Elon Musk Surpasses Jeff Bezos as World's Richest Man

Elon Musk is officially the world's richest man. Recently surpassing Amazon founder Jeff Bezos, Musk is now worth $191 billion. This is a result of the rise of Tesla shares by 6% on Thursday, bringing the value of his holdings and options up by $10 billion, according to CNN.

Bezos' Amazon shares grew just under 2% for a $3 billion increase, putting his net worth at about $187 billion. With Musk and Bezos in first and second place, Bill Gates is now in third with $132 billion. While so many businesses suffered around the world as a result of the pandemic in 2020, both Bezos and Musk profited by a lot.

Last year, the stake in Amazon increased by $75 billion for a total of $173.3 billion as a result of people buying online more due to lockdowns and safety concerns. However, Tesla surpassed Amazon by an increase of $106 billion while shares shot up 743%. Musk has made a quick jump to the number one spot because before November he was still in third place, but surpassed Gates that month. Since then, Tesla shares have increased by 45%, pushing him to be the world's richest man.

While Bezos and Musk have gained great earnings throughout such a tumultuous time for millions around the globe who are struggling financially, Bezos' ex-wife Mackenzie Scott recently revealed that she gave away $4.2 billion to charity in a matter of four months. According to CBS News, the billionaire claims his ex-wife increased her charitable donations due to the "wrecking ball" trickle effect of the coronavirus. However, Scott noted that the pandemic "substantially increased the wealth of billionaires" therefore she felt the need to increase the amount she was giving back.

Scott recently signed the Giving Pledge, which was started by Warren Buffett in 2019. She is giving so much back because the organization was designed to encourage those with such financial status to donate most of their wealth to worthy causes. Chuck Collins, the director of the charity reform initiative at the Institute for Policy Studies, complemented Scott's charitable efforts, noting that who she's surrounding herself with may have a positive impact on her financial decisions.

"Scott, a newcomer on the billionaire wealth scene, has surrounded herself with advisors that come from under-resourced communities, not the folks that typically sit on foundation boards," he said before adding, "As a result, the bulk of these gifts are the works of mercy during this pandemic — food banks, direct social service organizations, emergency funds, and support services for the most vulnerable."