ADVERTISEMENT

ADVERTISEMENT

Elon Musk Hit 5th Richest Man In The World With Stunning and Sudden Increase in Fortune; Now 10th Place On List of ‘Real Time’ Billionaires

Elon Musk
Newsweek magazine with Elon Musk on main page in a hand. 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. Editorial credit: dennizn / Shutterstock.com, licensed.

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.

SpaceX
SpaceX building with Launch pad 39 at Cape Canaveral, Kennedy Space Center The launch of Crew Dragon spacecraft has resulted in more publicity for SpaceX. Currently, the company is worth around $50 billion. Photo credit L Galbraith / Shutterstock.com, licensed.

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.


FREE DIGITAL SUBSCRIPTION: GET ONLY 'FEATURED' STORIES BY EMAIL

Big Tech is using a content filtering system for online censorship. Watch our short video about NewsGuard to learn how they control the narrative for the Lamestream Media and help keep you in the dark. NewsGuard works with Big-Tech to make it harder for you to find certain content they feel is 'missing context' or stories their editors deem "not in your best interest" - regardless of whether they are true and/or factually accurate. They also work with payment processors and ad-networks to cut off revenue streams to publications they rate poorly by their same bias standards. This should be criminal in America. You can bypass this third-world nonsense by signing up for featured stories by email and get the good stuff delivered right to your inbox.
 

Tesla
If combining the market cap of renowned players in the automotive industry – Ford, Ferrari, General Motors, and BMW, Tesla still comes out at the top. Photo credit Hadrian / Shutterstock.com, licensed.

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.

The launch of Crew Dragon spacecraft has resulted in more publicity for SpaceX. Currently, the company is worth around $50 billion.


Comment via Facebook

Corrections: If you are aware of an inaccuracy or would like to report a correction, we would like to know about it. Please consider sending an email to corrections@publishedreporter.com and cite any sources if available. Thank you. (Policy)