Elon Musk Leads Billionaire Boom Despite Struggling Stock Market

The coronavirus pandemic has fundamentally changed the way that the world is operating. As a result, severe economic consequences have manifested in some of the largest nations in the world. Over the span of the last week, the Dow Jones and S&P 500 sat flat until the SA&P 500 reached its all-time high, reversing the losses that so many had seen from the stock market crash that had taken place in March. While many of the average investors saw returns, no returns were greater than those of the wealthiest billionaires in the world. Among the leading earners over the last week was none other than Elon Musk, the CEO and founder of Tesla.

Over the past week, Tesla stockholders watched in glee as the electric vehicle stock rose by more than 24% in a span of hours. As a result of this surge, Musk saw his person fortune enhanced by more than $15 billion. By the end of the week on Friday, Musk’s fortune had reached a jaw-dropping total of more than $91.7 billion. In doing so, Musk’s company would b become the most valuable automobile maker in the world.

While Elon Musk headlined the names of billionaires who saw their fortunes grow, he was far from the only one. Dan Gilbert, a tycoon in the mortgage industry, was actually one of the largest gainers around as he watched his fortune increase by a multiple of six. Gilbert’s primary net worth was driven through his shares in Rocket Companies, a parent company to Quicken Loans. Gilbert would end up adding a total of $13 billion to his name with Friday marking itself as the capstone with $4 billion alone.

The third and fourth American billionaire names to take notice of was Jeff Bezos alongside his ex-wife, MacKenzie Scott. Jeff Bezos is the mind behind Amazon, one of the largest companies on the planet. Amazon’s stock has been flourishing since the early days of the coronavirus pandemic with shoppers increasingly focusing on internet-based shopping activities. Despite so many companies struggling due to the economic fallout of the virus, Amazon has seen its stock shares rise by more than 70% throughout 2020. Bezos’ current fortune sits at a mind-blowing, headache-inducing $196.3 billion.

Outside of the familiar Western billionaires above, two non-U.S. magnates were included as top earners on the market this past week. Leading the way outside of the United States was Richard Liu, a Chinese e-commerce titan. Liu saw his net worth bubble up by more than $2.6 billion, a modest number compared to the aforementioned tech giants. Priming Liu’s surge in wealth were his shares of the website JD.com. Liu has been compared favorably to names like Jeff Bezos due to their similar approaches, styles, and success in the e-commerce world. Liu currently has a net worth of more than $16.1 billion.

Rounding back on the figure that led the way in earnings, Elon Musk has also been in the news for his efforts to mine nickel in support of Tesla Inc’s battery production supply. Musk is attempting to obtain a low-cost, minimally-invasive miner to handle a ‘giant contract’, in Musk’s words. Due to recent incidents with oil spills in Papua New Guinea and Russia, the world is more aware than ever of poor environmental practices. Musk has also garnered attention for pushing manufacturing arms into both Germany and China.

No matter where Elon Musk and the rest of the billionaires listed above intend to go, it is clear that COVID-19 has not impacted their ability to earn. Elon Musk saw his wealth surge during COVID with his net worth now ranked fourth in the world.

https://www.forbes.com/sites/jonathanponciano/2020/08/22/richest-billionaire-gainers-musk-bezos-gilbert/#3fdb77647f6f

 

Leave a Reply

Your email address will not be published. Required fields are marked *