Elon Musk’s Net Worth Jumps To $70.5 Billion As Tesla Stock Surges (TSLA)

By Amit Chowdhry ● July 13, 2020
  • According to the Bloomberg Billionaires Index, Tesla Inc (NASDAQ: TSLA) chief executive officer Elon Musk has seen his net worth substantially surge. Now Elon Musk has a net worth of $70.5 billion

According to the Bloomberg Billionaires Index, Tesla Inc (NASDAQ: TSLA) chief executive officer Elon Musk has seen his net worth substantially surge as the company’s stock price has been surging. Now Musk is the seventh richest person. On Friday alone, Musk’s net worth increased by $6.07 billion as the stock price climbed by nearly 11%. Now Elon Musk has a net worth of $70.5 billion.

This means Musk is now ranked ahead of Google co-founder Sergey Brin, Reliance head Mukesh Ambani, and Berkshire Hathaway head Warren Buffett. Ahead of Musk is Jeff Bezos, Bill Gates, Mark Zuckerberg, Bernard Arnault, Steve Ballmer, and Larry Page. Buffett saw a drop in net worth after he announced a $2.9 billion donation to charity.

This past year, Tesla’s stock price jumped 500%. And as the stock price climbs, Musk could also receive a pay package valued at about $1.8 billion.

Earlier this year, Musk was able to unlock the first set of options valued at $1.8 billion at maturity. This second pay package would be the second jackpot from Tesla this year.

Tesla’s market cap is now hovering at about $286 billion. And if the market cap hits a six-month average market cap of $150 billion, it would trigger vesting of the second out of 12 tranches of options that would be granted to Musk to buy Tesla stock.

The pay package was established in 2018 and the first was triggered by Tesla’s six-month average stock market value hitting over $100 billion. Each of the tranches allows Musk to buy 1.69 million Tesla shares for $350.02 each and the company’s stock price is trading at $1,544.65.

Tesla recently reported a higher-than-expected second-quarter of vehicle deliveries.