The Tesla CEO Elon Musk is soaring new heights every day. This time, Elon Musk to become the fourth richest man in the world, surpassing Bernard Arnault- the Louis Vuitton chairman. This turn of events came through on August 17, when Musk’s net worth went up by $7.8 billion, thanks to the 11% increase in Tesla’s shares in a day.
Tesla
Tesla is an American vehicle manufacturing company, working on transitioning the world to the use of sustainable energy. Currently, Elon Musk can be termed as the owner of Tesla as he owns the majority stake (20%) of the company.
Tesla has experienced a surge of around 300% this year. The company has successfully sold 179,000 cars in the first quarter of 2020. Given that the first quarter of 2020 was extremely difficult due to the pandemic situation, Tesla sales are quite noteworthy. This has been a major player in hoisting Elon Musk to become the fourth richest man in the world.
SpaceX
SpaceX, the American astronautical company was co-founded by Musk in 2020. Recently, SpaceX was in the news for successfully sending two astronauts from America for the first time in ten years.
According to reports, SpaceX is also currently experiencing a surge in its funding. The company is in the process of receiving around $1 billion as funding. If this funding is successful, SpaceX might be valued at a whopping $44 billion.
Elon Musk’s Progression
Prior to this, Elon Musk was not even in the list of the top 10 richest people in the world. Bloomberg mentions this to be related to growth in Tesla’s shares by 11% in a single day. This increased Musk’s net worth from $30 billion to around $90 billion. This was a huge, huge jump, helping Elon Musk to become the fourth richest man in the world.
Now Musk is just behind Mark Zuckerberg, Bill Gates and Jeff Bezos in the race to become the richest man in the world.