Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet.
A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.
The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017.
As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race.
The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history.
Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike.
Bezos would still hold a wide lead over Musk had it not been for his divorce, which saw him cede about a quarter of his Amazon stake to his ex-wife, MacKenzie Scott, and his philanthropy. He donated shares worth about $680 million in November.
Elon Musk produces electric cars and high powered batteries called Tesla Power Wall with 20 years warranty.
The reality is that Elon Musk is making the oil which we are still spending billions to search for in the North to become useless.
Some gas and coal power plants in UK are on the verge of shutting down because many homes can now generate their own power and even sell excess back to the grid using Power Wall and solar.
Countries like UAE and Saudi Arabia seeing the ‘danger’ posed by Tesla are developing futuristic models to diversify from oil which may not rebound as demand remains low coupled with the impact of Covid19.
Nigeria which failed to plan is now in a tight corner, UK and France in 2019 have already declared a 10 year deadline to phase out all petrol and diesel cars. This was what happened to coal driven locomotives years back when oil and gas was discovered.
Nigeria seeing Elon Musk gradually taking down our sole source of revenue resorted to taking loans from China, IMF, world bank, Brazil and babiya Allahring cheesy for help from every corner of the earth in taking care of either insecurity or Covid19.
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