It's an obscene concentration of wealth.Richer, Richest
Tesla shares are surging yet again and that has CEO Elon Musks net worth blasting past the competition, leaving the likes of Warren Buffet and Amazons Jeff Bezos in the dust.
By Monday, Musks riches rose to just over $335 billion, just over a third of a trillion dollars. The increase was the result of Tesla shares jumping some 8.5 percent on Monday, Bloomberg reports.
In many ways, its an obscene concentration of wealth. Just a tiny fraction of his riches could be used for philanthropic endeavors to great effect, especially when it comes to world hunger, asDavid Beasley, the director of the United Nations World Food Program (WFP), pointed out during a CNN interview last week.
Whats indisputable is that Musk is ascending to never-seen-before levels of personal wealth. The CEO billionaire is now three times richer than Buffet, a man who became the richest person in the world back in 2008 with a measly net worth of just $62 billion at the time.
Musks own riches made him the worlds richest person earlier this year for the second time, eclipsing Blue Origin CEOand space competitor and Bezos.
The news comes a week after rental car company Hertz announced a massive deal with Tesla involving the ordering of some 100,000 cars. But on Monday, Musk admitted on Twitter that hed like to emphasize that no contract has been signed yet.
The revelation had Tesla shares sliding, cutting back on some of the gains the company has made over the last week. Tuesday, shares dropped as much as 5.2 percent, according to Bloomberg.
Tesla is still up 56 percent in the last month alone and is now worth over $1 trillion as of Monday, though.
Similarly, Musks personal wealth is breaking records. The CEO just became the first person to be worth more than $300 billion last week, and now hes soared far past that.
The top one percent are amassing unprecedented amounts of money, an inflection point as levels of economic inequality continue to rise, particularly in the US.Where it all leads, at this point, is anyones guess.
READ MORE: Elon Musk Is Now Three Times Richer Than Warren Buffett [Bloomberg]
More on Elon Musk: Elon Musks World Hunger Tweet Is Taking the UN Wildly Out of Context
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Elon Musk's Net Worth Is Now Three Times That of Warren Buffett's - Futurism
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