Musk Crosses Zuckerberg To Be World's Third-Richest Person, After Tesla Stock Split

Tesla Inc TSLA CEO Elon Musk is now the third richest person in the world ahead of Facebook Inc FB co-founder Mark Zuckerberg, according to Bloomberg Billionaires Index

What Happened: Musk’s wealth has climbed to $115 billion, while Zuckerberg is worth $111 billion, as per the Bloomberg Index.

The billionaire entrepreneur's wealth has risen by $87.8 billion this year alone, caused primarily by a nearly 500% spike in Tesla's stock in the same period.

In July, Musk received $2.1 billion in stock benefits as Tesla’s market capitalization hit the $150 mark. The executive benefits from one of the largest corporate payment packages between a CEO and a company’s boards.

Why It Matters: Tesla’s market capitalization is about $464.3 billion, and the company’s shares continue to be on a hot streak — closing more than 12% higher on the first day of split-adjusted trading Monday.

The automaker’s shares have been popular with retail investors in the United States and abroad during the boom in equities seen during the COVID-19 pandemic, Bloomberg noted.

Another billionaire whose wealth has increased considerably during the coronavirus crisis is Amazon.com, Inc AMZN CEO Jeff Bezos, who was estimated to be worth $204.68 billion in August, according to Forbes.

Musk has joined Zuckerberg and Microsoft Corporation's MSFT co-founder Bill Gates in the centibillionaire’s club. 

Price Action: Tesla shares closed almost 12.6% higher at $498.32 on Monday and added another 3.3% in the after hours session to $514.75.

Photo Courtesy: Steve Jurvetson on Flickr.