Tesla Stock Soars... Elon Musk Rises to Become World's 3rd Richest Person
Elon Musk's Wealth Hits $115.4 Billion (137 Trillion KRW)... Tesla Stock Rises 12.6% After Stock Split
Facebook CEO Zuckerberg Pushed Down, Ranking Moves Up One Spot
[Asia Economy Reporter Jeong Hyunjin] Tesla's stock price has soared, propelling Elon Musk, Tesla's CEO, to overtake Mark Zuckerberg, Facebook's CEO, and become the world's third richest person.
According to Bloomberg's billionaire index on the 31st of last month (local time), Musk's net worth was estimated at $115.4 billion (approximately 137 trillion KRW) on that day. This represents an increase of $11.7 billion (11.3%) in just one day and a rise of $87.8 billion (318.7%) since the beginning of the year.
The sharp increase in wealth is largely due to the rise in Tesla's stock price. Tesla began trading on that day following a 5-for-1 stock split. The stock closed up 12.6% at $498.32. Compared to the start of the year, the stock price has risen nearly 500%. Since about 74% of Musk's wealth is in Tesla shares, the increase in stock price directly boosts his net worth.
As of that day, Tesla's market capitalization stood at $464.3 billion, surpassing Walmart ($393.2 billion), the world's largest retailer, and continuing its upward trend.
Bloomberg explained that during the spread of the novel coronavirus (COVID-19), a boom in individual investors using the free trading app Robinhood helped Tesla gain significant popularity among investors, benefiting from this trend. Not only in the U.S. but also in South Korea, Tesla has attracted attention, with Korean investors holding shares equivalent to 1% of Tesla's stock.
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With this, Musk became the world's third richest person, following Jeff Bezos, Amazon's CEO, and Bill Gates, Microsoft’s founder. Mark Zuckerberg, who had recently held third place thanks to Facebook's stock price rise, was pushed to fourth place by Musk. Only these four individuals have net worths exceeding $100 billion worldwide.
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