Elon Musk Now World's Richest Man

Tim Healey
by Tim Healey
elon musk now world s richest man

Move aside, Jeff Bezos, as Elon Musk is now the world’s richest man. At least according to CNBC.

His net worth is now $185 billion, thanks to increases in Tesla’s share price.

Musk started last year with $27 billion and was barely in the top 50 of the world’s richest people. So, unlike most of us, Elon had a good 2020.

This is because Tesla’s share price has increased more than ninefold in that time. The company is now worth more than $760 billion.

While Musk also owns SpaceX and has plenty of other things going on in his career, Tesla is what’s providing all the cash right now.

Yes, Tesla – an automaker that only makes four vehicles, most aimed at luxury buyers – vehicles that have been plagued with reliability issues. An automaker that’s had all sorts of production problems.

Musk’s hype of the brand probably hasn’t hurt – despite his misleading statements about Tesla offering full autonomy – Tesla’s autonomous systems are NOT fully self-driving. He’s prone to controversial statements and has an army of stans ready to defend Tesla against any criticism (god help the poor journo who writes a poor review of a Tesla model or an article even mildly critical of the company).

Tesla doesn’t even need a PR team to get love from the stock market, I guess.

A generous pay package for Musk apparently put him over Bezos, as CNBC notes that Forbes still has Bezos ahead in the horserace.

Whatever man, says I, the auto journo, typing this on a dining-room table that his parents bought when he was in high school.

Brother Elon, can you spare $100K?

[Image: Elon Musk via Musk’s Twitter account]

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  • FreedMike This article fails to mention that Toyota is also investing heavily in solid state battery tech - which would solve a lot of inherent EV problems - and plans to deploy it soon. https://insideevs.com/news/598046/toyota-global-leader-solid-state-batery-patents/Of course, Toyota being Toyota, it will use the tech in hybrids first, which is smart - that will give them the chance to iron out the wrinkles, so to speak. But having said that, I’m with Toyota here - I’m not sold on an all EV future happening anytime soon. But clearly the market share for these vehicles has nowhere to go but up; how far up depends mainly on charging availability. And whether Toyota’s competitors are all in is debatable. Plenty of bet-hedging is going on among makers in the North American market.
  • Jeff S I am not against EVs but I completely understand Toyota's position. As for Greenpeace putting Toyota at the bottom of their environmental list is more drama. A good hybrid uses less gas, is cleaner than most other ICE, and is more affordable than most EVs. Prius has proven longevity and low maintenance cost. Having had a hybrid Maverick since April and averaging 40 to 50 mpg in city driving it has been smooth driving and very economical. Ford also has very good hybrids and some of the earlier Escapes are still going strong at 300k miles. The only thing I would have liked in my hybrid Maverick would be a plug in but it didn't come with it. If Toyota made a plug in hybrid compact pickup like the Maverick it would sell well. I would consider an EV in the future but price, battery technology, and infrastructure has to advance and improve. I don't buy a vehicle based on the recommendation of Greenpeace, as a status symbol, or peer pressure. I buy a vehicle on what best needs my needs and that I actually like.
  • Mobes Kind of a weird thing that probably only bothers me, but when you see someone driving a car with ball joints clearly about to fail. I really don't want to be around a car with massive negative camber that's not intentional.
  • Jeff S How reliable are Audi? Seems the Mazda, CRV, and Rav4 in the higher trim would not only be a better value but would be more reliable in the long term. Interior wise and the overall package the Mazda would be the best choice.
  • Pickles69 They have a point. All things (or engines/propulsion) to all people. Yet, when the analogy of being, “a department store,” of options is used, I shudder. Department stores are failing faster than any other retail. Just something to chew on.