Elon Musk, the world’s richest man and the celebrity CEO of Tesla, now has more money than the overall GDP or GDP of Pakistan. According to reports, the entrepreneur is very soon close to touching a net worth of $300 billion, making him the first person to do so. At present, his net worth is $292 billion. As per reports, in a harsh comparison, the GDP of Pakistan, which houses around 220 million people, stands at around $280 billion (at current market prices) in 2020-21. NS Celebrity CEO, Musk, previously added $36 billion to his fortune on October 25. It came after an announcement that Hertz Global Holdings Inc. is ordering 100,000 electric vehicles from Tesla.
The announcement is responsible for the highest single day earnings in the history of the Bloomberg Billionaires Index. Tesla shares jumped up to 13 percent on Monday. Elon Musk is now nearly $100 billion richer than Amazon CEO Jeff Bezos, who previously held the No. 1 spot on the Bloomberg Billionaires Index.
The comparison between Elon Musk’s current net worth and Pakistan’s GDP was highlighted by US-based journalist Edward Luce on Wednesday. “US-based journalist Edward Luce,” he wrote in a tweet.
For another context, Musk’s net worth now exceeds the market capitalization of Toyota, the world’s second largest automaker, which is currently valued at about $283 billion.
As Tesla Inc. shares soared after the announcement, the market capitalization of the electronic vehicle surpassed $1 trillion. Musk then wrote on Twitter, “Wild $T1mes!”
Tesla has now become the first automaker to join the elite club of trillion-dollar companies. This club includes Apple Inc., Amazon.com Inc., Microsoft Corp. and Alphabet Inc., which owns Google. According to a Bloomberg report, Elon Musk derives two-thirds of his net worth from the electric car company he co-founded in 2003.
However, the majority of Elon Musk’s net worth is tied to Tesla shares and options. To that end, some analysts believe the automaker’s shares are overvalued, according to the report.
Despite all this, the Tesla CEO had amplified his fortune by $119 billion this year. This comes after the recent surge in Tesla shares, which have been performing well over the past few weeks. At a time when investors remain interested in buying electric vehicles, Tesla’s stock price has climbed 45 percent this year.
However, an article published in the New York Times on Wednesday described Tesla as “very different” from other car companies. The auto maker’s junk bond rating means it has a higher yield but higher risk, the report said. “Tesla’s long-term debt of approximately $10 billion has recently been raised to BB+, one level below investment grade,” the article said. It also noted that Tesla’s earnings were “very low compared to others”. Sales for Tesla are estimated at about $6 billion, which is roughly one-fifth of Amazon’s earnings, the New York Times reports.
As far as Elon Musk is concerned, he also recently added $10.6 billion from SpaceX, the rocket company he founded in 2002. SpaceX’s valuation recently soared to $100 billion, making it the second most valuable private company in the world. per report. This huge valuation is the result of recent agreements with new and existing investors from insiders to sell up to $755 million in stock at $560 per share.
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