Elon Musk overtakes Jeff Bezos to become world’s richest person again

By THE STAR | 29 September 2021

Musk is world's richest for now. But don't take such rankings too seriously. Fortunes ebb and flow with gyrations in share prices. — Reuters

CHICAGO: Tesla’s CEO Elon Musk, with a net worth of US$213bil (RM890.97bil), has pipped Amazon’s Jeff Bezos to become world’s richest person again, according to Bloomberg Billionaires Index.

In the past week the Tesla founder has gained around US$13bil (RM54.37bil) in net worth as the share price of electric vehicle maker surged.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.

Tesla’s shares have been trading lower today by 1.4% at US$780.7 (RM3,265) on Nasdaq as tech stocks took a pounding on rising US bond yields. Meanwhile, Amazon’s stock has fallen over 3%, trading at US$3,297.47 (RM13,793) on Nasdaq.

Tech-heavy Nasdaq on Tuesday fell over 2%, the most among Wall Street indexes as technology stocks came under pressure.

According to the real-time data of Bloomberg index, Jeff Bezos has a net worth of US$197bil (RM824.05bil), followed by Bernard Arnault, the chairman of Louis Vuitton (LVMH) with a net worth of US$160bil (RM669.28bil).

Facebook chief Mark Zuckerberg and Bill Gates take fourth and fifth places in the index with a net worth of US$132bil (RM552.15bil) and US$128bil (RM535.42bil) respectively.

Tesla is the world’s most valuable carmaker with a market cap of more than US$792bil (RM3.31 trillion). The Palo Alto, California-based company is the state’s largest automotive employer.

Musk is also the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station.

Musk owns about 20% of Tesla, according to an August 2021 regulatory filing. Part of his holdings are used as collateral for personal obligations.

A December 2020 filing shows he has roughly US$500mil (RM2.09bil) of loans outstanding from three US banks.

SpaceX is valued using an February 2021 funding round that valued the company at US$74bil (RM309.54bil). A Nov 15, 2016, filing with the Federal Communications Commission showed Musk owned 54% of the closely held company through a trust. – Mint, New Delhi/Tribune News Service