It is an absurd concentration of wealth.
Richer, Richest
Tesla shares are soaring yet again, and CEO Elon Musk's net worth is exploding. This leaves Warren Buffett and Amazons Jeff Bezos behind.
Musk's wealth rose to just above $335 billion Monday, which is just over a third trillion dollars. Bloomberg reports that Tesla shares rose 8.5 percent Monday to account for the increase.
It is a shocking concentration of wealth in many ways. Only a small fraction of his wealth could be used to philanthropic endeavors to great success, especially when it is about world hunger as David Beasley (director of the United Nations World Food Program) pointed out in a CNN interview.
It is clear that Musk is achieving unimaginable levels of personal wealth. Buffet was the richest man in the world in 2008, when he had a net worth of $62 billion. The CEO billionaire is now three-times richer than Buffet.
Advertisement
Advertisement
Musk's wealth made him the richest person in the world earlier this year, surpassing Blue Origin CEO and Space competitor Bezos.
Breaking Hertz
This news comes just one week after Hertz, a rental car company, announced a huge deal with Tesla that would see the order of approximately 100,000 vehicles. Musk, however, admitted Monday on Twitter that he would like to stress that no contract had been signed yet.
Tesla shares plunged following the revelation, reducing some of the gains made by the company in the past week. Bloomberg reports that shares fell as high as 5.2 percent Tuesday.
Tesla's stock is up 56 percent over the past month and now stands at $1 trillion.
Advertisement
Advertisement
Musk's personal wealth is also breaking records. Musk is now the first person to have a net worth of more than $300 billion.
As economic inequality continues to rise in the US, the top one percent have amassed unprecedented wealth. It is impossible to predict where it will all lead at this point.
READ MORE: Elon Musk is Now Three Times Wealthier Than Warren Buffett [Bloomberg]
Elon Musk's World Hunger Tweet is Taking the UN Wildly out of Context
Advertisement
Advertisement
Do you care about clean energy adoption? Learn how much money and planet you could save by switching to solar power at UnderstandSolar.com. UnderstandSolar.com can show you how much money and planet you could save by switching over to solar power. Futurism.com might earn a small commission if you sign up via this link.
