Sunday, July 14

Tesla’s Elon Musk surpasses Bill Gates to become 2nd richest person in the world

Tesla’s stock also observed a hike after the news of Elon Musk becoming the 2nd richest person in the world becomes public.

Tesla CEO Elon Musk becomes the second richest person in the world, replacing Bill Gates. (AP Photo/Ringo H.W. Chiu)

The Ganga Times, New Delhi: This year, Tesla’s co-founder Elon Musk has added $100.3 billion to his net worth which propelled him from 35th to the position of the second-richest person in the world, overtaking Bill Gates, according to the  Bloomberg Billionaires Index. Now, only Amazon founder Jeff Bezos is worth more him.

A Majority of Musk’s wealth is attached with the Tesla stocks.  The 49-year-old techie billionaire has thanked the electric vehicle and clean energy company for recording the surge in his wealth. He does not draw a salary rather gets compensated in stocks based on the company’s performance and it proved to be a great decision that paid him very well so far as Tesla’s stocks have constantly side-lined sceptics and boosted to new heights.

Tesla’s stock also observed a hike after the news of Elon Musk becoming the 2nd richest person in the world was broadcast. Till now, Musk has been credited with four out of 12 bonuses negotiated in his executive compensation package. His net worth of around last three-quarters comprises of his stake in Tesla shares which are priced over many times as compared to his stake in Space Exploration Technologies Corp., or SpaceX.

SpaceX CEO Elon Musk becomes the 2nd richest person in the world. He replaced(Photo by Kevork Djansezian/Getty Images)

After overcoming the production challenges, the Company has massively accelerated the output of electric cars, which gained huge popularity and Model 3 came out to be the bestselling luxury car in America. Additionally, Wall Street is also positive about the future of electric vehicles and clean energy as many companies and governments from across the world are working on policies to tackle climate change.

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