Elon Musk becomes world’s 4th richest person

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Elon Musk, the CEO of Tesla and SpaceX, is now the 4th richest person in the world.

The outspoken tech entrepreneur’s net worth has increased to $84.8 billion after gains nearly $8 billion ($7.78 billion) in a single day.

In the process, Elon Musk’s net worth soared past French luxury tycoon Bernard Arnault, the current wealthiest non-American on the Bloomberg Billionaires Index and is now just within $15 billion of social media giant Facebook’s CEO, Mark Zuckerberg, who holds the number three position among the world’s 500 richest people.

Mr Musk’s wealth has grown by a whopping $57.2 billion this year, marking the second largest increase on the index after Amazon.com Inc founder Jeff Bezos.

In July, Elon Musk had overtaken Warren Buffett to become the seventh richest person in the world. Mr Buffett had donated Berkshire Hathaway shares worth $2.9 billion to charity, causing a decline in his net worth.

Musk, who has been known for his recent meltdowns on social media, has had a good year so far with both his companies — Tesla and SpaceX — registering solid growth.

Tesla shares are up over 300 per cent this year, according to Bloomberg and there is wide scale anticipation that the company will be included in the S&P 500 soon.

SpaceX, too, has grown by leaps and bounds. According to a news report published on Bloomberg, the company is close to finalising a $2 billion funding deal that would increase its equity value to $46 billion, India Today reports.

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