Tech billionaire Elon Musk topped Forbes’ list of America’s 400 richest people on Tuesday, far surpassing the second-richest person in the country.
The magazine estimated Musk’s net worth at more than $251 billion. Far beyond second place is Amazon founder Jeff Bezos. Forbes said the former Amazon CEO was worth around $151 billion.
Musk’s fortune is $60.5 billion more than he had in 2021. As the world began to emerge from the coronavirus pandemic. It is a new record for the Forbes list.
The bulk of Musk’s wealth comes from automaker Tesla, the company he co-founded and continues to lead. Musk owns about a quarter of the company, and much of the rest of his net worth can be traced to space exploration company SpaceX, which has quadrupled in value over the past three years, according to Forbes.
Musk’s net worth has crossed the $300 billion mark twice in the past year. Largely thanks to fluctuations in Tesla’s stock prices.
Bezos now owns just under 10% of Amazon.
After disappearing from the list in 2021, former US President Donald Trump reappeared this year in 343rd place with an estimated net worth of $3.2 billion. Trump was backed by his recently launched Trump Media and Technology Group and its main competitor on Twitter, Truth Social.
Trump’s sale of his former namesake hotel in Washington, DC also boosted his fortunes, allowing him to repay a loan from Deutsche Bank and about $135 million, Forbes said.
But what’s dragging his financial fortunes down are the Trump Organization’s New York real estate holdings, which have been battered by the Covid-19 pandemic and have become the subject of a state investigation that turned into a lawsuit against the former commander-in-chief.