Just when you thought the market couldn’t get any dumber, from Bloomberg:
Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet.
A 4.8 per cent rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.
The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race.
According to data we just pulled from S&P Global, that is exactly double what Tesla has made in aggregate revenues since Elon Musk took delivery of the first Roadster back in 2008.
It’s often said that democracies get the leaders they deserve, but in this case, investors have got the market they deserve.
And its divine leader is our Elon. All hail the king of efficient markets.