Elon Musk is Currently the richest person on Earth, passing Jeff Bezos

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Elon Musk only became the richest person on earth, with a net value of more than $185 billion, according to CNBC calculations.

Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the wealthiest person since 2017 and is currently worth about $184 billion.

Musk’s wealth surge over the past year marks the fastest rise to the top of the rich record in history and is a dramatic financial turnaround for the outspoken entrepreneur that just 18 months ago was in the headlines for Tesla’s quick cash burn and his personal leverage against the company’s stock.

Musk began 2020 worth roughly $27 billion and was barely in the top 50 richest individuals.

Amazon’s share price has remained more subdued on account of the potential for increased regulation from Washington.

In November, Musk raced past Bill Gates to become the second-richest person. Musk has gained more wealth over the past 12 months than Gates’ entire net worth of $132 billion.

Tesla’s shares closed Thursday at $816.04up almost 8 percent. The firm’s market value has increased to more than $760 billion.

Musk was also No. 1 on Bloomberg Billionaires Index. The Forbes Real-Time Billionaires List had Musk about $7 billion behind Bezos after the market close Thursday. Forbes pegged Bezos’ net worth at $184.6 billion and Musk at $177.2 billion. Forbes, however, may not be including the worth of Musk’s choices, which he received as a part of the pay package, to purchase more than 33 million shares of Tesla.

The year 2020 was a tough one financially for many people across the planet, with the worldwide coronavirus pandemic wreak havoc on countless companies and roughly 19 million Americans currently collecting unemployment benefits.

However, for some of those weatlhy, it is a really different story. During 2020, Amazon’s sales have jeopardized, as social distancing restrictions forced people to do much more of their shopping online, while Tesla’s newfound ability to turn a profit sent the electric automaker’s stock price soaring.

With their firms’ fortunes among those improving in 2020, Amazon founder Jeff Bezos and Tesla CEO Elon Musk have seen their personal web worths skyrocket this year, too. (Much to the chagrin of critics such as Democratic Senator Bernie Sanders, who’s ramped up his calls for higher taxes on corporations and the wealthy.)

Those Five Billionaires introduced The Maximum to Their internet Worths in 2020

In fact, Tesla’s banner year catapulted Musk all the way to second (supporting Bezos) from the rankings of the world’s richest people, according to Bloomberg, after he began the year ranked 35th on the list.

As we near the end of 2020, here is a look at the five billionaires who’ve seen their fortunes boost the most this year, according to Bloomberg’s Billionaires Index, led by Musk’s meteoric rise.

Musk has added a whopping $140 billion to his net worth in 2020, bringing the total to $167 billion, as of Monday, according to Bloomberg. This was great enough to increase Musk several dozen places up the billionaires ranks, as he jumped past Bill Gates to maintain the second spot in November.

At the beginning of 2020, Musk’s net worth was nearly $30 billion (still a very healthy number). However, Tesla’s exceptional year sent that number rising, as the electrical automaker’s inventory has exploded by over 650% since the beginning of the year, as a result of Tesla setting new sales records and reporting its fifth consecutive profitable quarter.

Musk possesses a roughly 20% stake in Tesla, or so the company’s surge provided the principal boost because of his personal gains, because bet is now worth more than $125 billion. The technology billionaire also owns a stake in his aerospace company, SpaceX (which also had a big year, starting astronauts into space for the first time), which Wealth-X values at more than $15 billion.

Jeff Bezos, Amazon CEO

Bezos began 2020 as the world’s wealthiest person and all he’s done is add more than $72 billion to his net worth, as Amazon’s earnings continued to increase this year amid the pandemic-led boost in online shopping. Bezos, who owns over 50 million shares of Amazon stock value more than $170 billion, watched his general net-worth climb to $187 billion annually.

(Bezos is the richest man in modern history, and his own net worth even crossed the $200 billion mark at one point last summer.)