tesla’s share price, rose by more than $150 billion last year. The new valuation is more than eight times the combined values of the traditional “Big Three” U.S. automakers, GM, Ford and Fiat Chrysler.

https://www.nbcnews.com/

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