Elon Musk Just Replaced Jeff Bezos As The World's Richest Man

Elon Musk Just Replaced Jeff Bezos As The World's Richest Man
Credit: Source: TheCEOMagazine.com

Jeff Bezos , the CEO, and founder of Amazon is no longer the richest man in the world, a report from Bloomberg Business revealed this week. Formerly, Jeff was at the top of the list due to his majority stake in Amazon, a company that has become easily one of the most successful in recent memory.

Bloomberg Business said earlier in the week that Tesla's shares jumped by 5% in value, which lifted Musk's stock options from $9.3 billion to $190 billion. Bezos, on the other hand, saw a rise in his stock shares by 2%, which means it went up by $2.7 billion, netting him $187 billion in total.

Bill Gates isn't far behind both of them. Mr. Gates has a net worth of $132 billion via his company, Microsoft. The real-time billionaire tracker from Bloomberg still has Bezos above Musk, however, a news report from the company will change that soon.

Reportedly, the Amazon CEO saw a drop in his stock value as a result of the news surrounding the US Senate, which is now controlled by the Democrats. The theory is that now that the Democrats control the Senate, companies such as Amazon and Apple will come under greater scrutiny.

As a side note, Elon Musk is also the primary shareholder and CEO of Space X, which is a privately held company and it isn't subjected to the same type of market fluctuations as is Tesla. Bezos, on the other hand, has continued to do well amid the coronavirus pandemic.

Bloomberg reported that Bezos' shares increased by $75 billion amid the coronavirus pandemic, lifting the value of his company to $173.3 billion. Tesla, as well, saw a dramatic rise in 2020 with the company increasing in value up by $106 billion.

According to multiple reports, Musk has never sold off or disposed of any of his Tesla shares, whereas Bezos has through various charitable organizations and other give-aways.

At the moment, Mr. Musk is on his way to becoming more valuable than the largest American oil company, ExxonMobil, which is valued at $192 billion. Many financial experts have argued, however, that Tesla's stock is massively overvalued due to hype around his brand.

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