Elon Musk is now the richest person in the world according to Bloomberg. He took down the number 1 spot from Amazon.com Inc.’s owner, Jeff Bezos who held the record since 2017. His shares increased by 7.9% according to Bloomberg’s Billionaires Index which ranks the 500 richest people around the world. Musk’s electric car company, Tesla increased its price share and the market value rose up this year hitting over $700 billion for the first time. Musk is a South-African born American entrepreneur. He co-founded and owns different giant firms such as electronic payment company, Paypal, aerospace company, SpaceX, and electric car company, Tesla.