The epic run in Tesla’s stock price—shares took out the $800 barrier Thursday, just days after passing $700—has made Elon Musk the richest person on earth, edging out Amazon.com founder Jeff Bezos, according to the Bloomberg billionaires index.
Tesla’s CEO Elon Musk surpassed Jeff Bezos to be the world’s richest person and yesterday for the first time their shares surged to overtake Facebook’s stock market value for the first time.
Did you know that Elon Musk was an inspiration for the 2008s film ‘Iron Man’ as he was between space ships, electric cars and AI and making billions along the way.But it was never an easy journey for him; he went from getting bullied in school to becoming a small-time entrepreneur and eventually the CEO of two major companies that seem like they're straight out of science fiction.
How did he start his journey?
Musk joined Stanford University for a Phd in Applied physics and dropped out after 2 days to start his own company. His brother and him together launched the company Zip2 after borrowing $28,000. He used to sleep in his office to save rent money. 4 years later he sold his company to Compaq for $307 million in cash and $34 million in stock.
Instead of then drowning all his money on luxuries he took an extremely risky decision. At that time Electric cars are considered to be slow and ugly but a company called Tesla wants to change it, but while they are in a position of bankruptcy Elon Musk invested $80 million on Tesla Motors and became its CEO.
What does Elon Musk own?
From healthcare to energy to transport, here are 8 industries that are disrupted by Elon Musk
- Automotive: Tesla has boomed in 2020. Tesla is currently one of the most highly-valued carmakers in the world. Their cars are electric, bringing a sustainable lifestyle.
- Aerospace: SpaceX his venture into aerospace helped to create a freeway to mars, which reduced the cost of flying a spaceship a fraction of what it should cost. They are also working towards having more satellites into space.
- Telecommunications: Musk’s work in space (spaceX) could revolutionize how we get online, and provide fast, affordable internet for those without access.
- Energy: According to a utilities lobbying group, Musk’s efforts with Tesla and SolarCity could “lay waste to US power utilities and burn the utility business model.”
- Transportation: Tesla works on Musk’s proposed “fifth mode of transportation” which helps in building the best, low cost electric vehicles. Personal transport could eliminate car ownership entirely.
- Infrastructure/Tunneling: Musk’s boring company called ‘Hyperloop’ has helped to cut costs in the notoriously expensive tunneling industry. It also helps build more efficient transportation infrastructure. It also helps people to live in the place of their work thus also entering the real estate sector.
- AI: Open AI is into AI and Machine learning which has some of the best AI systems in the world currently.
- Healthcare: Musks healthcare company Neuralink ventures into prosthetics and it also looks into minimally invasive brain-machine interfaces that Neuralink is developing to create futuristic humans.
But why did Tesla’s stock jump?
Renewable energy stocks like Tesla are trading higher on Wednesday, likely due to speculation that Democrats have a chance at winning the Senate majority. With the party typically more willing to help subsidize growth in green energy than Republicans, investors may be speculating that a Democrat majority could lead to legislation that benefits Tesla.