Elon Musk has actually become the fourth wealthiest individual worldwide after shares in his company, Tesla, soared during the coronavirus pandemic. His total net worth now stands at $903 bn, three times its worth in January.
Tesla’s stock leapt by 11%on Monday alone, including $133 bn to Musk’s balance sheet and lifting him above Bernard Arnault, chief executive of the luxury brand name Louis Vuitton, in the league table of billionaires.
Who has gotten the most during the pandemic?
Musk’s case might be ” distinctive”, says The Telegraph, but he’s far from the only plutocrat to grow considerably richer ” in the midst of a pandemic that has actually seen world economies damaged”.
On 16 March, “the Dow Jones suffered the worst single-day points drop in its history”, says Organisation Insider “But by 4 June, 7 of the world’s wealthiest individuals had seen their fortunes increase by over 50%.”
They include Amazon founder Jeff Bezos, who accumulated $48 bn in between March and June, and Facebook founder Mark Zuckerberg, now worth $21 bn more than he was prior to the pandemic.
While not yet in the same league, Zoom creator Eric Yuan has actually also made healthy gains. His wealth has practically quadrupled to $13 bn.
Why are the rich getting richer?
Musk’s gains result from his 20%share of Tesla, a stake that’s now worth more than $50 bn.
The company “inhabits a market-leading position in the electrical car industry and is pioneering much of the roadway towards self-driving vehicles”, says The Guardian It has benefited from politicians’ desire to back ” a green healing after the coronavirus pandemic”.
Amazon, meanwhile, “ended up being a crutch for much of Western society throughout lockdown,” states The Telegraph, enriching Bezos at the same time.
And as working from house became the norm, Yuan’s Zoom software was widely adopted for corporate video conferences and online social gatherings.
Beyond the realm of the billionaires, many individuals with more modest wealth invested in stock markets have also made gains. Wall Street’s benchmark S&P 500 index set a brand-new record high the other day, having actually recovered the sharp losses it suffered in March.
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