Elon Musk overtakes Bill Gates as the second richest person in the world, primarily thanks to Tesla stocks recent meteoric rise.
2020 has not been the kind of year we all wanted, but for Elon Musk, it has been the best of his life. When the year started, Elon was already among the wealthiest persons in the world. However, at the time of this article, he has now overtaken Bill Gates to become the second-richest man alive. According to estimations, Musk’s net worth currently stands at about $127.9 billion.
His wealth is a direct result of Tesla’s market cap, which rose to $500 billion. Specifically, 75% of Elon’s earnings come from the electric carmaker.
Tesla will also join the S&P 500 in December this year. With its latest market value, Tesla is now more valuable than Ford, Volkswagen, and Honda combined. Moreover, Tesla’s stock prices reach new heights every passing day, rising nearly five times since the start of the year. Currently, the price of a Tesla share is at a staggering $574.00.
Nonetheless, at the moment, everything seems to be going Tesla’s and Elon’s way. For the first time since 2017, Morgan Stanley classified the stock as “overweight.” Furthermore, Goldman Sachs expects that things would get even better for Tesla after joining the S&P 500 as one of the group’s most valuable members.
However, Musk’s enormous wealth cannot be credited solely to Tesla since he also earns a significant chunk of SpaceX’s money. Besides, he doesn’t lead an extraordinarily lavish life, and he even previously claimed that he would draw a Tesla salary until its market cap reaches 100 billion dollars.
Elon Musk is one of the boldest and most gifted individuals of the 21st century, and in my opinion, he deserves all that is happening to him lately — good or bad.
What do you think?
