Elon Musk’s Tesla experienced a massive rally on Wall Street this week after it became clear that both the auto and tech company will be included in the S&P 500 index, alongside Morgan Stanley’s departure with an overweight assessment of the company.
It is the first time since 2017 that the brokerage office is on Tesla.
On Wednesday alone, Musk’s fortunes surged another $ 10.2 billion, or 92 billion kronor, after Tesla’s stock rose 10 percent. On Tuesday, net worth rose $ 7.6 billion when it was announced that Tesla was included in the S&P 500.
Not just any car
Adam Jonas, an analyst at Morgan Stanley, believes Tesla will grow from being a primarily car company to more revenue from products such as software and services.
Wednesday’s stock movements sent Musk’s fortune to $ 120 billion. That equates to nearly 1.1 trillion Norwegian kroner, and is “only” $ 8 billion less than Bill Gates’ fortune, according to Bloomberg’s billionaire index.
So far this year, Musk’s fortune is up $ 92.4 billion – more than anyone else in the entire Bloomberg Index.
Musk and Gates tease each other several times this year. Gates responded to electric trucks thinking it would most likely never be profitable, to which Elon Musk tweeted, “He has no idea.”
Musk has also questioned how serious the coronavirus really is, while Gates is on the other end of the scale taking the pandemic very seriously.
“I hope he doesn’t interfere too much with areas he is not involved in,” Gates said at the time.
Musk may now have firsthand knowledge of the coronavirus, after tweeting last week that he may be infected.