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Elon Musk's wealth surges past the $100 billion mark after Tesla shares rally

Tesla founder-CEO Elon Musk, the world's fourth-richest person, does not take home a salary and his compensation mostly relies on stock options.

August 27, 2020 / 01:24 PM IST

Tesla Chief Executive Officer (CEO) Elon Musk's net worth crossed $100 billion on August 26, making him one of the world's four centibillionaires.

Musk's wealth rose to $101 billion after a rally in Tesla's share price, according to the Bloomberg Billionaires Index.

Musk's net worth has swelled by $73.6 billion in 2020, still lower than Amazon founder Jeff Bezos', whose wealth rose by $87.1 billion, the report said.

Also read: Jeff Bezos becomes the world's first person to hit a net worth of $200 billion

The Tesla founder-CEO, who is the world's fourth richest person, does not take home a salary, and his compensation mostly relies on stock options.

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Shares of Tesla spiked to cross the $2,000 mark on August 20 for the first time, ahead of the stock split.

Other technology CEOs such as Bezos and Facebook's Mark Zuckerberg have also seen massive increases in wealth in 2020.

Bezos, the world's richest person, on August 26 became the first person whose fortune surged past the $200 billion mark, Bloomberg reported. Zuckerberg's net worth crossed the $100 billion mark earlier in August.

The report said that, amid the COVID-19 pandemic, the wealth of the world's 500 richest people had risen by $809 billion so far in 2020, a 14 percent increase since January.

Moneycontrol News
first published: Aug 27, 2020 09:11 am
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