Tesla’s Elon Musk becomes the world’s fifth richest man (again)

Tesla’s Elon Musk saw his net worth rise by $7 billion to $83.6 billion after the company’s shares jumped 11.2% on Monday. The stock rise placed Musk at the No.5 position of the world’s richest people list, beating investing mogul Warren Buffett, and the Indian oil and gas mogul Mukesh Ambani.

Tesla stock chart before the stock split: From Investingport.com

While analysts are focused on keeping tabs on Billionaire’s net worth and wealth, Musk said he couldn’t “care less” about getting on the richest people’s list. He also said that the numbers were bound to “rise and fall” from time to time, “but what really matters is making great products that people love.” In May, Musk announced that he had plans to sell a majority of his assets, nearly $40 million worth of property.

A huge percentage of Musk’s net worth is tied to Tesla, which has also seen its shares rise more than 300% in the year. A portion of his wealth is also tied to SpaceX, which has successfully sent NASA astronauts into space from the American soil, since the last decade. A tiny fraction of Musk’s wealth is tied to real estate.

 Amid the coronavirus pandemic Tesla has managed to remain a profitable business, selling nearly 180,000 cars in the first half of 2020. This is a great sign to investors that the automaker would perform even better in the coming months or years.

Tesla’s stock (TSLA) rose on Monday after an analyst increased his 12-month price target to $1,900. The company’s share price currently stands at $1,835.64. On Tuesday, the shares were higher and gained 2.3% to trade at $1,878.66.

This isn’t the first time Musk is named the fifth-richest man in the world within the space of a month. In late July, Musk was named the fifth-richest man on the planet after his net worth hit $74 billion, exceeding that of Amabani. Within the last five days, Tesla’s shares have reached up to 32%.

In mid-March, Musk was ranked No.31 on the Forbes richest people’s list, with a net worth of nearly $25 billion. Since then, his net worth has tripled and skyrocketed on the list, surpassing Warren Buffett and those after him.

Tesla plans to have a five-for-one stock split which will begin on August 28 after the market closes.

The automaker currently has a market capitalization of $342 billion, superseding top competitors like General Motors, Ford, and Toyota. The company’s value increased by 200 billion since March, after beating estimates of its vehicle delivery.