Tesla’s Elon Musk Is Now The Fifth Richest Person In The World

White Tesla Car
  • Musk’s net worth reached $74 billion as of Monday afternoon that made him the fifth-richest person on the planet.
  • The sudden and spectacular rise of Tesla, however, has propelled him near the very top of the world’s richest people.
  • Earlier this month, Musk said that by the end of 2020, Tesla will deliver fully autonomous self-driving cars, an assertion that was met with skepticism by an automotive industry accustomed to Musk’s heaping of hype on the self-driving technology capabilities.
  • Visit The Financial Today’s homepage for more stories.

The meteoric rise of Elon Musk’s wealth has continued this month, as he has soared past luminaries like Warren Buffett and Steve Ballmer. Musk’s net worth reached $74 billion as of Monday afternoon that made him the fifth-richest person on the planet.

In 2012, Elon Musk was at the 190th spot of the wealthiest American with a net worth of $2.4 billion. On January 1 this year, he was the 37th richest person on earth.

The sudden and spectacular rise of Tesla, however, has propelled him near the very top of the world’s richest people. The surge in Tesla has confused some investors, considering it is far smaller than its competitors, and it has only recently started to record quarterly profits.

In the first quarter, Tesla produced 103,000 vehicles; during this same period, Toyota produced 2.4 million vehicles. US automakers General Motors and Ford produced ten times more sales in 2019 than Tesla. Late last month, Morgan Stanley analysts cautioned that Tesla stock, then trading at around $1,000 per share, was “grossly overvalued and set to plunge.”

Earlier this month, Musk said that by the end of 2020, Tesla will deliver fully autonomous self-driving cars, an assertion that was met with skepticism by an automotive industry accustomed to Musk’s heaping of hype on the self-driving technology capabilities. Musk hasn’t sold Tesla shares since 2010.

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