Elon Musk Becomes Second Richest Person In The World Thanks To Tesla’s Soaring Stock Price

Tesla’s stock price has soared $459.74 (£344.19 / €386.85) since the beginning of the year and that has made a number of people extremely wealthy.

One of them was Tesla CEO Elon Musk, who is now reportedly the second wealthiest person in the world.

According to Bloomberg, Musk has a net worth of $127.9 (£95.8 / €107.6) billion. That’s an increase of $100.3 (£75.1 / €84.4) billion in less than a year.

Also Read: Elon Musk Says Tesla Came Within A Month Of Bankruptcy While Scaling Up Model 3 Production

The publication went on to say Musk has passed Microsoft co-founder Bill Gates to become the second richest person in the world. That’s an impressive accomplishment, but Amazon founder Jeff Bezos remains the wealthiest person in the world and Gates would be ahead of Musk if he hadn’t donated more than $27 (£20.2 / €22.7) billion to charity.

Bloomberg says roughly three-quarters of Musk’s net worth comes from his stake in Tesla, which has market cap of over $500 (£374.4 / €420.9) billion.  The latter is more than the combined market cap of Ford, GM and Daimler. Musk also has a stake in SpaceX, but that apparently doesn’t add nearly as much to his net worth as Tesla.

Tesla’s stock gained 6.6% on Monday and 5.1% on Tuesday to $548.53 per share having risen over 523% so far this year.

Of course, there’s been plenty of debate over whether or not Tesla’s stratospheric stock price has any basis in reality. Most people would likely say no as Tesla is a relatively small automaker which produced 145,036 vehicles in the third quarter and delivered 139,300 units in the same period. For comparison, GM sold 765,001 vehicles in the North America in the third quarter and 1,793,311 globally.

Updated: November 24, 2020 — 9:14 pm

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