Elon Musk’s private fortune hit a brand new excessive Friday as Tesla Inc. prepares to make its debut within the S&P 500 Index.
A late soar in Tesla’s share price pushed Musk’s internet worth up virtually $9 billion to $167.three billion, in keeping with the Bloomberg Billionaires Index. The 49-year-old entrepreneur has added $139.7 billion this 12 months, an quantity that exceeds the overall internet worth of anybody else on the planet apart from Amazon.com Inc. founder Jeff Bezos. Bezos, for now, tops the wealth index with $187.three billion.
Tesla shares have soared 731% this 12 months, closing at a document $695 on Friday. Most lately, they’ve gained on expectations that inclusion within the S&P 500 would spur a brand new spherical of shopping for. The stock has climbed 70% since inclusion was introduced in November.
Musk is essentially the most distinguished in a spread of electric-vehicle entrepreneurs who’ve seen their fortunes soar this 12 months, spurring a raft of recent entrants. At the very least 15 electrical car firms have been taken public or introduced listings in 2020.