Tesla’s Musk becomes world’s second richest person: report
Tesla will be added to the S&P 500 index in December
New Street Research managing partner Pierre Ferragu provides insight into Tesla’s profitability, stock and future.
Elon Musk’s personal wealth seems like it’s flying higher than a SpaceX rocket.
Bloomberg reported Monday that Musk, the CEO of Telsa, surpassed Bill Gates to become the world’s second richest person behind Jeff Bezos.
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The report said a rally by Tesla on Monday earned Musk about $7.2 billion, bringing his new net worth to $127.9 billion.
The report said that Gates’ net worth would be higher but he has donated vast sums of money to charities over the year, including $27 billion to his Gates Foundation.
Last week, it was reported that Tesla will be added to the S&P 500 index on Dec. 21. Tesla shares jumped nearly 14% in after-hours trading after the announcement.
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Tesla shares have soared 387.8% this year as the company is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles. Tesla earned $331 million in the third quarter on revenue of $8.77 billion.
Tesla shares could double as global electric vehicle demand ramps up over the next five years, according to one Wall Street analyst.
The Associated Press contributed to this report