The race to become rich is still going on and now as per the latest update, Elon Musk outdated Mark Zuckerberg to become the world's third-richest. On Monday became the third richest person in the world. According to the Bloomberg Billionaires Index, Musk was worth $111.3 billion compared with $110.5 billion for Zuckerberg on Monday. The development came after the shares of Tesla rallied following a forward stock division. As Tesla shares surged almost 500 percent, there is a rise in Musk's wealth and his net worth grew by $87.8 billion this year.
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Also Monday, Jeff Bezos’s ex-wife MacKenzie Scott became the world’s richest woman, passing L’Oreal SA heiress Francoise Bettencourt Meyers. Scott, 50, who received a 4% stake in Amazon.com Inc as part of her divorce from founder Bezos, is now worth $66.4 billion. Tesla’s $464 billion market value now exceeds that of retail behemoth Walmart Inc, the largest company in the US by revenue. Last week, Musk joined Zuckerberg, Bezos and Microsoft Corp co-founder Bill Gates in the rarefied centibillionaire club as tech stocks rose.
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The heady pace of wealth accumulation in recent months is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering. The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to COVID-related layoffs. According to the report with Bloomberg, Tesla has been one of the largest beneficiaries of the retail investment boom during the coronavirus pandemic lockdown.
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