Elon Musk’s net worth exceeds $ 100 billion as Tesla action rises 400%

Elon Musk’s net worth has exceeded $ 100 billion for the first time, thanks to Tesla’s rising share price, which has risen more than 400 percent so far this year.

On Wednesday, Musk’s net worth rose by $ 5.46 billion to reach $ 101 billion, according to the Bloomberg Billionaires Index of the world’s richest people.

Musk remains the fourth richest person in the world, according to the index. Amazon CEO Jeff Bezos is the richest, with a net worth of $ 202 billion.

So far this year, Bezos has added $ 87 billion to its net worth, while Musk’s has risen by $ 73 billion.

It comes as Tesla shares continue to rise, rising more than 5 percent in midday trading on Thursday to $ 2,272.13.

Last week, Tesla’s market capitalization by Walmart rose in value, marking another extraordinary milestone in the rise of the electric car.

Shares jumped 45 percent just since Aug. 11, when Tesla announced a five-for-one share split.

Tesla’s share is among the highest priced, per share, on Wall Street, and the company in Palo Alto, California, has said it sought to make its shares more accessible to employees and investors.

With Robinhood and other brokers increasingly letting clients through fractions of individual stocks, the advantage of stock splits has become less clear, making Tesla’s rally after the announcement of its stock split surprising to some professional investors.

Tesla’s share is currently priced at a very high 148 times expected income, according to Refinitiv, and this valuation will not be affected by the upcoming share split.

Tesla will begin rolling out ‘made-in-China’ Model Y cars at its factory in Shanghai, starting in 2021, the Global Times tweeted on Thursday, quoting an unnamed director.

Investors are expecting significant announcements as Tesla holds the long-awaited Battery Day on September 22, the same day as the annual shareholders’ meeting.

The company is expected to present battery innovations, with analysts at Morgan Stanley predicting a business announcement about delivering ‘superior’ battery packs to the automotive sector.

Musk has suggested that the American electric carmaker could produce mass-producing batteries with 50 percent more energy density in three to four years.

A very “limited number of shareholders” will be able to attend the events due to pandemic-related restrictions, Tesla said, and a lottery will be held to select participants.