Elon Musk Becomes the Third Richest Man in the World

Elon Musk, CEO of Tesla and SpaceX, is officially now the third richest man in the world as he is now worth $US115.4 billion. 

Photo Credit: Getty Images/ Diego Donamaria

As of Monday, tech tycoon Elon Musk has surpassed CEO of Facebook, Mark Zuckerberg, as the third richest man. According to the Bloomberg Billionaires Index, Zuckerberg is worth $111 billion compared to Elon’s $115 billion. 

Musk’s wealth has quadrupled since the start of the year to the surprise of many as other prolific companies are still struggling amidst the coronavirus pandemic. In early August, Tesla announced they would split stocks so that shares were more affordable for investors. And as of Monday, Tesla saw a 12% surge that allowed Musk to claim the 3rd title. He currently owns more than 18% of shares, 3 times larger than the next shareholder. He is now trailing behind founder of Amazon, Jeff Bezos, and founder of Microsoft, Bill Gates, who’s respectively worth $202 billion and $125 billion. Both Amazon, Facebook and Microsoft have also seen a surge in stock prices. The accumulated wealth of these four men total to more than half a trillion dollars as tech tycoons now make up the majority of the 10 wealthiest people in the world.

However, many politicians have expressed their concerns in a disparity of wealth as the three wealthiest people own more than half the working class of America and have introduced the idea of taxing extreme wealth.

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