Elon Musk gets 350% richer in 2020 and threatens second place for Bill Gates – Business


Elon Musk is living in 2020 the most prosperous year when it comes to his fortune. The wealth of Tesla’s CEO, who is closely linked to the evolution of the company’s quotes, has skyrocketed nearly 350% since the beginning of the year, a jump that put Musk ahead of Facebook’s founder in the list of the world’s richest. He now occupies the third place on the podium, already very close to the second position, which may soon remove Bill Gates.

$ 122.8 billion, the equivalent of € 103.4 billion, is the value of Musk’s fortune. It is above the $ 103.4 billion of Facebook founder Mark Zuckerberg and a short distance from Microsoft founder Bill Gates, who ranks second in Bloomberg’s billionaire ranking with 127.9 billion of dollars, after seeing his fortune decrease by 49.1 million since January. The richest man in the world, Jeff Bezos, remains outstanding in the leadership, with 183.6 billion dollars.

At the moment, Elon Musk’s wealth is sufficient to buy 66.3 million ounces of gold or 2.78 billion barrels of oil. It is equivalent to 0.575% of the United States’ gross domestic product and is 1,787,723 times the median average income of a North American household. Among the wealthiest 500, it represents 1.73% of the total wealth.

Musk follows Tesla’s ride

Musk was the multimillionaire whose fortune most put on weight this year. It was $ 95.3 billion, or 345.7%, much to the hike from the steep acceleration at the leading electric vehicle manufacturer: Tesla. The shares that the multimillionaire owns in this company constitute the majority of his fortune, more precisely 85.1 billion dollars, to which are added 25.8 billion in options.

The most recent leap, which allowed Musk to overtake Zuckerberg, was Tesla’s admission to the North American benchmark index S & P500, which made the shares of the listed company rise 14% and Elon Musk’s fortune increase by 15 billion dollars, reaching the 117.5 billion dollars. Before this news was released, Tesla’s CEO had a fortune of 102.1 billion dollars, down from the 105.6 billion dollars that belong to Mark Zuckerberg.

Although by the end of March Musk’s fortune had sunk and retreated to 27 billion – following the general downward movement in stocks at the beginning of the covid-19 pandemic – the escalation resumed afterwards, and in July, the fortune was 71.5 billion – enough to dethrone Warren Buffett, who ranked fourth on the list of the richest. In September, between advances and setbacks, the 100 billion threshold is surpassed for the first time.

Musk is almost 20 times richer than in 2013

Musk’s fortune is now almost 20 times above the level of 2013, when the multimillionaire had 6.49 billion. In December 2016 it surpassed the 10 billion mark for the first time and, in August 2017, it had already doubled to 20 billion dollars. The amount remained close to this threshold until mid-2019, but by February 2020 it had already doubled again: it reached 43.5 billion dollars, in the month that Tesla decided to issue two billion dollars in new shares , which ended up selling at a discount.

Tesla soared this year like no other pair in the industry: 496.7% since January, compared to 5.1% for Fiat Chrysler, 17% for General Motors and -5.2% for Ford Motor Company. This year, Tesla has even risen to the status of the world’s most valuable car manufacturer in terms of market capitalization.

There are more engines – but also brakes

Outside of Tesla, Musk still owes a significant share of his fortune to Space Exploration Technologies, whose contribution Bloomberg estimates at $ 18.7 billion. However, the news agency admits that this Musk company’s contracts with NASA may be underappreciated, and may therefore be worth more or less than estimated.

There is also a more marginal mention of the 101 million dollars related to the Boring Company, an infrastructure company that helps to compose Musk’s portfolio. Negatively weighing, there is a debt of 6.9 billion dollars.

Among the unknowns that may still influence the real value of Musk’s fortune, Bloomberg says that the multimillionaire may own assets that are not publicly known, or even investments in start-ups in Silicon Valley, the United States’ center of innovation. . The entrepreneur’s expenses can also be higher than estimated as well as loans.

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