American business magazine Forbes has ranked SpaceX and Tesla CEO Elon Musk as America’s second richest person in Forbes 400.
What is Forbes 400?
Since 1982, Forbes annually creates a list known as ‘Forbes 400’ which tells us about the wealthiest 400 American citizens who own assets in the U.S. The list is ranked by net worth.
The magazine displays the story of someone’s rise to fame, their company, age, industrial residence, and education. The list also portrays the financial shift of trends, leadership positions, and growing philanthropy intentions.
The 2021 Forbes 400 said that the U.S. billionaires mentioned in the list are richer than ever before. Also, the cutoff to make the list jumped more than it ever has.
The magazine stated that although the wealthiest Americans saw their collective fortune increase 40% over the last year, their generosity hasn’t shown any improvement.
The American who topped the list was Amazon and Blue Origin founder Jeff Bezos with a net worth of $201 Billion. In terms of philanthropy, he has a score of 1.
Forbes Lists Elon Musk As Second Richest American
On the second rank of the Forbes 400 was cryptocurrency enthusiast Elon Musk. The magazine stated that he is working to revolutionize transportation both on Earth, through electric car maker Tesla and in space, via rocket producer SpaceX.
He has a net worth of $190.5 Billion and also has a philanthropy score of 1. Musk’s net worth rose from $24.6 Billion in April 2020 to $190.5 Billion in October 2021.
— Forbes (@Forbes) October 5, 2021
Tesla was able to beat expectations and log its eighth straight quarter of profitability. However, the company faced supply chain challenges and losses from its bitcoin investment.
Supply chain challenges, the global shortage of semiconductor chips, and congestion at ports were two factors that affected its business in the second quarter, as per TechCrunch.