Tech Entrepreneur Elon Musk overtakes Bezos as world’s richest person

Tech Entrepreneur Elon Musk overtakes Bezos as world’s richest person

Elon Musk, Chief Executive of Tesla, overtook Amazon boss Jeff Bezos to become the world’s wealthiest person, US media reported Thursday.

Musk is a major shareholder of the electric car company and has benefited from Tesla’s surging share price over the last year. CNBC estimated Musk’s wealth at $185 billion.

Tesla had a strong 2020 as it ramped up auto production, broke ground on new factories and reported a series of profitable quarters that enabled shares to rise more than 700 per cent during the year as it was added to the prestigious S&P 500 index.

Shares of Tesla surged 5.9 per cent to $800.43 in late morning trading, lifting the company’s market capitalization above $750 billion.

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