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Elon Musk surpasses Amazon’s Jeff Bezos to become world’s richest person: Report

Click to play video: 'Coronavirus outbreak: Elon Musk threatens to pull Tesla out of California over COVID-19 restrictions' Coronavirus outbreak: Elon Musk threatens to pull Tesla out of California over COVID-19 restrictions
Tesla CEO Elon Musk said Saturday he would pull the company’s headquarters and factory out of California and also threatened to sue a California county that prevented him from restarting production at the company's Fremont factory over coronavirus concerns – May 10, 2020

Tesla Inc. chief and billionaire entrepreneur Elon Musk surpassed Amazon.com Inc’s top boss Jeff Bezos to become the world’s richest man, Bloomberg News reported on Thursday.

Including Thursday’s gains in Tesla shares, Musk, 49, had a net worth of more than US$188.5 billion, US$1.5 billion more than Bezos, the report said.

Musk’s personal wealth has been boosted by last year’s more than eight-fold surge in the shares of Tesla, which became the world’s most valuable carmaker.

He has a 20-per-cent stake in the carmaker and about US$42 billion of unrealized paper gains on vested stock options, according to the Bloomberg report.

Tesla shares were up as much as 7.4 per cent on Thursday at a record high of US$811.61.

The Forbes Billionaires List, however, said Musk still trails Amazon’s Bezos by US$7.8 billion.

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Forbes has a more conservative estimate based on the Tesla stake that he has pledged as a collateral for personal loans. To take that into account, it applies a 25-per-cent discount to his shareholding, according to its report in November.

Musk, who co-founded and sold Internet payments company PayPal Holdings Inc, now leads some of the most futuristic companies in the world.

Besides Tesla, he heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

He set up the Boring Company to make affordable tunnels below busy city streets for an all-electric public transportation system to avoid the nasty traffic jams in U.S. cities.

(Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur)

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