Elon Musk is Now Officially the Third Richest Person in the World

Elon Musk is Now Officially the Third Richest Person in the World

Elon Musk passed Facebook Inc. co-founder Mark Zuckerberg Monday as Tesla Inc. shares resumed their implacable rally after a split in forwarding stock.

According to the Bloomberg Billionaires Index, Elon Musk is now worth $115.4 billion against $110.8 billion for Zuckerberg.

Elon Musk, 49, saw a meteoric increase in his wealth this year, with his net worth rising by $87.8 billion as Tesla’s stock rose by nearly 500 percent.

Helpful as well: an audacious compensation package — the biggest corporate compensation agreement ever negotiated between a chief executive and a board of directors — that could earn him more than $50 billion if all targets are met.

Tesla, a favorite among amateur investors at online trading company Robinhood Financial, was one of the biggest recipients of the retail investment boom during pandemic lockdowns.

Close to 40,000 Robinhood accounts added Tesla shares at one point last month over a single period of four hours.
And the trend is not limited to the U.S.: this year, South Korean retail investors reached Tesla and hold around 1 percent of the American car maker’s share.

Tesla’s market valuation of $464 billion now exceeds that of supermarket behemoth Walmart Inc., the US’s largest by sales business.

Last week, Musk joined Zuckerberg, Bezos, and Bill Gates, co-founder of Microsoft Corp., in the rarefied centibillionaire community as tech stocks increased.

Musk still has a long way to become the world’s richest person as Jeff Bezos is worth more than $200 billion, becoming the first person in the world to match that valuation.

Jeff Bezos’ ex-wife MacKenzie Scott also became the richest woman in the world on Monday, turning over to L’Oreal SA heiress Francoise Bettencourt Meyers. Scott, 50, who earned a 4 percent stake in Inc. from Founder Bezos as part of her divorce, is now worth $66.4 billion.

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Nasiru Eneji Abdulrasheed Is a Forsige breaking news reporter and editor, covering Europe, Africa, and the U.S. from Abuja.

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