The co-founder of Tesla overtakes Jeff Bezos from Amazon as the shares of the automotive company float after the “blue Senate” election.
Tesla’s maverick Elon Musk overtook Jeff Bezos of Amazon to be the wealthiest individual worldwide, and after shares in the electric vehicle business, he co-founded the US Senate wished for a new green policy.
A 4.8% increase in Tesla’s share price was sufficient to get musk to the top of the Bloomberg billionaires index, whereby the wealth of the world’s 500 richest citizens is monitored daily.
The net worth of the 49-year-old businessman hit $186 billion in New York on Wednesday at 10.15 AM, which made him $1.5 billion richer than Bezos, who held top positions since October 2017.
Musk responded with tweets saying “how weird” and “good-back-to-work” to his status as the world’s richest man.
Musk said that he intends to use half of his fortune for ‘helping Earth problems’ and, to ‘help build an autonomous city on Mars to ensure continuing life (of all species), should a meteor-like dinosaur hit Earth, or the WW3 occurs and we destroy ourselves.’
Musk said the cause of wanting much money “not what you think” in a series of tweets the South African-born billionaire pinned to the top of his tweet. He said he had “very little time for leisure” and he had “holiday homes, yachts, and so on.”
It’s not so long since Musk, who just 17 years ago founded Tesla, overtook Microsoft’s founder Bill Gates to become the second wealthiest person in the world.
The share price of Tesla grew by more than seven this year, with demand for electric cars rising and governments announcing additional measures to remove the world from internal combustion engines.
For the first time this week, Tesla’s market value, which has just joined the S&P 500 index of the largest US companies, was above $700 trillion. This makes Toyota, Volkswagen, Hyundai, GM, and Ford worth more than they are combined.
The 35th richest person in the world at the beginning of 2020 was Musk, the owner of 20% of Tesla’s stocks. He also owns the SpaceX rocketship company, which carries astronauts to Nasa in an agreement with the International Space Station.
Musk named his seventh childA-12 last year, X. Last year. The baby’s mother, the Canadian singer, Grimes, (real Claire Boucher’s name) explained that her favorite song Archangel was ‘artificial intelligence.’ Both parents were not sure how to make the name pronounce.
Tesla’s value has been driven by democratic victories in Georgia to take over the US Senate because it probably meant that the US would introduce tax credits for electric vehicles and would add to the green agenda that many European nations have already set themselves.
“A blue senate is very bullish and a potential ‘game-changer’ for Tesla and the electric vehicle sector overall, with the Green agenda surely on the cards for the next couple years now,” said Daniel Ives, an analyst at Wedbush Securities.
Tesla, “who continues to have an iron grip on the market today,” would benefit from anticipated US electric vehicle tax credits,” he added.
Ives predicts that if the firm were able to achieve 1m in electric car distribution by2022, it will exceed $1,000 in a ‘bull case’ situation.
In a whisker last year, Tesla accomplished its target of half a million vehicles. Annual sales of the Californian fabricator increased by 36 percent following a final quarter which, amid the pandemic, met analysts’ estimates to produce a total of 499,550 wagons by 2020.
The wealth of musk could climb higher than the increase in share prices of Tesla and target him for a $55.8 billion incentive offer. Yet concerns are increasing that stock markets may go way beyond actual values and the bubble may explode spectacularly.
Jeremy Grantham, the UK co-founder of GMO and the 2008 market top holder, said that new investor conduct bore the distinctive characteristics of mood before the 1929 Wall Street crash.
“I think that is going to be one of the big bubbles in the financial history, along with the 1929 and 2000 South Sea bubble,” Grantham told clients in a letter. SpaceX recently sent four astronauts in its Falcon and Dragon capsules under a private deal with Nasa to the International Space Station.
60 Internet satellites will soon be deployed by the organization in space. While Musk has generated tremendous returns for investors, some called for action to tackle his massive payroll contract and criticized his practice of battling costly on Twitter.
Pirc, a global shareholders’ advisor including city government pension funds, suggested last year that investors vote against his compensation package because it “will unfairly enrich the CEO.” The actionary advisor has called on investors to vote against Musk’s reelection to the board because in its derogatory tweets he posed “a serious risk of reputational harm to the company and its shareholders.”
In2019, Moscow was arrested for $190 million for defamation in tweets over the British caver Vernon Unsworth, who helped save 13 people stuck in a Thai cellar. A jury concluded that the tweets did not follow the defamation standard.