Elon Musk's net worth tops US$100 billion: Forbes

Elon Musk's net worth tops US$100 billion: Forbes

Tesla Inc CEO Elon Musk is seen on a screen during the opening ceremony of the WAIC in Shanghai
FILE PHOTO: Tesla Inc Chief Executive Officer Elon Musk is seen on a screen during a video message at the opening ceremony of the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 9, 2020. REUTERS/Aly Song

REUTERS: Silicon Valley entrepreneur Elon Musk's net worth topped US$100 billion on Friday (Aug 28), according to the Forbes real-time billionaires list, as the shares of electric-car maker Tesla Inc see a more than five-fold surge in value this year.

A large chunk of his wealth comes from the 21 per cent stake in Tesla, according to Forbes. Tesla shares, which went public at US$17 a piece in 2010, rose as much as 3.5 per cent in morning trade to a record high of US$2,318.49.

The company became the world's most valuable carmaker by market capitalization on July 1 when it overtook front runner Toyota and has over the last 10 years made many of its retail investors millionaires.

Musk is now part of an elite club of just four others with twelve digit net worth. His nearly US$100 billion, however, is just about half the net worth of the world's richest man and Amazon.com Inc CEO Jeff Bezos, according to Forbes.

Musk, who co-founded and sold Internet payments company PayPal Holdings Inc , now leads some of the most futuristic companies in the world.

Besides Tesla, he heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

He set up the Boring Company to make affordable tunnels below busy city streets to for an all-electric public transportation system to avoid the nasty traffic jams in US cities.

Source: Reuters