Elon Musk is on track to become the richest person in the world after a wave of Tesla stock pushes his net worth to a whopping $ 184.5 billion.
The auto index stock price rose 4.9 percent Wednesday afternoon, just two days after ending the first trading session of the year with a gain of 3.4 percent.
The boost means Musk is now behind Amazon CEO Jeff Bezos by just $ 3 billion in terms of net worth, according to Bloomberg’s 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 significant leap for the entrepreneur starting in 35th place in 2020.
Musk 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 reported a string of profitable quarters in 2020 and joined the S&P 500, making the company one of the world’s most valuable companies.
Elon Musk is on track to surpass Jeff Bezos’s Amazon CEO as the richest person in the world after a wave of Tesla stock boosted his net worth to a whopping $ 184.5 billion.
Tesla’s shares were up 4.9 percent on Wednesday afternoon, bringing Musk’s net worth to $ 184.5 billion
On Saturday, Tesla Inc. better-than-expected car deliveries for 2020, driven by a steady increase in electric vehicle adoption, but narrowly missed its ambitious annual target during a tough year for the global auto industry.
The company delivered 499,550 vehicles in 2020, more than Wall Street’s estimates of 481,261 vehicles, according to data from Refinitiv – but 450 units eschew CEO Elon Musk’s target of half a million vehicles.
Musk tweeted that he was “proud of the Tesla team for reaching this important milestone.”
“At the start of Tesla, I thought we (optimistically) had a 10% chance of surviving at all,” he said.
Musk’s wealth has skyrocketed in the past 12 months. He is now only $ 3 billion behind Bezos
Congratulations from supporters and bullish investors poured in on Twitter, praising the electric vehicle manufacturer for its great year, which defied broader automotive industry trends of declining sales, quarterly losses and global supply chain disruptions.
But some online investor accounts criticized Tesla for saying it met its guidelines.
Tesla said in early 2020 that it would “ easily exceed 500,000 units ” for the year, a target that has remained unchanged despite the pandemic.
Chief Financial Officer Zachary Kirkhorn said in October that Tesla was “ aiming to achieve (its) original 2020 guidelines. ”
Tesla recently reported that the company’s 2020 deliveries exceeded expectations, with 499,550 vehicles delivered
Musk took to Twitter earlier this week to praise the achievement and celebrate Tesla’s survival
Tesla has pinned hope in new markets such as Europe and Asia, where competition in its home country is increasing as older automakers are doubling their investments in the booming EV space.
Tesla’s delivery effort was supported by its new factory in Shanghai, the only factory currently manufacturing vehicles outside of California.
The carmaker said production of Model Y has started in Shanghai and delivery is expected shortly.
Bloomberg reports that Model Y in China will cost 339,900 yuan ($ 52,074) when sales begin in the country.
Meanwhile, the Model Y Performance car in China costs 369,900 yuan ($ 56,620).
In the United States, Model Y production will take place in Fremont, California, with vehicle delivery commencing in March 2020.
Tesla, based in Palo Alto, California, said it delivered 180,570 vehicles in the fourth quarter, a quarterly record for the electric automaker, with more than an estimated 163,628 vehicles.
The good sales news for Tesla ends a busy 2020 for Musk.
In May, his SpaceX company launched its first manned flight, becoming the first private company to put someone into orbit.
He was also embroiled in controversy over his views on pronouns, which was criticized by many, including his partner, Grimes, who gave birth to their son in May.