Elon Musk, the CEO of Tesla and SpaceX, is now the 3rd richest person in the world, as he passed Facebook CEO, Mark Zuckerburg.
Last week, Musk, joined Zuckerberg, Amazon.com Inc.’s Jeff Bezos and Bill Gates in the rarefied centibillionaire club as tech stocks rose.
As of the time of filing this report, Elon Musk was worth $111.9 billion compared with $111.2 billion for Zuckerberg.
Musk has seen a meteoric rise in his wealth, with his net worth growing by $76.1 billion this year as Tesla shares surged more than 475%.
Tesla, a favorite among amateur investors on online trading firm Robinhood Financial, has been one of the largest beneficiaries of the boom in retail investing during pandemic lockdowns.
At one point last month, almost 40,000 Robinhood accounts added Tesla shares during a single four-hour span. And the trend isn’t limited to the U.S.: South Korean retail investors have piled into Tesla this year and hold about a 1% stake in the American automaker.
Tesla’s $454 billion market value now exceeds that of retail behemoth Walmart Inc., the largest company in the U.S. by revenue.
Tesla shares are up over 475 per cent this year, according to Bloomberg and there is wide scale anticipation that the company will be included in the S&P 500 soon.
SpaceX, too, has grown by leaps and bounds. According to a news report published on Bloomberg, the company is close to finalising a $2 billion funding deal that would increase its equity value to $46 billion, India Today reports.