#Elon Musk keeps climbing list of world’s wealthiest people

“#Elon Musk keeps climbing list of world’s wealthiest people”

July 20, 2020 | 4:51pm

That’s some pay raise.

Tesla CEO Elon Musk added a whopping $5 billion to his net worth on Monday thanks to Tesla’s never-ending stock rally, allowing him to finish the day as the fifth-richest person in the world with a net worth of $74.2 billion.

Musk, who as recently as a few weeks ago was No. 20 on the global rankings, according to Forbes, is now behind only Facebook CEO Mark Zuckerberg, Microsoft’s Bill Gates, luxury goods titan Bernard Arnault and Amazon chief Jeff Bezos.

Shares of Tesla spiked 9.5 percent ahead of the electric automaker’s upcoming earnings report, finishing the day at an all-time high of $1,643. If it posts a profit that meets generally accepted accounting principles, it will have four consecutive profitable quarters under its belt — a key metric for being added to the popular S&P 500 stock index.

The rally saw Tesla’s market cap finish the day at 305.6 billion — almost $100 billion ahead of Toyota, the world’s second-largest automaker by market cap.

Tesla will report its quarterly earnings early Wednesday evening.

Don’t look for the outspoken billionaire to claim the title of world’s richest man any time soon, however. His $5 billion net worth spike on Monday pales in comparison to the $12.9 added by Bezos, who has a fortune of $188.9 billion.