Another day of trading and another day of setting all-time highs as yesterday’s stock performance pushed Tesla’s (TSLA) market valuation over half a trillion dollars.
The stocks recent rise was kicked off last week after the announcement the automaker would finally be joining the S&P 500 Index on December 21, 2020. The announcement set off a buying spree among investors eager to get a piece of the automaker, helping to push Tesla’s market capitalization to more than $526 billion.
With a rise in share prices of 547% this year, Tesla’s biggest shareholder CEO Elon Musk has seen a similar increase in his net worth. Musk started the year worth an estimated $28 billion, but with the increase in share prices and his performance awards, the CEO is now worth an estimated $136 billion.
That has propelled Musk up the list of billionaires, where on Tuesday he overtook Microsoft co-founder Bill Gates to become the second richest person in the world.
Musk has no plans to lavishly spend that money on houses and cars, but has instead said he will use his vast wealth to help humans become a multiplanetary species.
Legal Disclaimer – Darryn holds shares of Tesla, Inc. (TSLA) and has no plans to change any positions within 72 hours.