Jan. 7 (UPI) -- Elon Musk became the world's richest person Thursday with a net worth of more than $185 billion.
Acting as CEO and product architect of Tesla, and founder and CEO of SpaceX, Musk began 2020 with a net worth of about $27 billion, placing him barely among the 50 richest people in the world.
Musk added more than $150 billion to his net worth over the past year as Tesla stock shot up in price and he received an extensive pay package.
Tesla stock surged 743% in 2020 after reporting consistent profits, and shares have gained more than 23,900% since its initial public offering in 2010.
The stock also debuted on the S&P 500 index on Dec. 21.
Musk's rise in wealth comes after he was forced to step down as chairman of Tesla's board in 2018 as part of a settlement with the Securities and Exchange Commission after tweeting he was exploring taking the company private at $420 per share.