NextGen Day

Elon Musk, a tech billionaire, came in first place on Forbes’ list of the 400 richest individuals in the US on Tuesday, surpassing the second-richest citizen by a wide margin.

The magazine put Musk’s net worth at more than USD251 billion, significantly exceeding that of Jeff Bezos, the creator of Amazon, who came in second. According to Forbes, the former CEO of Amazon is valued at over USD 151 billion.

Musk’s wealth had increased by USD60.5 billion since 2021, when the globe started recovering from the coronavirus outbreak, setting a new record for the Forbes list.

Musk co-founded and now leads the automaker Tesla, where most of his wealth comes from. According to Forbes, Musk owns around 25% of the business, and most of the remaining portion of his net worth is owed to the space exploration company SpaceX, whose value has increased fourfold over the last three years.

Over the past year, Musk’s net worth has twice surpassed the USD300 billion threshold, mostly due to changes in the price of Tesla stock.

Bezos currently owns just under 10% of Amazon.

Former US President Donald Trump returned to the list in 343rd place with an estimated net worth of USD3.2 billion after dropping off in 2021. Trump’s freshly established Trump Media and Technology Group and its top Twitter rival, Truth Social, have encouraged him.

According to Forbes, Trump’s fortunes were further improved by selling his previous namesake hotel in Washington, D.C., which allowed him to repay a loan from Deutsche Bank and about USD135 million.

The Trump Organization’s real estate holdings in New York City, which have been harmed by the Covid-19 outbreak and are the subject of a state investigation that has since turned into a lawsuit against the former president, are what is bringing his financial fortunes to a lower level.

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