Elon Musk’s worth more than trebles

Tesla chief executive Elon Musk’s net worth has risen by more than US$82 billion this year.

That’s after a 480% increase in Tesla stock price, the company seeing its share price “explode” from US$86 to over US$500 in 11 months, Teslarati reports.

Musk, who helped found Tesla in 2003, is the company’s largest shareholder and has had an especially rewarding year with the company also reporting five consecutive profitable quarters.

He was worth about US$24.6b in April, with share prices climbing until July, dropping slightly in mid-August, then soaring until August 31 when a 5:1 stock split was announced to make shares more affordable for retail and younger investors, Teslarati says, adding that Musk doesn’t accept a payout from his employer, and under California law, his minimum salary is left in a Tesla-owned bank account.

Musk is set to again surpass Facebook chief executive Mark Zuckerberg, who is third on the world’s richest list, after the surge in stock price added US$7.6b to his net worth in a few days.

Tesla stock has risen since it was announced the company will join the S&P 500 Index on December 21.

Musk is worth US$106.9b, but this number is likely grow, Teslarati forecasts.