His personal fortune has shot up by more than $15 Billion after an eventful week for the tech billionaire CEO Elon Musk. Musk’s rocket company launched four astronauts into space and his electric carmaker Tesla Inc. was named for inclusion in the S&P 500.
The last bit of news added the equivalent of rocket fuel to his fortune. Musk, 49, is poised to become the world’s third-richest person; leapfrogging Mark Zuckerberg, after his net worth swelled by more than $15 billion in extended trading.
Tesla, whose stock closed at $408.09 surging about 14% at 6:20 pm in New York, lifted Musk’s net worth to $117.5 billion, according to the Bloomberg Billionaires Index. His wealth has jumped $90 billion this year, the biggest gain on the ranking of the world’s 500 richest people. Tesla will enter the S&P 500 on 21st December 2020 following months of speculation and one temporary setback. Its stock had failed to make the cut during the index’s quarterly rebalancing in early September.
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Tesla would be the biggest new entrant in the group’s history. On Saturday, Musk tweeted that he ‘most likely’ had a moderate case of Covid-19 and has had symptoms of ‘a minor cold.’ The next day, he tweeted he had no symptoms.
That same day, four astronauts were launched to the International Space Station in a vehicle built by Musk’s Space Exploration Technologies Corp. “(Tesla) will be one of the biggest weight adds in the last decade to the S&P 500; and will also produce one of the largest financing trades in the history of the S&P 500,” said an S&P Dow Jones Indices spokesperson.
Despite manufacturing a fraction of the cars manufactured by its larger competitors, Toyota, VW, and General Motor; the California carmaker has become the most valuable car manufacturer in the world.
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