Musk Is the World's Richest... Tesla Nears Surpassing Facebook

Tesla Stock Hits $800 for the First Time Amid Continuous Rally
Biden's Green Policies Boost Expectations and Drive Gains
Musk Surpasses Bezos to Become World's Richest Person
Tesla Approaches Facebook Market Cap... Poised to Enter 5th Place in US Market Cap Rankings

[Asia Economy New York=Correspondent Baek Jong-min] The pro-environment policies of the new U.S. administration under Joe Biden have propelled Elon Musk, CEO of Tesla, to become the world's richest person. Tesla's stock price entered the $800 range for the first time ever, reaching a level virtually equal to Facebook's market capitalization, with an overtake expected soon.

[Image source=AP Yonhap News]

CNBC reported on the 7th (local time) that Musk's net worth has surpassed Jeff Bezos, CEO of Amazon, with $185 billion (approximately 202 trillion KRW) compared to Bezos's $184 billion (approximately 201 trillion KRW).

Bezos had held the title of the world's richest billionaire since October 2017. Although Amazon's stock surged due to benefits from the COVID-19 pandemic, significantly increasing his wealth, Bezos failed to fend off Musk's rapid pursuit.

At the beginning of last year, Musk's net worth was only $27 billion, barely placing him within the top 50, but the sharp rise in Tesla's stock price changed the situation.

Last year, Tesla's stock price soared more than 740%, while Amazon's stock has shown weakness since the end of last year.

Tesla's stock price rose 6.5% today, trading at $805. This is the first time Tesla's stock price has entered the $800 range.

Amazon's stock price also showed an increase in the 2% range but lagged behind Tesla's rise.

With today's stock price increase, Tesla's market capitalization has reached $763 billion. Facebook's market capitalization stands at $767.2 billion. The market caps of the two companies have effectively reached the same level.

Given the recent strength, expectations are rising that Tesla's overtaking of Facebook is imminent. If Tesla's market capitalization surpasses Facebook's, it will rank 5th in the U.S. market capitalization rankings, following Apple, Microsoft, Amazon, and Alphabet.