Elon Musk: Net worth soars as he becomes world’s ‘second-richest person’

When you’ve got a higher net worth than Bill Gates, it’s a big deal: Elon Musk is now the second-richest man in the world – and the top spot is in sight.

Jeff Bezos, you may soon have competition at the top of the log: Pretoria-born tech whizz Elon Musk has overtaken Bill Gates in the wealth stakes, as his net worth soared on Tuesday – making him the second-richest person in the world.

WHAT IS ELON MUSK’S NET WORTH?

Musk is now worth an eye-watering $128 billion. There’s no need to lose sleep for Bill Gates, as he’s only a few million dollars behind the Tesla founder. To put this into a South African context, Elon Musk has a fortune of R1.9 trillion. Sjoe…

He’s still some $64 billion behind Jeff Bezos, but that gap is closing all the time. Elon Musk’s net worth has soared by roughly $100 billion in the past 12 months, despite the adverse effects of the coronavirus pandemic. His insane financial growth has been spurred by significant advances across his business ventures – with no other SA billionaires in sight:

(All details provided by Bloomberg and Forbs)

  • Johann Rupert: $7.48 billion
  • Nicky Oppenheimer: $6.88 billion
  • Natie Kirsch: $6.64 billion
  • Patrice Motsepe: $2.6 billion
  • Koos Bekker: $2.5 billion
  • Michiel Le Roux: $1.3 billion
  • Total: $27.4 billion. Elon Musk is over $100 billion better off than all of SA’s dollar-billionaires combined.

WHAT IS BEHIND THIS RAPID RISE?

Musk’s rising electric car powerhouse Tesla reached another landmark last week when it officially qualified for the prestigious S&P 500. The California-based automaker will join the broad-based market index on 21 December 21, S&P Dow Jones Indices announced recently, prompting another wave of affection for Tesla stock.

Shares surged 11.5% to $455.00 in after-hours trading. The stock has more than quadrupled this year, as Tesla has built and delivered more electric autos. Furthermore, Elon Musk has wowed Wall Street with targets for further breakthroughs.

The announcement marks Tesla’s arrival as a consistently profitable company after building up losses in its first nine years as a public company. Tesla has reported $451 million in profits through the first nine months of 2020.

Moving into the S&P is a marker of prestige and also boosts valuation because some mutual funds and other investment vehicles are linked to the benchmark. With a market capitalization of almost $387 billion, Tesla will be among the biggest companies in the index.

Source: https://www.thesouthafrican.com/

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