Musk overtakes Bezos on Forbes’ list of billionaires for the first time

The CEO of Tesla and SpaceX, Elon Muskled for the first time the annual list of billionaires from Forbesunseating the former president of Amazon, Jeff Bezoswho spent the last four years as the world’s richest person.

Musk, with an estimated net worth of $219 billion, has appeared on the list for a decade. His enormous wealth in recent years is attributed to his growing and volatile Tesla shares. Two years ago, Musk was number 31 in the world on the list of Forbes, with shares in his electric vehicle company at $72.24. A year later, his fortune grew into the billions, trailing Bezos’s by just $26 billion.

In 2012, when he debuted on the list, his net worth was estimated at $2 billion. Today, Musk is estimated to be $68 billion richer than he was just a year ago.

The number of billionaires in the world will shrink by about 100 people in 2022, maintaining a global net worth of US$12.7 trillion, down from US$13.1 trillion last year.

But the number of billionaires in the US has risen to 725 people, with a combined worth of $4.7 trillion, or about a third of the wealth of all billionaires in the world.

“The tumultuous stock market has contributed to steep declines in the fortunes of many of the world’s wealthiest,” explained Kerry Dolan, assistant wealth editor at Forbes. “Still, more than 1,000 billionaires got rich in the last year.”

A day after revealing that he owns a 9.2 percent stake in Twitter stock, the social media platform revealed in a regulatory filing that Musk will join its board of directors, giving the world’s richest man a seat on the company’s board until at least 2024.

“Through conversations with Elon over the past few weeks, it became clear to us that he would bring tremendous value to our Board,” Twitter CEO Parag Agrawal said on April 5.

Shares of the platform surged 35 percent following Musk’s announcement, adding hundreds of millions of dollars to his fortune, while his prominence on the platform, shaped by a media environment that relies on it, greatly inflated his role in the media and politics, continues to be used for its own benefit. His presence on Twitter has also drawn scrutiny from the US Securities and Exchange Commission.

Under the approach of the US president, Joe Biden, before Congress of a minimum tax for billionairesUS households worth more than $10 million would pay a 20 percent tax rate on income, as well as unrealized gains tied to other assets, such as stocks and bonds, that are currently not taxed until sold .

A investigation of ProPublica found that Musk did not pay federal income taxes in 2018; Bezos paid no federal income taxes in 2007 or 2011, according to the report.

It also showed that Musk paid a real tax rate of 3.27 percent, or $455 million, on his $13.9 billion wealth growth during the five-year period between 2014 and 2018.

Although his taxable income during that five-year period was $1.52 billion, he did not pay any federal income taxes in 2018, according to the report.

The Biden administration’s proposal “eliminates inefficient income shelter for decades or generations,” according to the White House.

At a news conference last month, the president said one-hundredth of one percent of Americans would be subject to the tax, which he called “fair, and raises $360 billion that can be used to reduce costs for families.” and reduce the deficit.

That proposal could impose a tax bill on Musk of at least $50 billion.

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Musk overtakes Bezos on Forbes’ list of billionaires for the first time