Elon Musk becomes richer than Mark Zuckerberg after Tesla stock split

Tesla founder Elon Musk, on August 31, reportedly became world’s third-richest person overtaking Facebook co-founder Mark Zuckerberg. According to the Bloomberg Billionaires Index, which is updated at the end of each market day, Musk was worth $111.9 billion compared with $111.2 billion for Zuckerberg. 

As per reports, Musk passed Zuckerberg as shares of Tesla continued their unrelenting rally after undergoing a forwards stock split. Musk has seen a meteoric rise in his wealth, with his net worth growing by $76.1 billion this year as Tesla shares reportedly shrugged over 475 per cent. His rise in wealth is also an outcome of his pay package, which is the largest corporate pay deal ever struck between a CEO and a board of directors. Musk’s salary could yield him more than $50 billion of all goals are met. 

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Musk joins centibillionaire club

Tesla is one of the favourite firms among amateur investors in online trading. The company has been one of the largest beneficiaries of the boom in retail investing during coronavirus pandemic lockdowns. According to reports, at one point last month, almost 40,000 Robinhood accounts added Tesla shares during a single four-hour span. The trend is also not just limited to the US as South Korean retail investors have piled into Tesla this year and hold about a one per cent stake in the American automaker. 

According to reports, Tesla’s $454 billion market value now exceeded that of retail behemoth Walmart Inc., which is the largest company in the US by revenue. Last week, Musk also joined Zuckerberg, Amazon’s Jeff Bezos and Bill Gates in the rarefied centibillionaire club as tech stocks rose. The Tesla CEO still has a long way to become the world’s richest person as Bezos is worth about $200 billion. 

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