AP
- Tesla’s surging stock means Elon Musk has grown his net worth the most of anyone this year.
- The electric carmaker’s boss has jumped from 35th to 22nd in the Bloomberg Billionaires Index.
- Tesla’s market capitalization is also approaching $150 billion, the second of 12 valuation milestones Musk needs to hit to unlock his $50 billion compensation package.
- Visit Business Insider’s homepage for more stories.
Thanks to Tesla‘s surging stock, Elon Musk has grown his fortune by more than anyone else this year.
Shares in the electric carmaker have soared more than 80% since the start of January, boosting its cofounder and CEO’s net worth by $13.5 billion, according to Bloomberg — a bigger gain than anyone else on the Bloomberg Billionaires Index.
Musk, who owns about 20% of Tesla and the majority of SpaceX, has already jumped from the world’s 35th richest person to its 22nd wealthiest this year, Bloomberg said. He passed Amazon boss Jeff Bezos’ ex-wife, MacKenzie, as well as Nike cofounder Phil Knight and casino tycoon Sheldon Adelson on the way.
The polarizing executive, who has been sued for name-calling on Twitter and fined by regulators for misleading investors, stands to make a lot more money.
Tesla’s market capitalization recently passed $100 billion, the first of 12 valuation milestones Musk needs to hit and sustain as part of his $50 billion compensation package. The startup’s stock jumped another 20% on Tuesday, boosting its market cap to over $140 billion — not far off the second milestone of $150 billion.
If Tesla’s market cap rises to at least $650 billion and stays there, and Tesla grows its 12-month revenues to $175 billion and its adjusted profits to $14 billion, Musk would unlock the full windfall.
