Elon Musk becomes world's richest person as wealth tops $185bn

[Burnt Reynolds 5,058]

That was pretty fast. 

 

 

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The Tesla and SpaceX entrepreneur was pushed into the top slot after Tesla's share price increased on Thursday.

He takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017.

Mr Musk's electric car company Tesla has surged in value this year, and hit a market value of $700bn (£516bn) for the first time on Wednesday.

That makes the car company worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.

 

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To believe the electric car-maker's worth could rise so rapidly in just 12 months is the ultimate example of irrational exuberance.

It means that Musk will have to show within the next five years that Tesla can make more profits than just about the whole of the rest of the motor industry combined to justify the valuation.

Mind you, his many fans will point out that the somewhat eccentric tycoon has constantly confounded the sceptics who bet that he would go bust.

And of course 20 years ago another tech visionary was staring disaster in the face when the dot com bubble burst and big profits seemed a distant dream - but Jeff Bezos went on to make those who bet on Amazon very rich indeed.

 

 

 

https://www.bbc.com/news/technology-55578403

 

[Crtcl Rice Theory 2,432]

The stock valuation is insane, Tesla is worth more than all Autocompanies combined and they don't even own the best battery tech.  I left money on the table by bailing in November, but feel better not worrying about a guy wrenching drop. Oh well, if I cannot explain to my Dad why I am in a stock, it's time to get out.