(PoliticalLookout.com)- Tesla CEO Elon Musk is one of the most eccentric billionaires on the planet, and it increasingly seems like he can’t step a foot wrong. On Monday, Musk’s net worth skyrocketed by some $6 billion in just one day as Tesla stock jumped in the morning and then hit a record high. It rose by 14% since it closed on Friday.
Musk is the CEO of Tesla, the groundbreaking electric car company that kickstarted the industry by focusing on efficiency of vehicles and expanding the range of electric vehicles. The sudden spike of Tesla stock prices meant that Musk became the seventh-wealthiest person on the planet, surpassing Warren Buffett.
Investor’s Business Daily reported, however, that the Tesla stock prices quickly lost the gains and ended Monday down 3%. It’s representative of a wider trend of Tesla prices skyrocketing, plummeting, and then skyrocketing again.
The general trajectory for the company, however, is good. Prices have increased by about 70% in just one month and put Musk much higher on the Billionaire Index published by Bloomberg. He now sites between Sergey Brin who is eighth, and Larry Page, who is sixth. Both are the co-founders of web giant Google.
Since the beginning of the year, Elon Musk’s wealth has grown more than anyone in the world…except the founder and CEO of Amazon, Jeff Bezos.
According to MarketWatch, Tesla Inc.’s stock is up around 300% on the year and has been able to improve investor confidence with a fourth consecutive quarter of profits. It’s the first time that the company has remained profitable for this long, giving investors the confidence they’ve been waiting for for many years. It’s an historic moment for the company and one that has made it eligible for consideration of being included in the S&P 500.
If Tesla keeps on growing at this right, the stock prices could meet the last threshold put forward by Musk’s incentive performance ladder. It would mean he takes 1.69 million stock options, which would give him a payout of more than $10 billion.
Musk has made it clear how he intends to spend the money though.
Essentially. Long-term purpose of my Tesla stock is to help make life multiplanetary to ensure it’s continuance. The massive capital needs are in 10 to 20 years. By then, if we’re fortunate, Tesla’s goal of accelerating sustainable energy & autonomy will be mostly accomplished.
— Elon Musk (@elonmusk) July 7, 2020
Space. It’s space. Elon Musk wants to send humans to Mars and beyond.