Elon Musk’s personal wealth seems to be flying like a rocket despite the pandemic.
Musk, who ranked 35th on the Bloomberg Billionaires Index in January this year, has suddenly surpassed Bill Gates to become the second richest man in the whole world! He stands only behind Amazon’s CEO Jeff Bezos, according to Bloomberg’s latest ranking of Billionaires.
The 49-year-old Tesla CEO saw his net worth jumped from $7.2 billion to $127.9 billion within a year due to a surge in Tesla’s stock price.
With a market capitalization of nearly $500 billion, Tesla is now valued more than Disney, Toyota and Coca-Cola.
The South African-born billionaire’s wealth further soared after his electric car company Tesla was selected to join the S&P 500.
To be selected by the S&P 500, according to CNN, a company must be based in the US, have a market capitalization of at least $8.2billion, be liquid and at least half of its shares must be available to the public. The Company must also report four straight quarters of profit.
Tesla’s shares surged 387.8% this year after years of losses and the auto giant has continued to hit milestones for deliveries of its vehicles. The company reported its fifth consecutive quarterly revenue with the third-quarter 2020 revenue of $8.77billion.
Musk’s new position at the number two spot means Bill Gates is pushed into the third.
Bill Gates’ net worth of $127.7 billion could have been much higher but he reportedly donated vast sums of money to charities over the year, including $27 billion to Bill Gates Foundation.