Elon Musk became the worlds richest person in the with net worth of more than $185 billion.

The surge in the share price of Tesla propelled Musk past Jeff Bezos on Thursday, who has been the wealthiest individual since 2017 and is currently worth about $184 billion. The wealth explosion of Musk over the past year marks the fastest rise to the top of the rich list in history, and is a remarkable financial turnaround for the popular businessman who was in the headlines just 18 months ago for Tesla's rapid cash burn and his personal leverage against the stock of the company.

Musk started around $27 billion in 2020 and barely ranked among the top 50 richest people. 

Tesla's share price skyrocketed with more than nine times over the past year. Similarly, its generous pay package, has added more than $150 billion to its net worth. Tesla's shares closed on Thursday at $816.04, up almost 8 percent. The company's market value has increased to more than $760 billion.

In July, Elon Musk became seventh richest man passing Warren Buffett Musk  raced beyong Bill Gates to become the second richest man in November. Musk has gained more money over the last 12 months than Bill Gates' $132 billion net worth.

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Billionaire Elon Musk's SpaceX has raised $1.9 billion in new funding, according to a regulatory filing on Tuesday.

This would be the largest single fundraising round to date by SpaceX, according to PitchBook data.

Bloomberg, which reported about the funding round last week, said the private rocket company will have an equity value of $46 billion after the transaction, citing people familiar with the matter.

The funding comes as SpaceX races to build out its Starlink satellite constellation to offer broadband internet commercially by the end of 2020. The company launched its eleventh batch of satellites on Tuesday and operates over 600 satellites in low-Earth orbit.

SpaceX’s Crew Dragon capsule completed its first two-month mission carrying astronauts for NASA in early August, with plans to start routine crewed missions to the International Space Station in late October.

Source: Reuters

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Tesla Inc has obtained permission to start selling its Shanghai-made Model Y sports utility vehicle in China.

The Ministry of Industry and Information Technology published the approval on its website on Monday.

Tesla now sells its Model 3 electric cars in China and has been building new car manufacturing capacity in Shanghai to make its Model Y SUVs. It applied for the Shanghai-made Model Y SUV sales permission earlier this month.

It started delivering vehicles made in its Shanghai factory last December and sold more than 13,000 vehicles in China in October.

The company has started exporting China-made Model 3 cars to Europe and said last week it plans to also start making electric vehicle chargers in China in 2021.

Source: Reuters

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