Tesla CEO Elon Musk rose to fourth place on the Bloomberg Billionaires Index after the electric automaker’s share rose during trading on Monday.
After TSLA (NASDAQ: TSLA) closed at $ 1,835.64 on Monday, Musk’s net worth rose nearly $ 8 billion to $ 7.78 billion.
Musk has officially overtaken Bernard Arnault of the LVMH of France for fourth place, whose net profit has dropped to $ 20.7 billion by 2020. Meanwhile, Musk’s financial gains are at $ 57.2 billion for the year to date.
To be clear, Musk did not receive an additional $ 7.78 billion in cash from the TSLA uprising. He is the electric automaker’s largest shareholder at 20.8%, accounting for 38.7 million shares of TSLA stock.
Musk is currently behind Mark Zuckerberg, the CEO of Facebook, whose net profit is $ 99 billion.
Shares of TSLA have grown the fist so far in 2020 as the demand of the company has gradually increased. While other automakers have struggled in 2020 due to reduced demand and production, Tesla has grown as a company.
Internationally, Tesla becomes one of the most popular cars in China due to the Model 3. The Giga Shanghai manufacturing plant in China is also expanding to make way for the manufacturing process of the Model Y crossover, which began with deliveries in the US in March.
In Europe, Tesla is working on the fast-paced construction process at Giga Berlin, which will improve the company’s presence on the continent. The new Berlin plant is expected to produce 500,000 electric cars a year and will have about 10,000 employees, reports have said.
Compared to other billionaires who won wealth in 2020, Musk ranks second behind Amazon Bezes CEO Jeff Bezos. The Amazon frontman has increased its net worth by $ 73 billion. Bezos is the richest person in the world, with a net worth of $ 188 billion. Former Microsoft CEO Bill Gates is second with a net worth of $ 121 billion.
Interestingly, not everyone is a fan of Musk’s net worth in recent months. Vermont Democratic Senator Bernie Sanders proposed in early August a bill that would impose a one-time tax on billionaires who won financially during the months of COVID-19.
It is unknown at this time what he will do after leaving the post, but it is clear that Musk’s net profit will continue to increase as developments in the company’s technology continue to flourish. At the time of writing, TSLA stock was above $ 70, trading at $ 1,906.83
Disclosure: I have no ownership in shares of TSLA and have no plans to initiate positions within 72 hours.
