The personal wealth of Elon Musk increased by $15 billion after Tesla on Monday got a spot in the S&P 500 index. He is on track to become the third-richest person in the world, overtaking Mark Zuckerberg of Facebook.
The automaker’s stock jumped 14 percent in after-hours trading after Tesla’s inclusion in the index was revealed and closed at $408.09 per share.
According to the Bloomberg Billionaires Index, Musk’s net worth swelled to $117.5 billion as of Monday evening. This year, his cumulative gain of $90 billion was the largest in the entire list of 500 billionaires.
The recent growth of his fortune means that Zuckerberg, who currently has a net worth of $106 billion, will be overtaken.
With a market capitalization of $400 billion, Tesla met the criteria for inclusion in the index and will enter the index on December 21 as one of the 10 most valuable firms.
Companies must be US-based, have a market cap of at least $8.2 billion, be highly liquid, have at least 50 percent of their stock available to the public, and report four consecutive profitable quarters, among the conditions to join the S&P 500.
Alongside other valuable businesses such as Apple, Amazon, and Berkshire Hathaway, Musk’s business will be positioned. S&P Global did not say which company would replace Tesla, saying that a separate release would mention it.
Separately, this weekend, the Tesla and SpaceX CEO said that he most definitely” had a mild COVID-19 event, but challenged the reliability of the mixed test results he had.
Elon Musk CEO of electric car manufacturer Tesla Inc hinted at the company’s entry into India in 2021.
Next year for sure, “he said on Twitter, addressing a query as to whether there was any progress with regard to the India plans of the company.”
“Thanks for waiting!” on the same thread, he said to another Twitter user.
The entry into India by the American automaker could come near on the heels of the market exit of compatriots Harley Davidson and General Motors.
In 2019, Tesla CEO Elon Musk took the top spot in the list of highest-paid CEOs in the US while Apple CEO Tim Cook placed second in Bloomberg’s generated chart.
According to the Bloomberg Pay Index, in 2019 Musk made $595.3 million which makes him the highest-paid CEO.
