Musk — who was already a multi-billionaire going into 2020 — has seen his net worth more than quintuple over the course of the year. The Tesla CEO's net worth grew by $129 billion, as of Monday — an increase of 469.9%, according toBusiness Insider charted Musk's net worth on the 1st and the 15th of every month, through December 1.
Tesla's stock price, the biggest source of 2020 gains for Musk, soared to new heights this year. Already the world's most valuable automaker, Tesla was worth nearly $645 billion with only one trading day left in the year. That's a 689% increase since January 1, and a massive tailwind for Musk, who, with an 18% stake, is easily its largest shareholder.
But his small salary, at least on paper, left Musk, in his own words, "cash poor." Like plenty of other well-to-do C-suiters, he still relies on mortgages and credit for daily life. "Some people think I have a lot of cash," Musk told a major investor, Cathie Wood, on a podcast last year. "I actually don't.
Tesla did not respond to a request for comment about Musk's compensation. Regulatory filings show shareholders overwhelmingly approved the performance awards in 2018, and, as of August, Musk had unlocked two of the total tranches Much of that equity in Tesla — and his stake in SpaceX, a private company — is also pledged as collateral for mortgages and other loans. That leaves his final stakes in the respective companies valued at slightly less than their face value. This discounting is used by Forbes' famous wealth estimates as well as Bloomberg's billionaires index.with about $110 billion, or roughly 70% of that sum, from Tesla stock and options, with another $18.7 billion from equity in SpaceX.
People wanted to leave 2020 behind and live on Mars?
thank you very much for your work
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: Forbes - 🏆 394. / 53 Read more »