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With a massive success for the company despite the COVID-19 economic crisis, the Tesla CEO has added a whopping $87 billion to his personal wealth in 2020. Elon Musk’s net worth currently stands at around $115 billion.
Wall Street investors continue to rush and purchase Tesla Inc (NASDAQ: TSLA). On Monday, August 31st, the Tesla (TSLA) stock surged a whopping 12.57%, on the first day of the stock split. The investor-craze around Tesla is so high that the stock continued to surge over 3% in the after-market hours. On Monday closing, the TSLA stock was trading at $498 pushing Tesla valuations over $360 billion. With Monday’s TSLA stock surge, CEO Elon Musk’s wealth has exploded simultaneously. Thanks to the Tesla stock split, Elon Musk surpassed Facebook Inc (NASDAQ: FB) CEO Mark Zuckerberg to become the third-richest person on the planet.
As per the Bloomberg Billionaires Index, Elon Musk’s net worth stands at $115 billion against Zuckerberg’s $110 billion. This year of 2020 has been the game-changer for Tesla and its CEO Elon Musk. The Tesla (TSLA) stock has surged almost 500% year-to-date as the company managed massive deliveries despite the COVID-19 pandemic. Under the leadership of the visionary CEO, Tesla has managed to beat all odds.
Trumping the degrowth of the overall automobile industry, Tesla has rather ramped-up its production during the COVID crisis. After the successful opening of its Shanghai gigafactory in January 2020, Elon Musk is set for the next bold moves. Tesla is preparing itself to launch the giagafactory in Europe by the year-end or early 2021.
With the company’s success and the Tesla stock split, Elon Musk has also seen a meteoric rise in his personal wealth. Just in the first eight months of 2020, Elon Musk has added a massive $87.5 billion to its personal wealth. Besides, Elon Musk also becomes the highest paying CEO in America.
Bucking the Global Trend of the Automobile Industry
The coronavirus economic crisis has put the global automobile industry in a severe condition. With the sudden drop in travel and offices closed, the automobile industry has also seen a massive drop in sales. To cut costs, several automobile companies have announced layoffs for millions of workers around the globe.
But Tesla has refused to budge and has rather outperformed in these critical times. Next year, Tesla will probably get its Cybertruck on the street that could push its sales even further. As the electric vehicle market gains momentum, Tesla is all poised for future expansion and meet the challenges as they come.
Elon Musk, as we know him, has always cared less for his personal wealth. In a typical Musk’ announcement in May 2020, Elon tweeted:
“I am selling almost all physical possessions. Will own no house. Don’t need the cash. Devoting myself to Mars and Earth. Possession just weigh you down”.
More news from the transportation industry can be found here.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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