Tesla Boss Elon Musk Dethrones Jeff Bezos To Become World’s Richest Person

January 08, 2021 03:21 AM AEDT | By Team Kalkine Media

Tesla Boss Elon Musk Dethrones Jeff Bezos To Become World’s Richest Person

Elon Musk’s Rise in 2020 Amid Pandemic

At a time when most businesses suffered because of the coronavirus pandemic, the year 2020 saw Elon Musk’s net worth surge by about US$ 150 billion. Driving his historical wealth creation was the Tesla stock rally, which ballooned over 743 per cent in 2020.

As investors flocked towards the electric vehicle company, Tesla shares zoomed to record heights to become Nasdaq-100 Index’s top price performer in November 2020.

Not much later, the EV manufacturer became the biggest company of all times to join the S&P 500 Index as it debuted on the benchmark bourse on December 21 last year.

On the financial front, Tesla Inc saw its total revenue of US$ 8.7 billion surge by 39 per cent year-over-year (YoY) in the third quarter of 2020. Its total gross profit in Q3 2020 catapulted by 73 per cent YoY to US$ 2 billion, while its net income (GAAP) stood at US$ 331 million. The company produced about 145,000 electric vehicles in Q3 2020.

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