Amazon founder Jeff Bezos is no for a longer time the richest person in the entire world, following Tesla CEO Elon Musk’s fortune on Thursday rose to $188.5 billion, $1.5 billion more than Bezos.

Shares in electric powered carmaker Tesla rose by much more than 6 % on Thursday to thrust South African-born Musk into the major place, dethroning Bezos from the spot he has occupied for additional than a few a long time, according to the Bloomberg Billionaires Index.

Tesla’s market capitalization, a measurement of the company’s stock selling price multiplied by its number of shares, has been on a tear given that the commencing of past yr, soaring from about $80 billion in January 2020 to just more than $760 billion right now. Musk’s private fortune, which is tied to Tesla’s share price tag, rose by extra than $150 billion previous calendar year.

The new valuation is far more than eight instances the merged values of the traditional “Massive 3” U.S. automakers, GM, Ford and Fiat Chrysler.

In November, Musk leapfrogged previous Microsoft co-founder Bill Gates to turn into the world’s next-richest man, with $128 billion at that time. Musk’s huge personal fortune comes largely from possessing 20 per cent of Tesla and 54 % of his area transportation company SpaceX.

Tesla joined the S&P 500 in December, growing trading volume and volatility as the measurement of its market place cap forced buyers to rebalance their portfolios to compensate for its pounds in the index.

Meanwhile, Amazon’s shares have dipped from their September substantial of about $3,500 to about $3,200 as investors promote off anticipating the incoming administration less than President-elect Joe Biden will tighten tech regulation and lower into gains for the on line retail giant.

Musk’s cryptic and off-center tweets have accomplished minor to diminish investor fascination from reaching new highs and have as an alternative encouraged passionate fandom from on line followers who tout the stock on information boards and commit applying direct-to-client trading apps like Robinhood, the place it is a person of the most preferred equities to hold.

Neither has the consensus from traditional Wall Road analysts whose median concentrate on for Tesla is about $450 for every share, almost 50 % of its present value.

The U.S. obtained 56 new billionaires in between March and December final yr, according to the Institute for Plan Research, bringing the complete to 659. Their wealth jumped by a lot more than $1 trillion in the months considering the fact that the pandemic began.