Elon Musk is now the world’s richest individual

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Elon Musk, the co-founder Tesla and rocket company SpaceX, has added $122.3 billion to his fortune this year, pushing his net worth to $292 billion, according to the Bloomberg index. He is the first man to achieve such huge fortune. Musk’s individual worth is even more than the Daimler group and BMW group – both stand at $107.01 billion and $66.16 billion. 

The world’s richest person, Elon Musk, said he plans to use his money to “get humanity to Mars and preserve the light of consciousness.” He also plans to open a new university in US to promote new age technologies and fund innovations.

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Musk’s wealth has ballooned partly because he hasn’t sold any of his Tesla stock for years, instead tapping banks for loans using his stake in the electric-vehicle maker as collateral. His fortune surged by over $10 billion in one day after Tesla became the first automaker to be valued over a trillion dollars. 

Tesla surpasses $1 trillion valuation after Hertz order - BBC News

Musk is now alone valued more than auto makers such as Ford, GM, and Volkswagen. Elon Musk is now worth $302 billion while GM has a market capitalization of $78.74 billion, Ford has a market capitalization of just $68.23 billion and Volkswagen has a market capitalization of $140.87 billion.

The spike in Musk’s worth came after Tesla scaled beyond a trillion after Hertz ordered 100,000 vehicles from the electric car maker. Musk is followed by Amazon founder and chairman, Jeff Bezos whose value is at $199 billion even though he became the first man to cross the $200 billion mark.

Tesla became only the fifth American company to have a valuation of over a trillion joining Amazon, Apple, Microsoft, and Google parent Alphabet. While this has happened, Microsoft has usurped Apple as the most valuable company on the planet in wake of the iPhone maker reporting lower than expected revenue in Q4 due to issues caused by the global semiconductor shortage.

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