Elon Musk is the 10th richest person in the world with $ 68.6 billion in wealth, according to Bloomberg.
New York:
Rising Tesla stock values have pushed Elon Musk higher on the top billionaire list as he prepares for another massive payout this week.
Electric car maker, which has posted disproportionate gains in recent weeks, suffered a rare drop on Monday, ending down 3.1% to $ 1,497.06 after climbing to $ 1,794.99 earlier in the session.
Tesla’s shares have already climbed 258% in 2020, leaving the US trade press dumbfounded by the growing wealth of iconoclast Musk.
Musk is currently the 10th richest person in the world with $ 68.6 billion in wealth, according to Bloomberg.
Musk may also be a few days away from qualifying for a new payout under the company’s executive compensation plan, which links Tesla boss’s salary to performance and share price goals, and could bring Musk an additional $ 2.4 billion, according to Bloomberg.
The electric car maker is expected to release its second quarter results on July 22. There has been speculation that Tesla may be promoted to the S&P 500 after the report. One of the criteria for this is to post profits over four consecutive quarters.
Tesla’s pullback was part of a larger tech stocks retreat on Monday. The Nasdaq composite index, which has broken records several times in recent weeks, finished down 2.1% to 10,390.84.
(With the exception of the title, this story was not edited by GalacticGaming staff and is published from a syndicated feed.)
