Elon Musk is now the World’s 4th Richest Man, Gains Billions overnight

IC: Driving

Despite the global pandemic, Elon Musk’s financial gains keep on skyrocketing. His ever-expanding capital reached an all-time high yesterday, making him the 4th richest person in the world.

Musk, an outspoken & inspirational entrepreneur  & owner of Tesla Inc., achieved this success after the shares surged 11% on Monday, closing at a record high and boosting Musk’s net worth by $7.8 billion.

The rise catapulted the Tesla co-founder past French luxury tycoon Bernard Arnault, the wealthiest non-American on the Bloomberg Billionaires Index. 

Two years ago was sued by the U.S. Securities and Exchange Commission and had to resign as chairman of the electric-car maker over rogue tweets. But this did not slow down the billionaire, as now Tesla shares are up by 339% this year.

It is anticipated that the company will be included in the S&P 500 Index very soon.

Musk’s Space Exploration Technologies Corp., or SpaceX, will help his company soar higher & potentially pad his fortune further. According to a Bloomberg report last week, the company is close to finalizing $2 billion in new funding that would increase its equity valuation to $46 billion,

Musk’s fortune has grown by $57.2 billion this year, the second-biggest increase on the index after Amazon.com Inc. founder Jeff Bezos’s, who has accumulated $73 billion in 2020 and is now worth $188 billion.

Tech shares have been on a tear this year as the Covid-19 pandemic drove more people online, lifting the fortunes of the companies’ founders and thus multiple entrepreneurs have been bagging themselves massive gains this year.