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Elon Musk adds $82.2B to net worth in 2020 after TSLA stock surge

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Tesla CEO Elon Musk’s net value has risen by over $82 billion in 2020 following a 480% increase in stock price up to now this year.

Musk, who helped found Tesla in 2003, is the company’s biggest shareholder, and as CEO, helps oversee the business ’s day-to-day operations. 2020 has been especially rewarding for its South African-born CEO, who has helped the company establish itself as the electric vehicle tech leader with a considerable margin during the year.

With advancements in battery manufacturing, EV tech, and production methods, Tesla has seen its own share price explode from $86 to over $500 in just over eleven months. Tesla has also reported five consecutive profitable quarters, which has helped its own performance on Wall Street.

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As for Musk, his substantial wealth has grown substantially this year. Based on Forbes, Musk had been once worth $24.6B in April 2020, if a steady rise in cost per share began and lasted till July. Following a short fall in mid-August, TSLA stocks once more dropped until August 31st, when the automaker announced a 5:1 stock split to make stocks more affordable for younger and retail investors.

As a consequence of the split, TSLA has overtaken AAPL as ’s go-to inventory , along with the automaker has experienced overwhelming popularity among retail investors.

Musk’s proverbial climb up the World’s Richest list has been monumental, even though it’s important to emphasize the fact that his worth has nothing to do with money. Even the CEO doesn’t accept a paycheck from his employer, and under California Law, his minimum salary is left in a Tesla-owned bank accounts, which can be untouched.

Musk’s net value growth has prompted a few politicians, like Bernie Sanders, to inquire CEO’so with exponential increase in wealth throughout the entire year to cover a one-time taxation . The bill, which would have demanded Musk, Amazon founder Jeff Bezos, Facebook CEO Mark Zuckerberg, along with the Walton family to cover tens of thousands, was not passed.

Bernie Sanders needs Elon Musk to cover a one-time $27.5 billion tax

Musk is put to, once more, transcend Zuckerberg on the record following the spike in stock price added $7.6 billion to his net worth over the previous two days. Tesla stock has soared almost $100 in the previous two days, or around 25 percent, based on the report that the electric automaker’s inclusion in the S&P 500 index. TSLA will join the S&P on December 21st.

As of the end of trading hours on Wednesday, Musk is worth $106.9B, yet this amount will probably grow based on TSLA’s increase in value during Thursday trading hours. In the time of writing, TSLA shares were up $14.27, or 2.93%, to $500.91 per share.

The post Elon Musk adds $82.2B to net value in 2020 following TSLA inventory surge appeared initially on TESLARATI.

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