Most of us have not had a particularly stellar year in 2020, thanks to a small virus that we all have become ill to hear about and the mortal and economic devastation it is still in the process of creating. But as we have seen repeatedly over the last nearly 12 months, the expansion of billionaire wealth has also taken place in the form of large population conflicts, and Elon Musk also had an unusually good fiscal year by those standards.
Musk saw its net worth rise to an incredible $ 142 billion during 2020. He started this year with a net worth of $ 28 billion according to CNW data, and now has a net worth of $ 170 billion. This rapid growth can be attributed to two major factors that also make Musk’s two most well-known public parts of his business life: his bets on Tesla and SpaceX.
Musk has about 20 percent of Tesla’s outstanding shares to his name, and as the company’s shares have gone up in market value, so has their net worth. He famously does not receive any kind of salary for his work as CEO of the company, instead receiving compensation in the form of massive financial incentives that are also linked to Tesla’s stock market value. This unusual gambling is part of the reason that Musk has been able to increase his wealth so effectively over the past year.
Then, there is the privately held SpaceX, a space exploration company founded by Musk. His stake in SpaceX is reported to be 48 percent, and thanks to the company (to say the least) favorable financial performance in 2020, including a successful growth valuation in August, Musk saw his wealth grow even more .
Musk has done very well for himself compared to other billionaires. In November, he saw his net worth climb with Facebook founder-founder Mark Zuckerberg, and less than two weeks after hitting that milestone, he climbed with Bill Gates, behind Amazon founder Jeffos Became second richest person in the world. . To put his staggering fiscal year in a different perspective, his net worth has increased over the course of 2o20 – $ 142 billion – much higher than Gates’ own net worth of $ 131 billion. In somewhat simplistic, minimalist terms, it took Musk just 12 months to build what Gates had spent decades accumulating, which tells you that Musk’s fiscal year 2020. It was so good.