Elon Musk Is Now The Fifth Richest Person In The World

Elon Musk’s meteoric rise up the Forbes Billionaire List has continued this month, as he’s ascended past luminaries such as Warren Buffett and Steve Ballmer. As of Monday afternoon, Musk’s net worth surpassed $74 billion, meaning he is now the fifth-richest person on the planet.

KEY FACTS

Musk, 49, is the CEO of SpaceX and Tesla, the electric vehicle company whose stock price has soared since March.

Tesla shares gained another 9.5% in Monday’s trading to $1,643.00, giving it a 60% rise in just three weeks since June 29, and a nearly 300% increase in 2020 alone.

Tesla is now not only the world’s most valuable car company, with a market cap of $304.5 billion, it’s worth more than Ford, Ferrari, General Motors and BMW combined.

Musk was ranked No. 31 on Forbes’ Billionaires List as recently as mid-March, with a net worth just under $25 billion.

His fortune has nearly tripled since then, skyrocketing to $74.2 billion at the close of trading Monday, Forbes calculates.

Musk owns 21% of Tesla but has pledged more than half his stake as collateral for loans; Forbes has discounted his stake to take the loans into account.

Source: Forbes