As his wealth continues to rise at an incredible pace, Elon Musk has become the wealthiest person on the planet, officially surpassing Amazon AMZN +0.7 percent CEO Jeff Bezos.
Shares of the electric vehicle producer Tesla TSLA +7.8 percent improved by another 8.2 percent at 11:30 a.m. EST on Friday, driving Musk's net worth up $12.5 billion to $189.7 billion. That makes him the wealthiest person in the world, according to Forbes' reports.
While Bloomberg announced earlier this week that Musk had become the wealthiest individual in the world on Wednesday, according to Forbes' estimates, Tesla Chief did not officially take the number one spot until Friday morning. It's about $5 billion ahead of former world leader Jeff Bezos, who has a net valuation of $185 billion at 11:30 a.m. EST.
Musk first overtook Facebook FB-0.4 percent CEO Mark Zuckerberg (who is worth $96.9 billion today) to become the world's fourth-richest human in early November. It then surpassed Microsoft MSFT +0.6 percent co-founder Bill Gates (now worth $122 billion) for number three. Musk leaped over French luxury tycoon Bernard Arnault ($154.8 billion today) to become the world's second-richest person a month back.
Tesla's billionaire CEO had accrued $165 billion to his fortune since March 2020, when he was worth $24.6 billion. Most of this rise is attributed to Tesla's increasing share price, which increased by more than 720 percent in 2020. In the first week of 2021, it added another 20%.