WEST PALM BEACH, FL – Becoming the 5th richest man in the world earlier this week, Elon Musk has yet again stunned the world with a sudden increase in his fortune, according to Forbes and is now in 10th place as of Forbes list of Real Time Billionaires. Along his journey towards the top of the list, the 49-year-old entrepreneur has passed significant names, such as Warren Buffet and Sergey Brin of Google.
Musk is the co-founder of PayPal (NASDAQ: PYPL) and SpaceX, and is the Chief Executive Officer of the electronic car company, Tesla (NASDAQ: TSLA). He is also the CEO of Neuralink and has launched The Boring Company. While he is associated with such successful organizations, he was at 37th place as of January. Even after Tesla showed great promise, he was still at the 31st place in the Forbes list with a net worth of $25 billion. But this was in the mid-march and things have changed drastically for Musk. Musk’s wealth has tripled to a whopping $74 billion in just this period.
The majority of his wealth comes from the shares in Tesla. Out of the total shares of Tesla, Musk holds 21% and since March, Tesla has seen unprecedented growth. Tesla has performed spectacularly in this period by setting new record highs, breaking them, and setting new record highs again. All in all, Tesla gained over $200 billion making it the most valuable car company in the world with a market cap of $304.5 billion. If combining the market cap of renowned players in the automotive industry – Ford (NYSE: F), Ferrari (NYSE: RACE), General Motors (NYSE: GM), and BMW (OTCMKTS: BMWYY), Tesla (NASDAQ: TSLA) still comes out at the top.
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In 2020 alone, Tesla has seen a 300% increase. Its share price has skyrocketed from $430 to about $1,417 (as of today). It had gained 9.5% on Monday which depicts a 60% increase in the past three weeks.
There are various reasons for the soaring of Tesla’s share price. At the forefront is the speculation that Tesla could be added to the S&P 500. Another is the announcement of a new ‘million-mile’ battery that will be introduced by the company in September. Following, Tesla became the 8th most traded stock on Robinhood. The stock has enjoyed immense popularity among the young traders. But Tesla is not the only weapon in Musk’s arsenal.