Elon Musk, a freelance businessman behind Tesla Inc and SpaceX, is now the richest man in the world.
A 4.8% rally of electricity shares on Thursday boosted Musk by surpassing the founder of Amazon.com Inc Jeff Bezos in the Bloomberg Billionaires Index, which ranks the world’s richest 500.
The total number of South African-born engineers was $ 188.5 billion at 10:15 am in New York, $ 1.5 billion more than Bezos, who has been in a position since October 2017. As CEO of Space Exploration Technologies Corp, or SpaceX, Musk is Bezos’ rival. , owner of Blue Origin LLC, in a private space race.
The archive lasts a typical 12 months for Musk. Last year his total value rose to more than $ 150 billion during the fastest growing wealth in history. Adding to his rise was the unprecedented rally for Tesla shares, which rose 743% last year with steady profit, inclusion in the S&P 500 Index and enthusiasm from Wall Street and investors selling similarly.

Tesla’s stock price volatility continues to put a year-long balance sheet apart from other automakers in many metrics. Tesla produced more than half a million cars last year, a small fraction of what has been released by Ford Motor Co and General Motors Co. The company is poised to achieve more in the near future as Democrats seize both seats in the Georgia Senate and offer Congress to a party that promotes faster adoption of electric vehicles.

Jeff Bezos’ fortune rose to $151.4 billion on Tuesday, a new record for Bezos and for all of the billionaires Forbes has tracked over the past three and half decades. On Monday Bezos’ net worth briefly climbed above $151 billion, but ended the day at $149.7 billion, according to Forbes Real Time Rankings.

Amazon shares rose 1.18% on Tuesday to close at $1,843.93, after a strong Prime Day, the company’s annual sale for members of Amazon Prime. Prime Day began at 3pm ET on Monday but the company’s website malfunctioned for several hours in the afternoon. Some users were unable to use the search function on the site to peruse items and others were not able to log into their accounts. Amazon reportedly resolved the issue late Monday night, according to Catchpoint, a firm that monitors’ retailers’ web performance.

“Prime Day sales in the U.S. continue to be bigger than ever,” an Amazon spokesperson said in an email on Tuesday. “In fact, in the first 10 hours, Prime Day grew even faster, year-over-year, than the first 10 hours last year.”

Research firm Coresight had estimated last week that Prime Day this year could generate $3.4 billion in spending, up more than 40% from last year. At 36 hours, this year’s “Prime Day” is slightly longer than last year’s, which was 30 hours for regular Prime members. Amazon also added four new countries, including Australia to this year’s sale.

Amazon’s stock has risen steadily this year, up 57.7% since Jan. 1, as of Tuesday’s close. In turn, Bezos’ net worth has skyrocketed by an estimated $45 billion this year; he owns 16% stake of e-commerce giant Amazon. Microsoft MSFT +0.37% cofounder Bill Gates, the number two richest on Forbes rankings, is worth about $58 billion less than Bezos, or $93.8 billion. Gates has donated more than $35 billion to charitable causes over the past several decades.

Bezos founded Amazon in a garage in Seattle in 1994. He first appeared on the Forbes 400 list of America’s richest people in 1998 with a net worth of $1.6 billion, a year after Amazon made its debut on the public market. He overtook Gates as the number one richest person on Forbes list of the World’s Billionaires in March this year and was the first person to reach a net worth of more than $100 billion.

Christian Sewing, currently co-deputy chief executive officer of Deutsche Bank, is to become the new CEO of Germany’s biggest lender, replacing John Cryan, Der Spiegel magazine reported on its website on Sunday.

A spokeswoman for Deutsche Bank declined to comment.

The German magazine said that Chairman Paul Achleitner will nominate Sewing at a hastily called board meeting on Sunday evening. Sewing would assume the helm at the company’s annual general meeting in May, the report  .

Deutsche Bank AG  is a German investment bank and financial services company, with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a large presence in Europe, the Americas, Asia-Pacific and the emerging markets. As of June 2017 Deutsche Bank is the 16th largest bank in the world by total assets. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a market share of 21 percent.