Elon Musk becomes the richest man in recorded history

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[Reading level: B2 – Upper Intermediate]

Last Monday, Elon Musk the billionaire tech entrepreneur became history’s wealthiest man ever and it is safe to say he rode that milestone in a Tesla.

 

Monday saw Tesla shares touching slightly more than 1000 USD to a new all-time high, recording a 12 percent growth. The rise in shares of the electric car giant was triggered by the announcement from Hertz regarding their plans to buy 100,000 Tesla vehicles for their rental car fleet. The press release from Hertz tells us that by early November next year Tesla’s Model 3 cars will be available for rent in the major US and European cities.

 

With Monday’s jump, Tesla has become the second-fastest company to achieve this milestone by managing to cross the Trillion mark in under 12 years. Facebook stands at the top of this list by achieving this feat under 9 years. Right now Tesla stands above Facebook in terms of valuation. Only a few companies- Apple, Microsoft, Alphabet has touched the Trillion mark along with Facebook and Tesla.

 

It is this rise in Tesla share prices that propelled Musk to further solidify his position as the richest man alive. He owns around 21 percent stake in Tesla, the company which he helped build. Musk also owns a stake in the privately-owned Rocket company – Space X.

 

Space X is said to be valued at $74 billion by investors and there that reports that its shares are being traded over at secondary markets at a $100 billion valuation.

 

Musk had become the world’s richest man by overtaking Jeff Bezos just a few months earlier. Now Musk is the richest man ever in the entire history of the civilized world. With the new stock price climb, it is estimated that Musk’s fortune rose by over 25.6 billion USD. As Tesla prices rose, Amazon shares dipped, further widening the difference between Bezos and Musk.

 

Forbes estimate that Musk’s fortune might be somewhere around $255.2 billion and has stated he is the richest man they have ever tracked. Musk is valued more than the combined assets of Facebook CEO Mark Zuckerberg and Larry Page the co-founder of Google.

 

While Musk’s own financial growth is incredible, the two companies he has set up are already changing the future trajectory of the world.

 

For Tesla and other electric car manufacturers, the Hertz order is the single largest order in the short history of electric cars. As more people are thinking about switching to Electric vehicles, Tesla is better suited to capitalize on this opportunity. So don’t be surprised when Tesla and Elon Musk soars into even higher planes of success.

 

Source: https://www.sciencenewsweb.net/elon-musk-becomes-the-richest-man-in-recorded-history/?fbclid=IwAR11FsB41Z2I68eTv_Ez7jTLiV_mVGLlYDeJ2WpjYwMSBDB0xuv8wHox0eY

WORD BANK:

entrepreneur /ˌɒn.trə.prəˈnɜːr/ (n): doanh nhân

it is safe to say (expression): có thể nói rằng

milestone /ˈmaɪl.stəʊn/ (n): cột mốc

trigger /ˈtrɪɡ.ər/ (v): gây ra

trillion /ˈtrɪl.jən/ (n): nghìn tỷ

feat /fiːt/ [C2] (n): thành tích

propel /prəˈpel/ (v): đẩy

solidify /səˈlɪd.ɪ.faɪ/ (v): củng cố

stake /steɪk/ (n): cổ phần

overtake /ˌəʊ.vəˈteɪk/ [C1] (v): vượt qua

civilized /ˈsɪv.əl.aɪzd/ (adj): ăn minh

fortune /ˈfɔː.tʃuːn/ [B2] (n): tài sản

dip [B2] /dɪp/ (v): giảm

incredible /ɪnˈkred.ə.bəl/ [B2] (adj): đáng kinh ngạc

trajectory /trəˈdʒek.tər.i/ (n): quỹ đạo

capitalize on /ˈkæp.ɪ.təl.aɪz/ (v): tận dụng

soar /sɔːr/ [C2] (v): vươn lên


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