When it comes to grabbing the title as the "world's wealthiest person," billions are at stake, and Elon Musk has just unseated Jeff Bezos, the long-standing holder of the title.

Bloomberg Billionaires Index revealed that Tesla's Elon Musk has exceeded the personal wealth of Jeff Bezos, the founder of Amazon.com Inc., an has become the world's richest person. Musk's total net worth has shot up to $195 billion from his approximately $30 billion net worth about a year ago.

WSJ reported that Musk's wealth exceeded Bezos' wealth by $10 billion, which put the CEO and product architect of Tesla Inc., at the top spot. For three years, the reins have been held by Bezos, but the stocks of Amazon were up by less than one percent, while those of Musk's Tesla rose by eight percent, putting the latter in the lead.

The electric car company surged in value to $700 billion on Wednesday. This happened for the first time, which may have also led Musk to tweet on the same day, "How strange." He did not dwell on it much though, as the second tweet was, "Well, back to work."

While billions may be a bit unimaginable, the present worth of the car company means a combination of the values of several automobile makers namely, GM, Ford, Hyundai, Toyota, and Volkswagen. Musk's company is worth more than all these five companies combined.

The current political landscape is also working favorably for the electric car company. One analyst with Wedbush Securities, Daniel Ives, wrote that a Blue Senate is a potential game-changer for Tesla, considering that in the next few years, there will be a more green-driven agenda.

BBC reported that Musk has a pinned tweet on top of his feed, which coincides with the drive for a more eco-friendly agenda. He states that about half of his money is intended to help problems on Earth and that half of it is to help establish a self-sustaining city on Mars. For Musk, this would be to ensure that there would be a continuation of life for all species in the event that Earth will be hit by a meteor or WW3 happens.

Tesla CEO Elon Musk now richest man in the world. Photo: Pixabay

As for Bezos, the four percent stake in the business that he gave his wife Mackenzie Scott after their split took a big chunk off his wealth. It was among the factors that helped propel Musk to the top spot.