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How Elon Musk Became The Richest Person in The World for 2022?

Richest Person in The World: After four years at the top of Forbes’ annual list of the World’s Billionaires, Elon Musk has replaced Jeff Bezos as the new number one. According to Forbes, Elon Musk, who is the CEO of both Tesla and SpaceX, is worth $219 billion, which is $48 billion more than Bezos, who is ranked second.

Elon Musk is believed to be $68 billion richer than a year ago, despite selling billions of dollars of Tesla stock late last year and owing taxes on the profits. (For the 2022 list, Forbes used stock prices and currency exchange rates from March 11, 2022, to compute net worths.)

In comparison to his predecessor, Microsoft’s Bill Gates, Bezos’ reign as the world’s richest person was brief. From 1995 to 2017, Gates held the top rank for all but five years – Warren Buffet stole the show for a year during the financial crisis of 2008 with shrewd investments, while Mexican telecom billionaire Carlos Slim Helu matched Bezos’ four-year run from 2010 to 2013.

Forbes has issued a list of the world’s highest-paid individuals.

Forbes compiled a list of more than 2,000 billionaires from around the world and discovered that over 1,000 of them increased their riches this year compared to 2021. The lengthy list, which was released on Wednesday, also includes nearly 200 first-time billionaires.

The Richest Person in The World

Melinda French Gates of Microsoft has a net worth of $6.2 billion, Trudy Cathy White of Chick-fil-A has a net worth of $4.6 billion, Grammy-winning singer Rhianna has a net worth of $1.7 billion from her music and cosmetics, and Jenny Just of Fintech (finance and investments) has a net worth of $1.5 billion.

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According to Forbes, the United States still has the most billionaires in the world, with 735 billionaires and a combined net worth of $4.7 trillion.

The wealthiest people’s net worth was calculated using stock prices and exchange rates as of March 11 by the financial global media firm.

Forbes’ List of The World’s Wealthiest People for 2022

The Richest Person in The World

1) Elon Musk, United States, $219 billion, Tesla, Space X

2) Jeff Bezos, Amazon ($171 billion), United States

3) Bernard Arnault and his family, France ($158 billion)

4) Bill Gates, Microsoft, United States ($129 billion)

5) Warren Buffett, Berkshire Hathaway, United States ($118 billion)

6) Larry Page, Google, United States ($111 billion)

7) Sergey Brin, Google, United States ($107 billion)

8) Larry Ellison, a software mogul worth $106 billion in the United States

9) Steve Balmer, Microsoft, United States, $91.4 billion

10) Mukesh Ambani, India’s richest man, with a net worth of $90.7 billion.

Elon Musk The Richest Person in The World For 2022

Bezos also took twice as long to reach the ranks as Musk. Bezos appeared on the list in 1998 with a $1.6 billion wealth after taking Amazon public in May 1997. With a net worth of $2 billion, Musk first appeared on Forbes’ billionaire’s list in 2012.

Two years after his electric car company went public in 2010, it appeared that his rocket company might follow suit. However, a decade later, SpaceX is still privately held, with shares in the secondary market valued at more than $100 billion in October, up from $74 billion in February.

Musk’s aerospace firm flew the world’s first all-civilian crew into orbit last October, despite Bezos having personally departed Earth before him (Musk still hasn’t traveled to space).

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Tesla’s soaring (and unpredictable) stock price, on the other hand, is responsible for Musk’s status as the world’s richest person. He owns about 21% of the company but has put up more than half of it as security for loans. Even after discounting his holdings to account for the loans, Forbes believes his shares and vested options were worth $183 billion as of March 11.

Musk has been on Forbes’ list of the world’s billionaires for a decade, but his fortune has increased dramatically in the previous two years.

Tesla’s stock price was $72.24 a share when Forbes released its 2020 World’s Billionaires List on March 18, 2020. With a net worth of $24.6 billion ($88.4 billion behind Bezos), Musk was ranked 31st in the world.

After Tesla’s stock price soared more than eightfold, boosting Musk’s fortune by $126 billion, Musk trailed Bezos by only $26 billion a year later, breaking the record for the largest one-year gain of any billionaire Forbes has ever monitored.

The Richest Person in The World

Despite widespread automotive chip shortages (Tesla produces its chips in-house with a new material technology called silicon carbide that reduces reliance on pure silicon), stricter regulation of Chinese user data the company uses to refine its self-driving systems (Tesla set up a nexus in China), and tighter regulation of the company’s self-driving systems (Tesla set up a nexus in China), Tesla shares have continued to climb, gaining another.

Musk surpassed Bezos as the world’s richest person in late September 2021, after Tesla shares rose, making him the third person ever to be worth at least $200 billion (after Bernard Arnault and Bezos). When contacted for comment, Musk wrote to Forbes, “I’m sending a gigantic statue of the digit ‘2’ to Jeffrey B., along with a silver medal.”

Musk briefly became the first (and second) person ever to be worth $300 billion or more as Tesla’s market capitalization surpassed $1 trillion twice – in November 2021 after car rental giant Hertz announced it was buying 100,000 Teslas for a reported $4.2 billion, and again in January when Tesla beat analysts’ delivery projections for 2021.

Wedbush managing director and senior equity analyst Dan Ives said, “We’re truly seeing a [electric vehicle] arms race play out.” “Tesla is years ahead of the pack in terms of battery technology…but there’s a target on Tesla’s back.”

Musk is set to receive at least one more large sum of money in the near future. 19.5 million of the 127.7 million Tesla options he received over the last decade are still unvested, totaling $14.3 billion as of March 11 (not included in Forbes’ net worth estimate because they haven’t yet vested). However, if the corporation meets specific performance targets, all of those options might vest as early as April.

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Musk did tweet in December that he was “thinking of quitting [his] employment & becoming an influencer full-time,” despite the fact that the majority of his fortune is still tied to Tesla’s stock price. Even so, Tesla’s stock surged the next day.

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