With the big increase in the price of Tesla (TSLA) shares this week, CEO Elon Musk has now rocketed up the list of billionaires to become the third richest person in the world.
On Monday it was announced Tesla would finally be joining the S&P 500 Index next month. When it does, it will be one of the 10 most valuable companies in the index.
The news sent the stock price soaring in after-hours trading, with the trend continuing into Wednesday as the stock passed $480 per share.
Since Musk’s compensation is stock-based, that rise in share price meant his personal fortune increased as well. According to the Bloomberg Billionaire’s Index, the CEO is now the third richest person in the world, worth more than $120 billion.
Despite his immense wealth, which has increased by a whopping $92.4 billion this year alone, Musk has no plans to hoard it. Instead he says he will use it to help humans become a multi-planetary species.