ELON MUSK OVERTAKES ZUCKERBERG

On Monday (31st August 2020), Elon Musk now stands as the third-richest man in the world as he passed the co-founder of Facebook Inc. – Mark Zuckerberg. As per the Bloomberg Billionaire Index, the shares of Tesla Inc. underwent a stock split making Elon Musk’s worth $115.4 billion surpassing the $110.8 billion for Zuckerberg.

Elon Musk has seen quite a rise in his wealth considering his net worth grew by $87.8 billion this year as Tesla’s shares leaped almost 500%. Tesla happens to be a preferred choice among amateur investors and is one of the largest beneficiaries of the boom that took place in retail investments in course of lockdowns due to the pandemic.

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About 40,000 accounts last month, on the online trading firm Robinhood Financial added Tesla shares in just a span of four hours. This trend, however, is not only limited to US investors, but the South Korean retail investors have also shown quote some interest in Tesla and they now hold an approximate 1% stake in the American automaker company.

Tesla’s market value which is $464 billion now outshined the giant of retail Walmart Inc. which happens to be the largest company by revenue in the US.

It was only last week, that Elon Musk has joined the centibillionaire club along with Mark Zuckerberg, co-founder of Microsoft Corp Bill Gates, and Jeff Bezos as the tech stocks climbed up. Though, it’s long run before Musk becomes the world’s richest person considering the worth of Bezos is more than $200 billion.


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