Musk Skyrockets His Wealth
Elon Musk, founder of Tesla and SpaceX, has become the fourth-richest person in the world, after his wealth tripled during the coronavirus pandemic. His wealth rose by $20 billion in just one week.
A Small Group Above Him
Musk was originally in ninth place but eventually rose to overtake Google co-founder, Larry Page, investor, Warren Buffett, former Microsoft CEO, Steve Ballmer, business magnate, Mukesh Ambani and fashion mogul, Bernard Arnault.
The only people who have more wealth than Musk are Jeff Bezos, Bill Gates, and Mark Zuckerberg.
Seven of the ten places are of U.S. tech billionaires after the coronavirus pandemic helped the share prices skyrocket. The overall net worth gains for the top 10 since the start of 2020 now totals $200 billion.
Tesla Has A Great Year
Musk’s rise stemmed from Tesla’s stocks rose by 13% since the beginning of the week. This means that the electric car company has now risen by 300% since January.
Climbing any higher will be tough for Elon Musk, though, according to David Madden, an analyst at CMC Markets:
“To be honest, I think it will be difficult for Elon to overtake Zuckerberg because Tesla’s share price run recently has been exceptionally bullish, even by Tesla’s standards. We would need to see a further jump in demand projections from the carmaker, and at the same time we would probably need to see a negative Facebook story to weigh on the share price.”
Don’t Forget About SpaceX
Then there is Musk’s success this year with his company, SpaceX. Just a couple months ago, we saw the company successfully launch two astronauts into space for the first time, marking a historic moment for a private company.
SpaceX is also posed to bring in another $3 billion for Musk. The company announced it had secured $1.9 billion in new funding, according to a filing with the SEC on Tuesday. The funding increases its equity valuation to $46 billion, which is $10 billion more than its last funding round in May.
But Not Everyone Likes It
While this is all rather impressive when you look at what Musk has been able to accomplish in just this year, but some people are labeling him with rather negative titles.
Inequliaty.org, the left-wing think tank, placed Elon Musk in the “Oligarch Dozen”, a group of billionaires that have gained the most from the pandemic. He was even labelled as the biggest “pandemic profiteer.”
Musk Doesn’t Seem to Care Too Much
As for what Musk thinks about this news, he doesn’t seem to really care at all about it:
“These numbers rise and fall, but what really matters is making great products that people love.”
For all your business news and more, be sure to check back in here with ScoopHash.