Tesla shares skyrocket, making Elon Musk world's second richest man

Tesla shares skyrocket, making Elon Musk world's second richest man

Tesla co-founder Elon Musk has toppled Bill Gates as the world's second-richest person-which only comes a week after the flamboyant CEO overtook Facebook's Mark Zuckerberg to become the third richest. Biden campaigned as more of a clean energy advocate than President Trump, which could speak to the sudden rise in Tesla stock. Amazon's Jeff Bezos is first on the list at $182 billion.

According to the Bloomberg Billionaire Index, which tracks the wealth of the five hundred richest people on the planet, the forty-nine-year-old entrepreneur saw his net worth surge by $7.2 billion to $128 billion on Monday. His net worth has skyrocketed $100.3 billion just this year-marking the largest increase among all individuals on the index.

Tesla shares rose 6 percent on Monday, approaching a $500 billion market value and extending gains to 27 percent since news a week ago that the electric vehicle maker will debut in the S&P 500 in December, forcing index funds to buy billions of dollars of its stock.

As of Monday's close, Tesla was priced on the Nasdaq at US$521.8bn which gave it a market capitalisation of US$494bn.

Environmentalist group Gruene Liga Brandenburg (Green League of Brandenburg) then took Tesla to court after Germany's environment ministry granted the company permission to continue tree-felling.

SpaceX will meanwhile, in the coming days, set its latest record for rocket reusability as its Falcon 9 vessel is due to be used for the seventh time as the company executes its sixteenth mission for Starlink (a SpaceX programme that deploys internet satellites into orbit).

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