Elon Musk now World’s Second Richest Man as Tesla Stock breaks $500B
As of Tuesday, 24th November 2020, Tesla & SpaceX CEO Elon Musk overtook Bill Gates in become world’s second richest man. Just as early as January, Elon Musk was ranked only 35th in the world’s richest people list. However, in just 10 months the Tesla owner added no less than $100.3 billion to his net worth, thus blasting through the ranks.
The 49-year old Musk’s increase in wealth came along with Tesla stock breaching $500B in market value. The boost in overall market value came as investors purchased stock in the run-up to the company addition in the S&P index. However, Tesla (TSLA) has also seen an unprecedented increase in market value this year, gaining six time its value in 2020.
Despite the coronavirus outbreak which put most automotive businesses on hold or pushed them into a steep market drop, Tesla managed not escape a near-death sentence and according to number, thrived.
Tesla is ranked as world’s most valuable car company, sitting comfortably far from second place, even with production figures that are only a fraction of what other auto giants are pushing now. Although other EV stocks have risen since president-elect Joe Biden’s statements about boosting EVs as a top priority were made public during his campaign, no other company surged the way Tesla did.
One of the Joe Biden platform underpinnings features a strong push for zero emission vehicles and clean energy sources by 2030. If put into practice correctly, it could see Tesla surging even further on the stock market and increasing Elon Musk’s fortune. This would in turn create the possibility of the 49-year old businessman to become the richest person alive.
At the moment, Jeff Bezos holds the title, with an estimated net worth of $181.3 billion.
About the Author
