Elon Musk, CEO of Tesla and SpaceX, has become the world’s richest person on the Bloomberg Billionaires Index after a jump in Tesla’s share price. The rise in Tesla’s share value took his net worth to over $185 billion. He beat Amazon CEO Jeff Bezos by more than $1.5 billion in the index.
The Bloomberg Billionaires Index is a ranking of the world’s 500 wealthiest people.
“How strange,” Elon Musk responded, and followed it up by saying, “Well, back to work …”
According to sources, Musk is working to revolutionise transportation both on Earth, through electric car maker Tesla – and in space, via rocket producer SpaceX.
SpaceX, Musk’s rocket company, is now valued at $46 billion.
He owns 21% of Tesla but has pledged more than half his stake as collateral for loans.
A 2018 tweet on his Twitter profile explains what he wants to do with the money. “About half my money is intended to help problems on Earth & half to help establish a self-sustaining city on Mars to ensure continuation of life (of all species) in case Earth gets hit by a meteor like the dinosaurs or WW3 happens & we destroy ourselves,” Musk had said.
As the CEO of Space Exploration Technologies Corp, or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race. Over the past year his net worth soared by more than $150 billion in possibly the fastest wealth creation in history. Fuelling 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.
In addition to his 21% stake in the automaker, he’s sitting on nearly $42 billion of unrealized paper gains on vested stock options. Those securities come from two grants he received in 2012 and 2018, the latter of which was the largest pay deal ever struck between a CEO and a corporate board.
Signal, a WhatsApp rival, developed by the Signal Foundation and Signal Messenger LLC, is an end-to-end encrypted messaging service. Similar to Facebook-owned WhatsApp, Signal also allows one-to-one and group messages to friends and loved ones. The messaging platform also allows users to share files including photos, videos, voice notes, and more.