Elon Musk’s personal fortune hit a new high Friday as Tesla Inc. prepares to make its debut in the S&P 500 Index.
A late jump in Tesla’s share price pushed Musk’s net worth up almost $9 billion to $167.3 billion, according to the Bloomberg Billionaires Index. The 49-year-old entrepreneur has added $139.7 billion this year, an amount that exceeds the total net worth of anyone else on the planet other than Amazon Inc. founder Jeff Bezos. Bezos, for now, tops the wealth index with $187.3 billion.
Tesla shares have soared 731 per cent this year, closing at a record $695 on Friday. Most recently, they’ve gained on expectations that inclusion in the S&P 500 would spur a new round of buying. The stock has climbed 70 per cent since inclusion was announced in November.
Musk is the most prominent in a range of electric-vehicle entrepreneurs who have seen their fortunes jump this year, spurring a raft of new entrants. At least 15 electric vehicle companies have been taken public or announced listings in 2020.