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Elon Musk is on his way to becoming the richest person in the world after a surge in Tesla shares raised his net worth to $ 184.5 billion.
The auto marker ‘s share price jumped 4.9% on Wednesday afternoon, just two days after the end of the first trading session of the year with a gain of 3.4%.
The boost means Musk now follows Amazon CEO Jeff Bezos by just $ 3 billion in net worth, according to the Bloomberg Billionaires Index.
Bezos has held the title of richest person in the world since 2017 and is currently worth $ 187 billion.
It comes after Musk overtook Bill Gates as the second richest person in November, a big leap for the entrepreneur who started 2020 at No. 35.
Musk has managed to increase his wealth by more than $ 146 billion in the past 12 months, despite the economic downturn caused by the coronavirus pandemic.
Tesla announced a series of profitable quarters throughout 2020 and joined the S&P 500, making the company one of the most valuable companies in the world.
Elon Musk is set to surpass that of Amazon CEO Jeff Bezos as the richest person in the world after an increase in Tesla shares raised his net worth to $ 184.5 billion.
Tesla shares had jumped 4.9% on Wednesday afternoon, bringing Musk’s net worth to $ 184.5 billion
On Saturday, Tesla Inc. reported better-than-expected 2020 vehicle deliveries, thanks to a steady increase in electric vehicle adoption, but narrowly missed its ambitious goal for a full year in a difficult year for the company. global automotive industry.
The company delivered 499,550 vehicles in 2020, above Wall Street estimates of 481,261 vehicles, according to Refinitiv data – but 450 units below CEO Elon Musk’s target of half a million vehicles.
Musk tweeted that he was ‘proud of the Tesla team for taking this major milestone’.
“When Tesla started, I thought we had (hopefully) a 10% chance of surviving,” he said.
Musk’s wealth has skyrocketed over the past 12 months. He’s now trailing Bezos by just $ 3 billion
On Twitter, kudos from upbeat supporters and investors poured in, congratulating the electric vehicle maker on its stellar year, which challenged broader auto industry trends in terms of falling sales, quarterly losses and disruption. of the global supply chain.
But some online investor accounts have criticized Tesla for saying he has achieved his goals.
Tesla said in early 2020 that it would “ comfortably exceed 500,000 units ” for the year, a target it has not changed despite the pandemic.
CFO Zachary Kirkhorn said in October that Tesla “ aims to meet (its) initial targets for 2020 ”.
Tesla recently reported that the company’s 2020 deliveries have exceeded expectations, with 499,550 vehicles delivered
Musk took to Twitter earlier this week to tout the accomplishment and celebrate Tesla’s survival
Tesla has placed its hopes in new markets such as Europe and Asia, with competition intensifying in its own territory as traditional automakers double their investments in the burgeoning EV space.
Tesla’s delivery push has been supported by its new plant in Shanghai, the only plant currently producing vehicles outside of California.
The automaker said production of the Model Y in Shanghai has started, with deliveries expected shortly.
Bloomberg reports that the Model Y will cost 339,900 yuan ($ 52,074) in China when sales begin in the country.
Meanwhile, the Model Y Performance car will cost 369,900 yuan ($ 56,620) in China.
In the United States, production of the Model Y takes place in Fremont, California, and delivery of the vehicle began in March 2020.
Tesla, based in Palo Alto, Calif., Said it delivered 180,570 vehicles in the fourth quarter, a quarterly record for the electric car maker, beating estimates of 163,628 vehicles.
The good sales news for Tesla ends a busy 2020 for Musk.
In May, his company SpaceX launched its first manned flight, becoming the first private company to put someone into orbit.
He has also been embroiled in a controversy over his views on pronouns, which has drawn criticism from many, including his partner, Grimes, who gave birth to their son in May.
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