Elon Musk, the founder of SpaceX and chief executive of Tesla has risen further up the list of world’s richest people, overtaking Facebook founder Mark Zuckerberg.
A rise in Tesla’s share price has made Elon Mark the third-richest person in the world, surpassing Zuckerberg. Elon Musk’s Tesla shares rose 12% at the start of trading on Tuesday, according to Bloomberg’s Billionaires Index.
As a result, his net worth increased by £8.7bn to £86bn. Of course, this increase in wealth does not mean that Elon Musk’s spending power has increased much as a large portion of Elon Musk’s assets is stock-based.
At various times Elon Musk himself has said he has very little cash on hand. Even in the Los Angeles area, many parts of his home are mortgaged. He owns at least four properties in the Los Angeles area that are worth nearly £30m combined.
He claims that he owns shares in only two of his major companies, Tesla and SpaceX, and that he has a lot of debt under those two companies. The paper-and-pen mask is the highest-paid executive in the world, although he does not take any salary from Tesla. However, he owns most of the equity.
He hopes to change the world by landing humans on Mars and developing a new tube-transport system called the Hyperloop. However, in recent years he has also invested in tech companies, including the artificial intelligence startup DeepMind and the neurotechnology startup NeuroVigil.
Musk is also pretty active in the real estate market. In 2015, Musk gave £7.5m to the Future of Life Institute, which ensures that artificial intelligence technology is “beneficial to humanity.” In 2016 he donated Tesla stock valued at £192m to his charitable foundation, the Musk Foundation.
While Musk’s rise in value may not exactly resonate with vast sways of general society, his innovative nature, daring investments, and charitable donations should be noted as making a positive impact in his decidedly unique way.