Highlights

Bezos who? Elon Musk now world's richest person

 Publish date: Fri, 8 Jan 2021, 11:49 AM

NEW YORK: Elon Musk, the outspoken and envelope-pushing chief executive of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported on Thursday (Friday in Malaysia).
 
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 US$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 per cent during the year as it was added to the prestigious S&P 500 index. 
 
Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay US$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 per cent to US$800.43 in late morning trading, lifting the company's market capitalisation above US$750 billion.
 
 - AFP
 

 

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