Tags: elon musk | tesla | wealth | index

Elon Musk Wealth Jumps $12 Billion on Tesla Index Inclusion

Elon Musk Wealth Jumps $12 Billion on Tesla Index Inclusion
(AP)

Tuesday, 17 November 2020 08:55 AM

It’s been an eventful few days for Elon Musk.

The billionaire tested positive for Covid-19, his rocket company launched four astronauts into space, and on Monday his electric carmaker Tesla Inc. was named for inclusion in the S&P 500 Index.

The last bit of news added the equivalent of rocket fuel to his fortune. Musk, 49, is poised to become the world’s third-richest person, leapfrogging Mark Zuckerberg, after his net worth soared in extended trading.

Tesla, whose stock (TSLA) closed at $408.09, surged as much as 15% on Monday night. In pre-market trading in New York, the stock was trading at about $460, putting his fortune up $11.8 billion to $114 billion, according to the Bloomberg Billionaires Index. His wealth has jumped just shy of $90 billion this year, the biggest gain on the ranking of the world’s 500 richest people.

Tesla will enter the S&P 500 on Dec. 21 following months of speculation and one temporary setback, when the stock failed to make the cut during the index’s quarterly rebalancing in early September. Tesla would be the biggest new entrant in the group’s history.

Also read: Tesla to Join S&P 500 Next Month as Largest-Ever New Member

On Saturday, Musk tweeted that he “most likely” had a moderate case of Covid-19 and has had symptoms of “a minor cold.” Sunday he tweeted he had no symptoms. That same day, four astronauts were launched to the International Space Station in a vehicle built by Musk’s Space Exploration Technologies Corp.

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It's been an eventful few days for Elon Musk.
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2020-55-17
Tuesday, 17 November 2020 08:55 AM
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