Elon Musk, the outspoken entrepreneur is now the world’s fourth-richest person after Tesla Inc. shares surged 11.2% on Monday. The stock hit an all-time high and it closed at a record high at $1,835.64. The record closing high pushed Musk’s net worth up by $7.8 billion. Musk’s fortune has grown by $57.2 billion this year.
Monday’s trading action adds to the incredible year the electric vehicle pioneer is having. Tesla is worth more than the combined valuations of GM, Ford, Fiat-Chrysler and Toyota.
The rise vaulted the Tesla co-founder past French luxury tycoon Bernard Arnault, the wealthiest non-American on the Bloomberg Billionaires Index. Musk’s $84.8 billion fortune puts him within $15 billion of Mark Zuckerberg, number three on the ranking of the world’s 500 richest people.
With the way the stock is performing, some from the announced stock split on August 11, along with Musk’s Space Exploration Technologies Corp., or SpaceX, that is poised to potentially pad his fortune further. The company is close to finalizing $2 billion in new funding that would increase its equity valuation to $46 billion, Bloomberg reported last week.
If all this happens, which seems likely, Musk will surpass Zuckerberg into the number three world ranking.