One chart shows the wild $65 billion rise in Elon Musk's net worth since the news that Tesla would join the S&P 500
Teslais being inducted into the S&P 500 today.
- Tesla CEO Elon Musk has seen his
net worthincrease by nearly $65 billion since the announcement that Tesla would join the index, on November 16.
- But Musk, now the world's second-richest man, is relatively "cash-poor" because his fortune is so closely tied to his shareholdings.
Tesla is being inducted into the S&P 500 today, causing Elon Musk's net worth to skyrocket yet again.
His fortune has been on a wild upswing since the company was named for inclusion on the S&P 500 on November 16, becoming its largest new addition.On the day of the announcement, Musk's net worth was sitting pretty at an estimated $102.2 billion, according to Bloomberg's
Following the announcement of Tesla's inclusion, Musk's net worth grew overnight by $11.8 billion to hit $114 billion, and he eclipsed Facebook founder Mark Zuckerberg to take third place in the global
By November 24, Musk had unseated Bill Gates as the world's second-richest person, with a net worth of $128 billion. And by the end of the month, Musk's net worth had soared to $142 billion. The weekend ahead of Tesla's S&P 500 debut, Musk's net worth hit $158 million, only to increase by nearly $10 billion over the weekend to its current $167 billion.But this doesn't mean Musk's wealth easily translates to spending power. Musk famously earns his billions without taking a paycheck from Tesla, refusing his $56,000 minimum salary as CEO every year. In January 2018, Tesla announced it would pay Musk nothing for the next 10 years - no salary, bonuses, or stock - until the company reached a $100 billion market cap.
Instead, Musk has a complicated compensation package that will result in a massive payday once he achieves ambitious performance goals. That leaves Musk relatively "cash-poor," with a fortune tied to his stock in Tesla and his other companies, SpaceX and The Boring Company. To spend that wealth, he'd have to sell stock options that have vested into actual equity.
Regardless, if Musk's net worth continues to soar the way it has in the past 30 days, he might just be here to stay as the world's second-richest person.Tesla did not immediately respond to a request for comment.
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