Elon Musk, the maverick chief executive of electric car company Tesla, is poised to overtake Facebook’s Mark Zuckerberg to become the world’s third-richest person after his electric car company Tesla was selected to join the S&P 500.
Tesla’s value soared in after-hour trading on Monday with stocks that closed at $408.09 surging about 14 percent by 6pm.
Tesla will enter the S&P 500, a stock market index that measures the performance of 500 large companies listed on the US stock exchange.
The latest surge in the Tesla share price, which had already risen by almost 500% so far this year, is estimated to have increased Musk’s fortune by about $15bn (£11.4bn) to about $117.5bn, according to the Bloomberg Billionaires Index. His wealth has jumped $90 billion this year, the biggest gain on the ranking of the world’s 500 richest people.
That places Musk, 49, third on the league table of the world’s richest people in front of Zuckerberg, 36, with $106bn, the Bloomberg Billionaires Index revealed. The index for now shows Musk in fourth place with $102bn but it does not yet include the 12% surge that took place in extended trading after the market closed on Monday.
On Tuesday, Musk ($102billion) came after Zuckerberg ($106billion) on the Index, who follows Microsoft’s Bill Gates ($129billion), with Amazon’s Jeff Bezos listed as the richest person with $184billion.