It's a Very Good Day for Elon Musk

Tesla CEO is about to become 3rd-richest person on the planet as his company joins S&P 500
By Arden Dier,  Newser Staff
Posted Nov 17, 2020 7:37 AM CST
Elon Musk to Become Earth's 3rd Richest Person
Technology entrepreneur Elon Musk laughs as he visits the Tesla Gigafactory construction site in Gruenheide near Berlin, Germany, Sept. 3, 2020.   (Patrick Pleul/dpa via AP)

Tesla and SpaceX CEO Elon Musk is set to overtake Facebook CEO Mark Zuckerberg as the world's third-richest person on Tuesday. Tesla's stock closed just above $408 on Monday but jumped 14% in after-hours trading following news that the company will join the S&P 500 index on Dec. 21, reports Business Insider. Musk's wealth jumped $15 billion in extended trading, putting his net worth at $117.5 billion, per Bloomberg, which notes his wealth has climbed $90 billion this year alone. Zuckerberg's net worth is $106 billion, according to the Bloomberg Billionaires Index.

To join the S&P 500, a company must be based in the US, "have a market cap of at least $8.2 billion, be highly liquid, have at least half of their shares available to the public, and post four successive profitable quarters," per Business Insider. It has not yet been announced which firm Tesla will replace in the index as it cements itself as the global leader in electric vehicles. (Musk may have COVID-19.)

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