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Tesla CEO Elon Musk becomes world's richest person

by French Press Agency - AFP

NEW YORK Jan 07, 2021 - 7:01 pm GMT+3
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin, Germany, Dec. 1, 2020. (AP Photo)
SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin, Germany, Dec. 1, 2020. (AP Photo)
by French Press Agency - AFP Jan 07, 2021 7:01 pm

Elon Musk, the outspoken and envelope-pushing chief executive of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, U.S. media said Thursday.

Musk is a major shareholder of the electric car company and has benefited from Tesla's surging share price over the last year. CNBC estimated Musk's wealth at $185 billion.

The distinction is the latest superlative for the South African-born Musk, who leads the aerospace venture SpaceX in addition to Tesla, which has become a pacesetter for the car industry as conventional automakers try to catch up to Tesla's lead in electric autos.

Tesla had a strong 2020 as it ramped up auto production, broke ground on new factories and reported a series of profitable quarters that enabled shares to rise more than 700% during the year as it was added to the prestigious S&P 500 index.

Musk has hit a stride after stumbling in 2018, when U.S. securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted.

Shares of Tesla surged 5.9% to $800.43 in late morning trading, lifting the company's market capitalization above $750 billion.

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