The Fourth Highest in the United States

Musk has not received a salary in 10 years, and his worth has soared $50 billion in five months, making him the fourth richest person in the United States.

The S&P 500 Index of US stocks closed at a record high on Tuesday, only 126 trading days from the previous peak in February, setting the fastest record high in history, and regaining ground after the outbreak.

The big winner of electric cars, Tesla, closed up 2.8% on Tuesday. Founder and CEO Musk’s value soared, increasing by US$7.8 billion to more than US$84.8 billion in a single day, squeezing out LV’s Arnault. , Ranked fourth in the Bloomberg Rich List.

The U.S. government has launched unprecedented stimulus measures and the Fed has launched a wireless QE (money printing) policy. In addition, the number of newly diagnosed patients on the 17th has fallen sharply to 37,200, which is far lower than the 76,000 on July 17, and the US screening exceeds 75 million people have aroused investor optimism.

S&P 500 returns to its historical peak in 126 days

The S&P 500 index closed up 0.23% on Tuesday to a historical peak of 3,389.78 points, exceeding the previous record of 3,386.15 points on February 19, and regaining the historical decline in February and March. The S&P 500 index has risen by 4.9% this year.

The stock market rebounded strongly, reflecting investors’ optimism about corporate profits and a rebound in economic activity next year. From large technology companies to declining energy stocks, all stocks rebounded strongly from the bottom. Amazon’s stock price has expanded to 80% this year, while oilfield equipment maker Halliburton has more than tripled from its March low and narrowed its decline in 2020 to 33%. Clorox, a manufacturer of sanitary products such as wet wipes, has risen this year. 49%.

Tesla’s gains were even more alarming. On Tuesday, it closed up 2.8%, setting a record high of 1,887.09. This year it has soared 7.3 times, and its market value has reached 351.681 billion US dollars. On Tuesday alone, Tesla CEO Musk’s wealth increased by approximately 8 billion US dollars.

During the epidemic, Musk increased wealth far more than other billionaires

During the Wuhan virus pandemic, many billionaires became richer, but Musk’s wealth increased more than other billionaires. In the past five months, his worth has more than tripled. He is now the No. Four rich people.

According to a new analysis released by the Policy Research Institute (IPS), Tesla and SpaceX CEO Musk’s wealth surged 246% between March 18 and August 18. According to the Bloomberg Billionaire Index, He is worth up to 84.8 billion US dollars, only lost to Bezos, Gates, and Zuckerberg.

Musk’s wealth surge paralleled the surge in Tesla’s stock price. In 2020 alone, Tesla’s stock price has soared 7.3 times.

According to a previous report by Carmen Reinicke, a reporter from Business Insider, Bank of America analysts wrote: “Musk’s outstanding leadership, convincing brand and outstanding execution have driven stock prices to rise.”

Musk has excellent leadership and execution

Decades before becoming the father of six children and accumulating a fortune of 84.8 billion US dollars, Musk taught himself and grew up in South Africa. By the time he was 12 years old, he sold the source code of his first video game for $500.

Musk graduated from the Wharton School of Business at the University of Pennsylvania with a double degree in physics and economics, and then went to Stanford University for a PhD. But two days after entering school, he resolutely dropped out of school and decided to start an Internet startup company with his brother. They received $28,000 in seed funding from their father and founded Zip2, a city navigation software for newspapers.

Four years later, in 1999, they sold Zip2 for $307 million, making Musk earn $22 million. He spent more than half of his income on co-founding the online banking service X.com.

Sell ​​PayPal to make Musk a billionaire

The company quickly merged with rivals and became PayPal. Musk was the majority shareholder. In 2002, eBay acquired PayPal and Musk sold PayPal’s holdings for $180 million.

After leaving PayPal, Musk turned his attention to the newly established space exploration company SpaceX. In 2004, he co-founded Tesla, an electric car manufacturer, with friends, and then SolarCity, a solar system provider.

At the end of 2008, Musk divorced his first wife, which caused him to lose blood. A year later, Musk said that he “ran out of cash” and kept borrowing money from friends to make ends meet.

Bankrupt after the first divorce

However, when Tesla first listed its new shares (IPO) in 2010, Musk’s fate has since been flying upwards. By 2012, he was on the Forbes rich list for the first time with a worth of 2 billion US dollars.

Today, 8 years later, he is worth nearly 85 billion US dollars. Musk is still a well-known workaholic. He will not spend his money on extravagant vacations or expensive hobbies. He even said that he plans to continue working on improving Tesla’s delivery system on the day of his 48th birthday.

Musk’s net worth has skyrocketed by more than $48 billion in five months, all due to stocks and stock options, because Musk has never received a salary from Tesla, and he even refused to receive the annual minimum wage of $56,000.

In January 2018, Tesla announced that as long as the company’s market value does not reach 100 billion U.S. dollars, it will not pay Musk any salary, bonus or stock in the next 10 years. Now Tesla’s stock price is close to two thousand U.S. dollars. Musk has May surpass Amazon CEO Bezos and become the world’s richest man.

4 years after bankruptcy, his net worth soared to $2 billion

In contrast to the tragic American economy during the pandemic, the wealth of billionaires has skyrocketed to a shocking level.

In the past 21 weeks, an unprecedented 56 million Americans have applied for unemployment benefits, far exceeding the 37 million claims during the 18-month Great Depression that ended in 2009. At the same time, experts predict that after the federal moratorium on eviction of tenants expires, more than 28 million Americans may not be able to pay their rents and will be evicted from rental housing.

According to statistics, it is not only Musk’s worth surging, as of August 13, Amazon’s Jeff. Bezos’ value increased by 68%, and Facebook’s Zuckerberg’s wealth increased by 75%. According to IPS calculations, thanks to the recent stock price surge, the total assets of the 12 richest Americans now exceed 1 trillion U.S. dollars

As a result, there are increasing calls in the society to impose special taxes on billionaires’ properties, especially when the city government has drastically increased expenditures to cope with the pandemic, but taxes have fallen sharply. Senator Bernie Sanders introduced a bill of this kind in early August, proposing that billionaires levy a “rich man’s tax.”

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Summary

Musk has not received a salary in 10 years, and his worth has soared $50 billion in five months, making him the fourth richest person in the United States.

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