Tesla CEO Elon Musk is now officially richer than Mark Zuckerberg.
From rom SpaceX sending astronauts to the International Space Station to Tesla achieving a sharp share value increase, the electric automaker’s stock gained as much as 12%, Musk’s wealth rose $11.8 billion to hit $114 billion, according to Bloomberg’s Billionaires Index, Business Insider reported, meaning that Elon Musk has now eclipsed Facebook founder Mark Zuckerberg to take third place in the global wealth ranking. Tesla will enter the S&P 500 on Dec. 21 following months of speculation and one temporary setback, when the stock failed to make the cut during the index’s quarterly rebalancing in early September. Tesla would be the biggest new entrant in the group’s history.
Business Insider adds that the gains don’t necessarily mean Musk, whose riches are largely tied to massive stakes in Tesla and other private ventures like SpaceX and the Boring Company, has any new spending power. The billionaire has said publicly that he maintains a “cash poor” lifestyle, and has mortgaged many of his Los Angeles-area mansions. Three of those homes were listed for sale earlier this year as Musk vowed to sell “almost all physical possessions.” On paper, Musk is the highest-paid executive in the world, even as he takes no salary from the company. However, a 12-level compensation package, in which massive tranches of stock options are awarded at progressive corporate performance milestones, netted Musk nearly $600 million in 2019 alone.