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Date published: 20th, Nov 2020
Tesla’s billionaire cofounder and CEO, Elon Musk, overtook Facebook CEO Mark Zuckerberg to become the world’s fourth-richest person on Wednesday, as Tesla’s stock continued to skyrocket following news that it will be added to the S&P 500 Index late next month.
Shares of the electric-vehicle maker surged nearly 10% as of 2:25 p.m. EST on Wednesday, pushing Musk’s net worth up by $8.3 billion, to $105.4 billion. That makes him the fourth-richest person in the world, according to Forbes’ estimates, surpassing Zuckerberg, who has a net worth of $100.6 billion.
Musk’s fortune has grown at an astonishing rate this year, with Tesla’s stock up more than 460% in 2020. That has massively boosted Musk’s net worth, which has risen by nearly $76 billion since Forbes finalized its World’s Billionaires list on March 18, when he had a fortune of $24.6 billion. He owns a 21% stake in Tesla, and his rocket company, SpaceX, was valued at $46 billion by investors in August.
Tesla’s stock has been on an upswing ever since news that the company will be added to the S&P 500 Index on December 21. S&P Global first made the anouncement after the closing bell on Monday. Shares of Tesla subsequently climbed more than 8% on Tuesday, lifting Musk’s net worth by about $6 billion.
Tesla continued to rally on Wednesday, as widely-followed Morgan Stanley, auto analyst Adam Jonas upgraded the stock to a “buy” rating. Despite sitting on the sidelines for the stock’s 500% surge over the last 12 months, Jonas finally gave it the nod of approval, raising his price target to $540 from $360 per share (Tesla’s stock currently trades at around $485 per share). “Tesla is on the verge of a profound model shift from selling cars to generating high margin, recurring software and services revenue,” Jonas predicted in his note to clients.
Published on 20th, Nov 2020