Elon Musk Overtakes MacKenzie Bezos on Rich List as Tesla Stock Surges

As Tesla's stock value and market cap has enjoyed a surge this month, the net worth of its CEO Elon Musk has skyrocketed in tandem. Musk, who reportedly owns roughly 34 million Tesla shares, has seen his net worth soar as the electric car company's valuation spiked, pushed upwards after news broke that it had beat Toyota to become the world's most valuable automotive company. On July 2, the U.S. stock market embraced the news that Tesla produced over 82,000 vehicles and delivered approximately 90,650 vehicles in the second quarter, despite the restrictions placed on the business by the novel coronavirus outbreak. "While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels," Tesla said in a note. On his personal Twitter account, Musk wrote: "Thanks Tesla owners & investors! Love you!! We will work super hard to earn your trust & support." At the the time of writing, Tesla's market cap—the total value of a firm's outstanding shares of stock—was 252.5 billion, compared to Toyota's 173.5 billion. The financial results beat industry analyst expectations. When mixed with the sentiment that electric cars have a viable future, Tesla stock has continued to rise. CNBC reported last week that second-quarter sales for General Motors, Toyota Motor, Fiat Chrysler and Ford each dwindled by more than 30 percent. And as reported by the the BBC, Tesla wowed investors by delivering three profitable quarters in a row.

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According to Bloomberg, the rally meant Tesla has roughly grown by the value of Fiat Chrysler every single day over the past week. Musk does not take a salary, instead using an options package based on market cap and milestones, Reuters reported. Based on the company's trajectory, it appears it could pay dividends. According to the Bloomberg Billionaires Index, which tracks the financial swings of the rich and famous, as of July 7, 2020, Musk had a net worth of $63.5 billion, ahead of MacKenzie Bezos ($60.4 billion), Charles Koch ($51.9 billion) and Jack Ma ($49.7 billion). While impressive, the amount is still behind Jeff Bezos ($182 billion), Bill Gates ($115 billion), Mark Zuckerberg ($91.2 billion), Steve Ballmer ($75.8 billion) and Warren Buffett ($72.1 billion.) Based on Forbes data, Musk appears to have surpassed Michael Bloomberg's fortune of approximately $60 billion, which is not tracked by the Bloomberg database. However, Forbes calculations put Musk's real time net worth at around $46.3 billion. As reported by The Guardian, analysts from the stockbroker Jefferies predicted that the COVID-19 pandemic would lead many to invest in cleaner fuel choices. "We see COVID-19 as an accelerator of the transition to EVs [electric vehicles] and renewables from consumers and public policy," analysts said, adding: "Tesla remains significantly ahead of peers in product range, capacity and technology." Musk appeared to be enjoying the market's embrace this week, advertising red satin shorts on the Tesla website priced at $69.420—a joke making light of investors who bet on the price of his company's stock going down, a process called short selling. But despite his wealth, Musk, who also spearheads rocket company SpaceX, appeared to stay relatively humble. "I really couldn't care less," he told Forbes. "These numbers rise and fall, but what really matters is making great products that people love." The headline of this article has been updated.