Tesla’s billionaire cofounder and CEO, Elon Musk, overtook Facebook CEO Mark Zuckerberg & Microsoft Co-founder Bill gates to become the world’s third-richest person on Wednesday, as Tesla’s stock continued to skyrocket following news that it will be added to the S&P 500 Index late next month. Currently world’s richest man is Amazon CEO Jeff Bezos at net worth of $ 182.4 billion and LVMH CEO Bernard Arnault & family at $ 140.6 billion.
Shares of the electric-vehicle maker surged nearly 10% as of 2:25 p.m. EST on Wednesday, pushing Musk’s net worth up by $6.6 billion, to $ 126.2 billion. That makes him the third-richest person in the world, according to Forbes’ estimates, surpassing Gates, who has a net worth of $ 119.4 billion.
Musk’s fortune has grown at an astonishing rate this year, with Tesla’s stock up more than 460% in 2020. That has massively boosted Musk’s net worth, which has risen by nearly $76 billion since Forbes finalized its World’s Billionaires list on March 18, when he had a fortune of $24.6 billion. He owns a 21% stake in Tesla, and his rocket company, SpaceX, was valued at $46 billion by investors in August.
Tesla’s stock has been on an upswing ever since news that the company will be added to the S&P 500 Index on December 21. S&P Global first made the announcement after the closing bell on Monday. Shares of Tesla subsequently climbed more than 8% on Tuesday, lifting Musk’s net worth by about $6 billion.
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