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Elon Musk Is Now The World’s Fourth-Richest Person

by : Emily Brown on : 18 Aug 2020 13:40
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Guess what? Elon Musk is still rich! Nothing new there then, but he has actually now earned the title of the fourth-richest person in the world. 

That’s right, of the 7.8 billion people on Earth, only three of them have more money than Musk. It’s pretty difficult to comprehend, especially when the majority of us are so many miles further down on the list, but it’s not all that surprising.

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Musk’s new title comes after Tesla shares surged 11% on Monday, August 17, closing at a record high and boosting the co-founder’s net worth by $7.8 billion – that’s a dollar for every person on Earth.

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The surge increased Musk’s fortune to a total of $84.8 billion and pushed him up Bloomberg Billionaires Index past the previous fourth-place holder Bernard Arnault, the French luxury tycoon who remains the wealthiest non-American on the list.

Musk is now just a mere $15 billion away from matching the fortune of Facebook CEO Mark Zuckerberg, and while $15 billion might seem a lot, Musk could theoretically get there with another couple of good days on the market.

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Jeff Bezos remains the world’s richest person, followed by Bill Gates in second place.

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While Bloomberg lists Musk as the world’s fourth-richest person, interestingly Forbes lists him in fifth place behind Bezos, Gates, Arnault and Zuckerberg, respectively.

Forbes estimates Musk has $83.6 billion following the rise in Tesla shares, and while that’s more than a billion less than Bloomberg’s estimation, it doesn’t take away from the fact that he’s extremely rich.

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Musk had to resign as chairman of Tesla two years ago after being sued by the US Securities and Exchange Commission over rogue tweets, but his shares mean he still profits from the business.

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Shares for the electric car company are up 339% this year, the Economic Times reports, a rise that is fuelled by growing anticipation that the company will be included in the S&P 500 Index.

While his ranking among the world’s richest people has increased, Musk has previously admitted he ‘really couldn’t care less’ – something only those with endless amounts of cash have the luxury of saying.

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When speaking about his net worth in July, Musk said:

These numbers rise and fall, but what really matters is making great products that people love.

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As well as having shares in Tesla, Musk earns money through his Space Exploration Technologies Corp., aka SpaceX, which is close to finalising $2 billion in new funding that would increase its equity valuation to $46 billion and further increase the size of the CEO’s wallet.

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Musk’s fortune has grown by $57.2 billion this year alone, the second-biggest increase on Bloomberg’s Index. Bezos earned the biggest increase this year, with his fortune rising $73 billion.

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Emily Brown

Emily Brown first began delivering important news stories aged just 13, when she launched her career with a paper round. She graduated with a BA Hons in English Language in the Media from Lancaster University, and went on to become a freelance writer and blogger. Emily contributed to The Sunday Times Travel Magazine and Student Problems before becoming a journalist at UNILAD, where she works on breaking news as well as longer form features.

Topics: News, Billionaires, Bloomberg, Elon Musk, Forbes Rich List, Now, Rich, SpaceX, Tesla

Credits

Bloomberg and 2 others
  1. Bloomberg

    Elon Musk Gains $8 Billion to Become World’s Fourth-Richest Person

  2. Forbes

    Today’s Winners and Losers

  3. Economic Times

    Elon Musk gains $8 billion to become world’s fourth-richest person