Tesla market value crosses US$800-billion for the first time

This year, Musk was propelled forward by some $150 billion thanks to Tesla's popping share price.

So, what is the secret of his success?

That should enable Tesla to field a US$25,000 model in "three years-ish", Mr Musk said in September, adding, "it is absolutely critical that we make cars that people can actually afford". The Tesla CEO's net worth is estimated to be more than $185 billion, while Bezos' is about $184 billion, per CNBC.

"How Strange" tweeted Elon Musk reacting to the news that he has become the richest person on the planet.

"Musk's wealth surge over the past year marks the fastest rise to the top of the rich list in history - and marks a dramatic financial turnaround for the famed entrepreneur", the outlet reports.

Musk started 2020 with his worth about Dollars 27 billion and was barely in the top 50 richest people. The electric carmaker manufactured over half-a-million units a year ago, which is just a fraction of the output of automotive giants Ford Motor and General Motors.

The jump in Tesla's stock price further inflates a valuation light-years apart from other automakers on numerous metrics. He donated shares worth about US$680 million in November. It has gained another 10% so far over the first week of 2021. Musk now owns about 20% of the company and is heavily compensated in company stock.

But that was nothing compared to Musk's holdings in Tesla. These are securities stemming from grants he was given in 2012 and 2018 - and the 2018 grant was the largest pay deal ever reached between a corporate board and a CEO.

Shares of Tesla surged 5.9% to $800.43 in late morning trading, lifting the company's market capitalization above $750 billion.

Only six days into the new year the rankings have already been upended by extraordinary rallies.

Musk is also the primary shareholder and CEO of SpaceX, though SpaceX is privately held, so its value does not fluctuate as much as the value of Tesla.