Elon Musk is Now the Richest Person in the World

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Yesterday, Elon Musk passed Jeff Bezos to become the richest person in the world.

Bezos had been the richest person since 2017 and is currently worth around $184 billion. Yesterday's rally is Tesla shares pushed Musk's net worth past Bezos. Tesla shares were up more than 5 percent today as well making Musk's net worth well over $186 billion.

Musk's wealth has increased dramatically as investors have poured capital into Tesla. His rise to the top of the richest people list is the fastest in history. Musk's net worth at the beginning of 2020 was around $27 billion, barely scratching the pool of the top 50 richest people. Tesla shares being up more than 750 percent year-to-date skyrocketed his net worth.

Tesla's market capitalization is now more than 3/4 of a trillion. There are many skeptics regarding Tesla's ability to perform and produce at this valuation, but the stock is showing no signs of slowing down.

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Economics, Finance and Investing

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