Elon Musk Nearly $14 Billion Richer This Week After Tesla Was Admitted To The S&P 500

Elon Musk

THE CHANGING FORTUNES OF THE WORLD’S RICHEST

t’s been a very good week for Elon Musk. Not only did his SpaceX successfully send four NASA astronauts to the International Space Station in its first operational mission on Sunday, but S&P Global announced on Tuesday that Tesla would be admitted to the S&P 500 index. Tesla, which had been snubbed by the index earlier this year, will be added to the S&P 500 by December 21.

The stock skyrocketed, ending the week up nearly 20% as the S&P 500 and Dow Jones Industrial Average dropped 0.8% and 0.7%, respectively. As of market close Friday, Musk had a net worth of $104.5 billion, up $13.7 billion from the week prior.

There may be more gains to come for Tesla. Mutual funds tied to the S&P 500 will want to incorporate Tesla into their portfolios, according to Arjun Menon, vice president of U.S. equity strategy at Goldman Sachs, potentially bringing in $8 billion in new investments.

Tesla was not the only electric vehicle stock to spike this week. Xpeng, a Chinese electric automaker founded by billionaire He Xiaopeng, announced sophisticated new autonomous driving software on Friday. The company, which has already reported record sales in China in September and October, was up 28% for the week. Xiaopeng now has a net worth of $10.6 billion, a weekly increase of $2.4 billion.

LVMH chairman and CEO Bernard Arnault added $6.5 billion to his net worth. The luxury goods giant, which counts Dior and Givenchy among its brands, has been buoyed by the positive results reported by vaccine makers Pfizer and Moderna on the hopes that Chinese tourists will return to fashion capitals like Paris and Milan in pre-pandemic numbers. With international tourism ensnared by the virus, Bain & Company reports that spending on luxury items by Chinese customers will be down by one-third for the year. Arnault, the second-richest person in the world, has a net worth of $140.3 billion.

On the more casual side of retail, Nike founder Phil Knight also had a good week. Nike announced on Friday that it will increase its dividend by 12% thanks to strong sales. Shares of the sneaker and athleisure maker were up 3.7% for the week, and 32 % for the year, as the pandemic has kept people home in leggings and sweatshirts instead of office wear. Knight, who is now worth $50.2 billion, added $1.5 billion to his net worth this week.


HERE ARE THE BIGGEST BILLIONAIRE GAINERS THIS WEEK.

The net worth change is from the Friday, November 13  market close to the Friday, November 20 market close.

1 | ELON MUSK

NET WORTH | $104.5 BILLION, UP $13.7 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | TESLA


2 | ZHONG SHANSHAN

NET WORTH | $65.7 BILLION, UP $9.4 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | BOTTLED WATER, PHARMACEUTICALS



3 | BERNARD ARNAULT & FAMILY

NET WORTH | $140.3 BILLION, UP $6.5 BILLION

COUNTRY | FRANCE

SOURCE OF WEALTH | LVMH


4 |  LI KA-SHING

NET WORTH | $35 BILLION, UP $5.6 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | DIVERSIFIED


5 | HE XIAOPENG

NET WORTH |  $10.6 BILLION, UP $2.4 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | ELECTRIC VEHICLES


6 | GOH CHENG LIANG

NET WORTH | $20.9 BILLION, UP $2.1 BILLION

COUNTRY | SINGAPORE

SOURCE OF WEALTH | PAINT


7 | GAUTAM ADANI & FAMILY

NET WORTH | $25.2 BILLION, UP $2 BILLION

COUNTRY | INDIA

SOURCE OF WEALTH | INFRASTRUCTURE


8 | ERIC YUAN & FAMILY

NET WORTH | $19.3 BILLION, UP $1.6 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | ZOOM


9 | PHIL KNIGHT & FAMILY

NET WORTH | $50.2 BILLION, UP $1.5 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | NIKE


9 | WILLIAM LEI DING

NET WORTH | $28.7 BILLION, UP $1.5 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | ONLINE GAMES

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