Elon Musk personal fortune hit a new high on 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 entrepreneurs have added $139.7 billion this year, an amount that exceeds; the total net worth of anyone else on the planet other than Amazon.com Inc. founder Jeff Bezos. Bezos, for now, tops the wealth index with $187.3 billion.
Tesla shares have soared 731% this year, closing at a record $693 on Friday. Most recently, they have gained on expectations that inclusion in the S&P 500 would spur; a new round of buying. The stock has climbed 70% since inclusion was announced in November.
Elon 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.