Elon Musk to become third richest person in the world

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Words: Matthew Hansen
19 Nov 2020

It’s been well documented that Tesla’s share prices have seen significant increases in 2020, aided in part by the ongoing successes of the Model 3, the new Model Y, ‘Battery Day’ and the ‘tabless’ battery cells that were unveiled, and the world’s rush to electrification.

Now, the firm and its stocks will be added to the S&P 500 Index — the definitive who’s who of American companies to be invested in — before the end of the year. This has led to further increases in Tesla share prices, and in CEO Elon Musk’s worth.

Off the back of the announcement, Tesla share values increased by some 12 per cent. The growth represents near record levels for the electric car company, having added around US$80billion in value over just two days for an overall value of around $US$440billion.

This has also seen Musk’s personal value increase by US$15billion to an overall figure of approximately US$117.5billion. It’s estimated that the South African’s value has shot up by US$90billion in 2020 alone.

This puts Musk on track to overtake Facebook’s Mark Zuckerberg for the title of the world’s third richest person. Currently Amazon’s Jeff Bezos holds the top spot over Microsoft’s Bill Gates.

It’s believed that Tesla’s value rise won’t end here, either. More speculative buying is said to be expected in the build up to its addition to the S&P 500 Index. This will be aided, too, by the announcements the firm makes before the end of the year — some reporting that an improved production ready version of the Cybertruck is set to be revealed before 2020 comes to close.

Other names that rank in the top 10 richest people in the world include Berkshire Hathaway chief executive Warren Buffett, Bernard Arnault (owner of over 60 brands, including Louis Vuitton), and Google co-founder Larry Page. Musk has previously appeared in the top 10, having sat in ninth earlier this year.

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