Elon Musk joins the club of centibillionaires as net worth tops $100 billion

Elon Musk's Tesla became the world's most valuable carmaker by market capitalization on July 1 when it overtook front runner Toyota.
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| Updated on: 29 Aug 2020, 11:15 AM
File photo of Tesla CEO Elon Musk (AFP)
File photo of Tesla CEO Elon Musk (AFP)

Silicon Valley entrepreneur Elon Musk's net worth topped $100 billion on Friday, according to the Forbes real-time billionaires list, as the shares of electric-car maker Tesla Inc see a more than five-fold surge in value this year.

A large chunk of his wealth comes from the 21% stake in Tesla, according to Forbes.

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Tesla shares, which went public at $17 a piece in 2010, rose as much as 3.5% in morning trade to a record high of $2,318.49.

The company became the world's most valuable carmaker by market capitalization on July 1 when it overtook front runner Toyota Motor Corp and has over the last 10 years made many of its retail investors millionaires.

(Also read: Bill Gates snubs Tesla again, but says EV revolution has begun)

Musk is now part of an elite club of just four others with twelve digit net worth. His nearly $100 billion, however, is just about half the net worth of the world's richest man and Amazon.com Inc CEO Jeff Bezos, according to Forbes.

Musk, who co-founded and sold Internet payments company PayPal Holdings Inc, now leads some of the most futuristic companies in the world.

Besides Tesla, he heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

He set up the Boring Company to make affordable tunnels below busy city streets to for an all-electric public transportation system to avoid the nasty traffic jams in US cities.

First Published Date: 29 Aug 2020, 11:15 AM IST
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