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Friday, November 12, 2021

Elon Musk Breaks the Record- The Richest Person in the World

Elon Musk is one of the most celebrated entrepreneurs and has established an empire of his own being the founder of Tesla Inc. Recently, the share price of Tesla Inc. spiked by 4.8% which has now made Musk the richest person in the world. The net worth of Elon Musk at the moment is $188.5 billion in New York making him the richest billionaire. This rich peoplespot was previously occupied by Jeff Bezos who had been known as the richest man in the world since October 2017. Bezos and Musk have been rivals in more than one way. Musk is the chief executive of Space Exploration Technologies Corp. or what is more commonly known as SpaceX. Bezos is the owner of Blue Origin LLC, both of which are associated with the private space race. 

His Life Story

Elon Reeve Musk or Elon Musk was born in South Africa and raised in Pretoria. He moved to Canada when he was merely 17 years old to attend Queen’s University. It is from the University of Pennsylvania where he completed his bachelor’s degree in physics and economics. He had then started his Ph.D. in Applied physics and material sciences in 1995 but soon left in order to start his entrepreneurial journey. He was first the co-founder of a web software company known as Zip2 which was acquired in 1999 for $307 million by Compaq. In his journey to becoming the richest billionaire, Musk then founded an online banking service provider known as X.com which was later merged in the year 2000 with Confinity.

This company was then bought in 2002 by eBay for $1.5 billion. It was in this year that richest person in the worldMusk founded SpaceX which is a space transport and aerospace manufacturing company. He went onto becoming a billionaire when he joined Tesla Motors, Inc, what is now called Tesla Inc. in the year 2004. He was assigned as a product architect and went on to become the CEO of Tesla in the year 2008. It is since then that Musk has joined a group of rich people around the globe.

His Life Working in Tesla

Before becoming the richest man in the world, Elon Musk had shown great interest in electric cars in his growing years and by the year 2014, he was named as one of the biggest fund providers of Tesla. The company was primarily working on developing electric cars and was founded by Marc Tarpenning and Martin Eberhard. The first car that was billionaireintroduced by Tesla was in the year 2006 which could travel about 245 miles after a single charge. While Musk was not interested in electric cars that were produced before this, he found this car to be extremely exciting as it was a sports car that could speed from 0 to 60 miles an hour in a matter of only four seconds.

While Tesla and the various cars it produced were being praised by automobile critics all around the world, this billionaire had expressed serious concerns about Tesla being traded publicly. He made quite a number of tweets in August 2018, with regard to making the company private expressing that he had already “secured fundings”. He was later sued by the U.S. Securities and Exchange Commission on the grounds of securities fraud and because his tweets were found to be “false and misleading”. He was then asked to step down as the chairman of Tesla while he could still work as the CEO. The richest billionaire also sought to devote time to a high-speed railway system in California but could not work for it because of his busy schedule. 

Becoming the Richest Person in the World  

billionaireBecoming the richest man in the world is one of the various accomplishments of Elon Musk and truly one that ends his year on a high note. The last year has truly been fruitful for him as his net worth kept increasing quite steadily and up to $150 billion making his growth one of the fastest known in the world. His achievements are truly worthy of appreciation. His rise into becoming the richest billionaire was further helped by the increase in the shares of Tesla.

Last year, the shares went up to 743% backed by incredible profit noted by its addition to the S&P Index and garnering quite the interest and excitement from retail investors as well as Wall Street. While Musk had occupied quite an influential position on the top 10 richest people in the world list for quite some time, reaching the summit was truly a journey to remember!

Understanding Musk’s Position in Tesla

While various automobile manufacturers have seen a rise in their numbers over the years, no other company has a success story like that of Tesla. The insurmountable growth in the shares of Tesla is not like others and has played a significant role in making Musk the richest billionaire in the world. Tesla has produced more than half a million cars last year top 10 richest people in the worldalone. Other companies like General Motors Co. and Ford Motor Co. have not even made a fraction of the profit that has been gathered by Tesla last year. The company in fact is preparing for the rise in their shares and glory after both the Senate seats of Georgia have been captured by the Democrats who have placed control of Congress to the Democratic Party which favours and is more likely to adopt electric vehicles in the coming years.

It is hence not hard to understand how the astronomic growth of Tesla has helped Elon Musk become the richest man in the world. Not only does he hold 20% shares of the company but also is in control of unrealized paper gains that are worth $42 billion. The security was received by him from two of the grants he was provided within the years 2012 and 2018. The deal he received in 2018 was one of the largest that was ever made between a corporate board and the CEO. 

Conclusion:

richest man in the worldEven after becoming the richest billionaire, Musk has maintained that he does not have much interest in the material things in life. The billionaire truly has very few assets besides his stakes in SpaceX and Tesla. He has told several times in various interviews that his main motivation and goal is to direct all his wealth into accelerating growth and evolution in human beings so that they reach the apex of civilization. He says: “I want to be able to contribute as much as possible to the city on Mars”, he added, “That means just a lot of capital.” Since becoming the richest person in the world, Musk has not changed his life view which is truly something to appreciate. Elon Musk has devoted all his time to steering growth in various ways for humankind. He has been seen as a visionary who is always looking beyond into creating more.



 

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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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