Elon Musk Over $14 Billion Richer After Tesla Was Admitted To S&P 500

Elon Musk's net worth soared following news that Tesla would be added to the S&P500 index on November 22nd, with a $500 billion market cap.

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While the year 2020 has been a rollercoaster ride for most of humanity, it’s been incredibly profitable for the serial entrepreneur Elon Musk. Following news on Tuesday that his company Tesla would be added to the S&P 500 index on September 21st, the company’s market cap surpassed $500 billion. On top of that, his other venture SpaceX successfully sent four NASA astronauts to the International Space Station in its first operational mission on Sunday.

After it S&P Global made the announcement on Tuesday, the stock soared nearly 20% while the S&P 500 and Dow Jones Industrial Average dropped 0.8% and 0.7%, respectively. As of market close on November 24th, Musk’s net worth has grown to over $111.3 billion, a staggering increase of over $14.58 billion in the last two weeks.

Musk first joined the centi-billionaire club on August 26th when Tesla was trading at an all-time high of $430 per share. The magic day for Elon Musk was August 26th when Tesla was trading at $430 per share, climbing to $498.32 on the 31st.

Analysts are predicting more gains ahead for Tesla as mutual funds tied to the S&P 500 will want to incorporate the stock in their portfolios. According to Arjun Menon, Vice President of U.S. equity strategy at Goldman Sachs, mutual funds could yield as much as $8 billion in new investments.

There are more centibillionaires on the planet than ever. Joining Bezos and Gates in the exclusive club of five are Mark Zuckerberg, Bernard Arnault and Elon Musk.

Jeff Bezos (Photographer: Andrew Harrer/Bloomberg)

Jeff Bezos reigns supreme with a net worth of $205 billion thanks to his 11% stake in Amazon with over 53 million shares. On August 26th, the 56-year-old became the first person to ever be worth more than $200 billion. His net worth grew to an all-time high of $204.6 billion–nearly $90 billion more than the second-richest person, Bill Gates, who is currently worth $116.1 billion.

Amazon stock has been fueled by the change in consumer behavior brought about by the pandemic, soaring nearly 80% since the start of the year. Had Bezos not gone through the most expensive divorce settlement in history last year, he’d be even richer. After his split from his ex-wife MacKenzie Scott last July, Bezos agreed to give her 25% of his Amazon stake, now worth $63 billion.

Jeff Bezos with his now ex-wife Mackenzie Scott, prior to their divorce in 2019. Evan Agostini/Invision/AP

Even after giving away $1.7 billion to charity this year, Mackenzie Scott is the world’s 14th-richest person and second-richest woman, behind L’Oréal heiress Françoise Bettencourt Meyers.

Even after adjusting for inflation, Bezos has the largest fortune ever tracked. The only person to come close was Gates, who was the first-ever centibillionaire. In 1999 near the peak of the dot-com bubble when Microsoft reached its then-peak, Gates net worth first surpassed $100 billion, worth $158 billion in today’s dollars.

Bernard Arnault, Chairman and CEO of LVMH on the left, Bill Gates, founder of Microsoft on the right.

LVMH chairman and CEO Bernard Arnault’s added $6.5 billion to his net worth, overtaking Bill Gates as the second-wealthiest person in the world with a net worth of $140.3 billion. The luxury goods portfolio containing brands such as Christian Dior, Céline, and Louis Vuitton has been bolstered by the positive results of vaccine trials from Pfizer and Moderna on the hopes that Chinese tourists will resume travel to fashion hotspots like Paris and Milan.

According to CNN, Arnault could overtake Bezos as the richest person because of LVMH’s ($LVMHF) agreement to acquire Tiffany for more than $16 billion. Arnault and his family own more than 47% of the French luxury goods giant.

Phil Knight, co-founder and chairman emeritus of Nike, Inc.

The other billionaire who had a great week was Nike founder Phil Knight. On Friday, Nike announced it will increase its dividend by 12% thanks to strong sales. Shares of the sneaker and athletic-wear maker increased by 3.7% and 32% for the year, as the pandemic as sweatpants and t-shirts replaced traditional office attire. Knight’s net worth grew to $50.2 billion, adding $1.5 billion to his net worth in the last week.

According to Forbes, Berkshire Hathaway’s (BRKB) Warren Buffett is worth $86 billion while Facebook (FB) CEO Mark Zuckerberg has a net worth of about $75 billion. Oracle’s (ORCL) Larry Ellison and Spanish retail magnate Amancio Ortega, the co-founder of Inditex, which owns the Zara fast fashion chain, are each worth just under $70 billion.

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