Elon Musk’s net worth jumps to $167.3 billion, Tesla may join S&P 500 Index soon

Elon Musk, Chief Executive Officer (CEO) of Tesla, hit a new high on Saturday after a jump in the company’s share price pushed his net worth up almost $9 billion to $167.3 billion, according to the Bloomberg Billionaires Index.

Tesla’s shares have jumped 731% this year, closing at a record $695 on Saturday. As per the Bloomberg report, it is most likely to make its debut in the S&P 500 Index.

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The 49-year-old business tycoon added $139.7 billion in 2020, an amount that surpasses the total net worth of everyone else on Earth except Amazon founder Jeff Bezos. Bezos, for now, tops the wealth index with $187.3 billion.

Musk is the most prominent in a range of electric-vehicle entrepreneurs, who have seen their finances increase this year, spurring a raft of new entrants. At least 15 electric vehicle companies have been taken public or announced listings in 2020.

Making official his threat, Musk announced on December 9 that he had moved to Texas, leaving California for good, as he had warned after a spat with local authorities there over his business closure during the pandemic.