Mr. Musk has tacked on over $100 billion to his net worth this year. Yep, that’s billion with a “b”. Surpassing Bill Gates as the world’s second-richest person, Musk has a $127.9 billion fortune compared to Gates at $127.7 billion. Make no mistake, Elon and Bill are in two completely different phases in their lives, and had Bill not handed over more than $27 billion of his fortune to the Gates Foundation starting in 2006, I’m not certain this would even be in the headlines.
But it begs the question; is this capitalism-as-usual? Tesla has an accumulated deficit of about $5 billion and was worth $43 billion dollars just a year ago. Yet, Elon’s net worth shot up $100 billion dollars in the same year Tesla infiltrated the S&P 500 [set to list on December 21, 2020]. That’s more than twice the size of the entire company. They’ve yet to corner even 1% of the auto market, and the market cap goes 10x in a year with the stock skyrocketing more than 520% YTD. Perfectly normal.
Btw, Jeff Bezos is still the world’s wealthiest person, with a fortune of $182 billion, up more than $67 billion this year. [Bloomberg]