(Bloomberg) – Elon Musk is the third richest man in the world – at least for now.
Musk passed on the co-founder of Facebook Inc. Mark Zuckerberg on Monday while shares of Tesla Inc. they continued their relentless rally after undergoing a preliminary division of shares. As of 2:22 p.m., Musk is worth $ 111.9 billion, compared to $ 111.2 billion for Zuckerberg, according to the Bloomberg Billionaires Index, which is updated at the end of each market day.
Musk saw a meteoric rise in his wealth, with net worth up $ 76.1 billion this year as Tesla shares rose more than 475 percent. Also useful: a bold pay package – the largest corporate pay deal ever made between a CEO and a board of directors – that could bring him more than $ 50 billion if all goals are met.
Read more: The richest people in the world broke their wealth records this week
Tesla, a favorite among amateur investors at online trading company Robinhood Financial, was one of the biggest beneficiaries of the retail investment boom during the pandemic blockade. At one point last month, nearly 40,000 Robinhood accounts added shares of Tesla over a four-hour period. And this trend isn’t limited to the United States: South Korean retail investors have piled up at Tesla this year, holding about a 1 percent stake in the U.S. carmaker.
Tesla’s market value of $ 454 billion now exceeds that of small giant Walmart Inc., the largest US company by revenue.
Last week, Musk, 49, joined Zuckerberg, Amazon.com Inc., Jeff Bezos and Bill Gates at the Rare Centibioners Club as technology stocks rose.
The staggering rate of wealth accumulation in recent months is in stark contrast to the state of the world economy. Growth has plummeted since the start of the pandemic, with companies laying off millions of workers and a crater in consumer demand. The burden of economic pain has been borne by young and lower-paid workers, whose jobs are usually more vulnerable to Covid redundancies.
Rising income inequality has provoked sharp responses from many progressive politicians and critics on the left. U.S. Sen. Bernie Sanders introduced legislation this month to tax “extreme wealth gains” during a pandemic.
Musk still has a long way to go to become the richest man in the world. Bezos costs about $ 200 billion.
(Adds statistics on retail, Sanders legislation beginning in the fourth paragraph.)
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