Musk's fortune increased sharply after the latest rally in Tesla stock, which closed on $1,650 Monday, close to a record high for the company. Thus, he pushed to the fifth place the CEO of the Louis Vuitton Moet Hennessy group of companies Bernard Arnault, whose income is estimated at 84.6 billion dollars. Musk's net worth now stands at $84.8 billion. Growing speculation that the electric auto maker could become part of the S&P 500 index is driving up its shares, as market players seek to get ahead of a flood of passive investments expected once Tesla joins the benchmark. It is also worth remembering that this year, Musk's fortune has risen by more than $57 billion at a time when most other billionaires saw their fortunes fall as a result of the coronavirus pandemic.
Bill Gates ($121 billion) and Jeff Bezos ($188 billion) are ahead of him on the list of the world's 500 richest people.
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A company representative did not immediately provide comment to Ad Age. Goodyear added: "This can't be said strongly enough".
Following SpaceX's historic mission earlier this month of successfully delivering a crew of NASA astronauts to the International Space Station and bringing them safely home, Elon Musk seems to have his eyes set on a potentially even more challenging feat: turning the launch site in Boca Chica, Texas, into a themed resort.
Musk's fortune has grown by $57.2 billion this year, the second-biggest increase on the index.
Tesla's shares have surged 500 percent over the past year as the company increased sales of its Model 3 sedan.