Elon Musk: Tesla on the verge of joining the S&P 500

Elon Musk: Tesla on the verge of joining the S&P 500
FI
By Franklin Izuchukwu

It was another good week for Tesla co-founder and CEO Elon Musk, whose fortune jumped by $9.4 billion as shares of his electric car-maker continued to surge ahead of being added to the S&P 500 Index on Monday. 

The S&P 500 is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.

Tesla’s stock climbed by nearly 8% between Friday, December 11 and Friday, December 18 - pushing Musk’s net worth to an estimated $146.3 billion.

Elon Musk is the third-richest person in the world, behind only Amazon CEO, Jeff Bezos and LVMH chairman, Bernard Arnault.

On Friday, the final day of trading before Tesla is added to the benchmark S&P 500 index, the stock rose by as much as 4% to hit a new all-time high before closing just 0.4% higher.

Tesla shares are up more than 660% so far in 2020, giving the company a market capitalization of more than $650 billion—making it by far the most valuable car company in the world.

The above means Tesla will become the seventh-largest company (by market capitalization) in the S&P 500, in what will be the largest rebalancing of the index in history.

American billionaires like Bill Gate, Elon Musk, Jeff Bezos, Mark Zuckerberg have seen their fortunes skyrocket over the past 8 months; below is a recent list of Billionaires who have gained the most.

Here are the Billionaires whose fortunes increased the most from Friday, December 11 to Friday, December 18.

Name and Country

Net worth

Source of Wealth

ELon Musk, USA

$146.3 Billion, UP $9.4 Billion

Tesla

Zhong Shanshan, China

$69.9 Billion, up $7.1 Billion

Beverage, Pharmaceuticals

Larry Ellison, USA

$87.9 Billion, UP $5.5 Billion

Softaware, Oracle.

Jeff Bezos, USA

$186.7 Billion, UP $4.5 Billion

Amazon

Sun Piaoyang, China

$38.9 Billion, Up $4 Billion

Pharmaceuticals

Masayoshi Son, Japan

 $40.1 Billion, Up $2.3 Billion

Internet, Telecom

Robin Li, China

$13.8 Billion, Up $2.2 Billion

Internet Search

Cen Junda, China

$12 Billion, Up $2.1 Billion

Pharmaceuticals

Robin Zeng, China

$25.5 Billion, Up $2 Billion

Batteries

Len Blavatnik, USA

$31 Billion, Up $1.8 Billion

Music, Chemicals

Tesla’s stock has risen by nearly 50% since S&P Global announced on November 16that the company would be added to the index on December 21.

Elon Musk owns around 21% of Tesla’s stock, plus a stake in private rocket company SpaceX, which he also runs.

Amazon CEO Jeff Bezos, the world’s richest person, saw his fortune rise $4.5 billion this week as Amazon shares rose 2.7%, pushing his net worth up to $186.7 billion, Forbes calculates.

Oracle co-founder and chief technology officer Larry Ellison, meanwhile, saw his net worth rise to $88.5 billion - $5.5 billion more than last week.

Oracle stock has proved resilient, rising 7.3% since last Friday even as political and legal issues continue to delay the closing of Oracle’s deal to acquire the U.S operations of TikTok.

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