Tesla CEO Elon Musk on Tuesday defeated Microsoft co-founder Bill Gates to become the world’s second richest person.
There has been a change in the shares of the electric carmaker, said Monday by the Trump administration, which began the transition process for a clean energy lawyer – President Elect Joe Biden.
According to the Bloomberg Billionaires Index, with the fortunes of both, Musk’s net worth has risen to an estimated $ 100 billion, moving from the gates for a few hours before settling in Tusk.
Musk’s vast personal fortune mostly comes from 20 percent of Tesla and 54 percent of his space transportation company SpaceX.
Earlier this year, the 49-year-old tech pioneer Announced He was going to sell all his “material possessions” and “none of his house”, saying that he no longer wanted to be attacked for being a billionaire.
Musk told podcast host Joe Rogan in May, “In recent years, the ‘billionaire’ has become a coworker. It’s a bad thing.” He has since sold some of his California properties to the market.
“I have a group of houses, but I don’t spend time in most of them,” Musk told Rogan. Someone might have been enjoying those houses and could use them better than me. “
Gates would still be ahead of Musk if it were not for his philanthropic efforts. According to the Chronicle of Philanthropy, Gates and his wife, Melinda, have donated close to $ 50 billion over the past 25 years. Musk has given around $ 100 million.
Although $ 54 billion still separates Musk from the No. 1 spot – held by Amazon founder and CEO Jeff Bezos, whose fortune is listed at $ 182 billion – next month on Tesla’s S&P 500 index Beginning can reduce that margin. Tesla hit $ 500 billion in market capitalization for the first time on Tuesday, and Musk’s net worth jumped nearly $ 20 billion over the past week.
The tech sector has been enriched throughout coronavirus-induced lockdowns with shares such as Amazon Surging since the epidemic of nearly $ 100 billion and the beginning of Netflix’s market capitalization.
Bezos’ personal fortune had risen by $ 67 billion in the previous year, and his ex-wife was the world’s richest woman at the time. As part of their divorce, McKenzie Scott, a novelist and philanthropist, acquired a 4 percent stake in Amazon.
Yet the Bloomberg Billionaires Index highlights the widening socioeconomic gap between Wall Street and Main Street in the US.
From 1989 to 2016, the wealth gap between the richest and poorest families in the US has more than doubled, according to the Pew Research Center, a trend that is now exacerbated by the epidemic. As CEOs like Musk and Bezos see their fortunes rise, small-business owners and millions of unemployed Americans are struggling to survive the economic crisis plagued by the epidemic.
While most billionaires on the Bloomberg list have created their wealth from stocks and not from their annual salaries, the growing salary gap between CEOs and workers has been a bone of contention for decades.
It also imposed an “overpaid executive tax” in San Francisco this month. Formally known as Proposition L, the ruling would tax any company that does business in San Francisco and has 100 times more earnings than its “normal local worker”.
Companies of top executives falling in this category will have to pay a 0.1 percent surcharge on their annual business taxes. Surcharge increases by 0.1 percent per factor of 100, exceeding 0.6 percent.
According to Bloomberg, Elon Musk is currently about 2 million times more than the average American household, while Jeff Bezos currently makes 2.6 million times.