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What Happened: Musk’s wealth has climbed to $115 billion, while Zuckerberg is worth $111 billion, as per the Bloomberg Index.
The billionaire entrepreneur's wealth has risen by $87.8 billion this year alone, caused primarily by a nearly 500% spike in Tesla's stock in the same period.
In July, Musk received $2.1 billion in stock benefits as Tesla’s market capitalization hit the $150 mark. The executive benefits from one of the largest corporate payment packages between a CEO and a company’s boards.
Why It Matters: Tesla’s market capitalization is about $464.3 billion, and the company’s shares continue to be on a hot streak — closing more than 12% higher on the first day of split-adjusted trading Monday.
The automaker’s shares have been popular with retail investors in the United States and abroad during the boom in equities seen during the COVID-19 pandemic, Bloomberg noted.
Another billionaire whose wealth has increased considerably during the coronavirus crisis is Amazon.com, Inc (NASDAQ: AMZN) CEO Jeff Bezos, who was estimated to be worth $204.68 billion in August, according to Forbes.
Musk has joined Zuckerberg and Microsoft Corporation's (NASDAQ: MSFT) co-founder Bill Gates in the centibillionaire’s club.
Price Action: Tesla shares closed almost 12.6% higher at $498.32 on Monday and added another 3.3% in the after hours session to $514.75.
Photo Courtesy: Steve Jurvetson on Flickr.
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