Musk’s assets soar by $13.5 billion among billionaires

Jeff Bezos is still the world’s richest man, according tomedia, thanks to a surge in Amazon’s stock in January, which added $9 billion to his net worth. But no one can do as well in the start of this new decade as Tesla CEO Elon Musk, not even Bezos.

Musk's assets soar by $13.5 billion among billionaires

Infographic: Elon Musk, right (from: Tesla)

Shares in the electric car maker surged 20 per cent to a record $780 on Monday, the biggest one-day gain since 2013. In less than five weeks, Tesla’s share price has risen 86 percent, adding $13.5 billion to Musk’s wealth, the most in the Bloomberg Billionaires’ Index.

Since becoming the world’s 35th richest person in 2020, he ranks 22nd with a net worth of $41 billion, surpassing tech mogul Michael Dell, casino magnate Sheldon Adelson, Nike co-founder Phil Knight and several others.

Panasonic, which makes batteries for Tesla, said earlier Monday that its battery business was profitable in the final quarter of 2019, triggering Tesla’s latest jump.

Musk, 48, owns about a fifth of Tesla’s circulating shares, which makes up most of his assets. His majority stake in Space Exploration Technology Corp. is about $14.6 billion.

Tesla’s share price has been rising since October, and last month it was worth more than $100 billion, a threshold Musk must maintain for a long time before he can unlock the first pay of his huge compensation plan. As of Monday’s close, Tesla’s market value had reached $140.6 billion, about $10 billion short of Musk’s second-period salary threshold.

If Musk, 48, succeeds in meeting all his performance targets, quadrupling Tesla’s market capitalisation, he will end up with more than $50 billion in full compensation. But he will not be paid until he achieves his performance goals.