Elon Musk, Tesla CEO, Becomes World’s second-wealthiest

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Elon Musk, the Tesla CEO, is the second wealthiest person with a total net worth of about $128 billion (£97 billion). His fortune has drastically grown following the increase in the value of Tesla, a company he founded 17 years ago. The electric car company he started is now valued at over $ 500 billion.

Musk, a 49 years old, has seen his wealth grow significantly following investors’ interest in the company stake. Investors from around the globe are rushing to buy shares in Tesla. So far this year, his wealth has increased by $100 billion.

Notably, approximately three-quarters of Musk’s wealth comes from the Tesla company, where he owns 20% of its shares.

The increase in the Tesla share price will be triggered further by governments’ total ban on combustion engine vehicles. Governments worldwide are committed to averting global warming and are encouraging the option of alternative renewable energy sources. So far, there is a significant demand for electric cars in China and Europe.

Musk’s wealth is expected to continue growing as the company’s share price continues to rise. He intends to build the company to a $650 billion worth company by 2028.

Lastly, Jeff Bezos, the founder of Amazon, remains the wealthiest in the world, now followed by Musk, the CEO of Tesla, at position two. Bill Gates, the Microsoft co-founder, is now at position three.

 

 

 

 

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Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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