Tesla Inc. Co-Founder Elon Musk is now the world’s fourth-richest person after he gained $8 billion to his net worth in a single day.
His shares in the electric-car maker surged 11% on Monday, closing at a record high and boosting Musk’s net worth by $7.8 billion. Dani Burger reports on “Bloomberg Markets: European Open.”
Musk rose from fifth place to surpass Bernard Arnault, a French billionaire and CEO of the luxury brand Louis Vuitton.
The Tesla CEO now sits behind Facebook CEO Mark Zuckerberg, who has a net worth of $99 billion.
Much of Musk’s net worth is tied up in his electric car maker Tesla, which has seen its shares surge more than 300% this year.
The car marker has remained profitable in recent quarters despite the impact of the coronavirus pandemic. Tesla sold more than 179,000 cars during the first half of 2020, outpacing sales for its nearest three competitors in the electric car market combined, according to Electrek.
Earlier this month, Tesla announced a five-for-one stock split, effective Aug. 31, to make its shares more accessible to a wider range of investors.
Musk is the chief executive officer of Tesla, a maker of electric vehicles. The Palo Alto, California-based company sells sedans, sport utility vehicles, and is the state’s largest automotive employer. He’s also CEO of Space Exploration Technologies, a rocket manufacturer tapped by NASA to resupply the space station.
As of 20 August 2020 :
Last change: -$360M ( -0.4%)
YTD change: +$62.4B ( +226.5%)
Biggest asset: TSLA US Equity
Citizenship: United States
Musk through SpaceX, made history last month, sending the first NASA astronauts to space from American soil in nearly a decade according to Fox Business.
According to CNBC, SpaceX is in the process of raising nearly $1 billion in funding, which would value the space exploration and defense company at $44 billion.