According to the Bloomberg Billionaires index, which tracks the 500 wealthiest people in the world, the net worth of Tesla CEO reached $127.9 billion on Monday, with the shares of the electric vehicle maker reaching a record high.
This sudden increase in Musk’s net worth made him the second-richest person of the world, beating Bill Gates, the co-founder of Microsoft, for about a couple of hours. According to estimates, the net worth of Gates is about $127.7 billion.
But according to the latest data from the Bloomberg index, Musk and gates are now tied in terms of their net worth at $128 billion.
The wealth of Musk is directly linked to the fortune of Tesla. The stock that he owns in the company is Musk’s biggest asset and according to Bloomberg, he owns about 20 per cent of the electric car maker.
The fortunes of Musk have been particularly hood this year. So far this year, the stocks of Tesla have grown by almost 524 per cent which has helped Musk to pile on an estimated $100 billion to his wealth. That is the highest on Bloomberg’s global rich list.
But for his philanthropy, Gates would likely have been an even bigger billionaire. Most of their wealth was pledged to charity by Gates and his wife, Melinda Gates years ago. With an estimated net worth of $182 billion, the richest person in the world is Amazon CEO Jeff Bezos.
SpaceX, the space exploration company founded by Musk that recently kicked off a landmark mission with NASA, is also overseen by Musk in addition to Tesla. The Musk Foundation, an organization that supports research into renewable energy, pediatrics and humans in space, is also managed by him.
Some experts and analysts believe that Tesla stocks still have scope and opportunity to growth and increase in price further. Tesla notched up another milestone last week after it was accepted to become a part of the S&P 500 index companies. The electric car maker will join the index starting next month.
And on Monday alone, there was a 6.6 per cent rise in Tesla stock and closed at an all-time high of $521.9 per share.
The movement in Tesla’s stock seemingly surprised Musk as anyone else. Musk only managed to tweet “Wow” in response to Twitter user who pointed out the rise in the stock.
(Adapted from EconomicTimes.com)