Tesla CEO Elon Musk Becomes Third Richest in World

Published On: 19 November 2020
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Elon Musk jumps ahead of Facebook founder Mark Zuckerberg in the list of richest persons in the world

Elon Musk seems to be having a good 2020 as his personal wealth rises by almost $15 billion dollars or Rs 7500 crores in Indian currency. He is currently the third richest person in the world, thanks to the sudden rise in Tesla stock value. He recently tested positive for COVID-19 while his company Tesla Inc was included in the S&P 500 index. He recently launched four astronauts to space. Tesla, having started its operations as an EV manufacturing company, is transcending to unprecedented heights with new sources of revenues from Satellite launching to software development. Elon Musk's net worth now stands at $120 billion and is just $8 billion away from dethroning Bill Gates as the second most richest individual in the world.

2020 has been a hard year for the world with COVID-19 outbreak but Elon Musk has bucked the trend. His wealth has risen by almost $82.2 billion this year, which is the biggest jump in the personal wealth of the top 500 richest people on the planet. The year is coming to a dismal end but Tesla is ending it on a high note. It is going to enter the S&P 500 index on December 21, ending months of speculation. Morgan Stanley gave an overweight rating for Tesla which happened for the first time in the last three years. Tesla stock is now trading at $484.98 which has seen a rise of 500 percent this year.

Tesla doesn’t just make innovative EVs, it’s portfolio also consists of network services, satellites, space tourism and energy storage among others. With an emphasis on clean energy, governments are working tirelessly to promote EVs. Elon Musk has been a trendsetter and is now setting up a full-fledged battery cell unit at Gigafactory Berlin in Germany. It has unveiled its own signature Tesla 4680 battery cell. This is a big step as Tesla will be manufacturing battery cells and dependency on vendors would reduce in the coming years.

With an ambitious outlook backed by wall street analysts, Elon Musk looks forward to a bright 2021. From manufacturing electric vehicles to launching astronauts to battery cells production, Tesla will become the most eyed stock in the market.