Most of us haven’t had a particularly stellar year in 2020 thanks to a little virus we all haven’t heard from and the deadly and economic devastation it is still creating. But like we have in the last nearly 12 Months and months, billionaires’ fortunes have grown despite the struggles of the larger population, and Elon Musk had an unusually good fiscal year even by those standards

Musk saw his net worth jump a staggering $ 142 billion over the course of 2020, according to data from CNW, starting the year with a net worth of $ 28 billion and ending 2020 with a net worth of $ 170 billion His net worth as of this writing is $ 184 billion

This sharp increase is due to two main factors that also happen to be the two most recognizable parts of Musk’s own business life: its stakes in Tesla and SpaceX

Musk owns around 20 percent of the outstanding Tesla shares as well as 57 million vested Tesla shares. As the company’s stock market value has risen, so does his net worth. As is well known, he does not receive any salary for his work as CEO of the company, but instead receives massive financial compensation Incentives also tied to Tesla’s stock market value This unusual gamble is part of the reason Musk was so effective at growing his fortune over the past year

Then there is privately held SpaceX, the space exploration company founded by Musk, which holds a 48 percent stake in SpaceX Thanks to the company’s favorable financial performance (to say the least) in 2020, including a successful valuation upgrade in August, Musk was able to grow its net worth even further

Musk did very well even compared to other billionaires in November, his net worth surpassing that of Facebook co-founder Mark Zuckerberg, and less than two weeks after hitting that milestone, he also climbed past Bill Gates to become the second richest person in the world behind Amazon founder Jeff Bezos to put his mind-boggling fiscal year into another perspective: The amount of money that increased his net worth by $ 142 billion over the course of 2020 is itself Significantly higher than Gates’ total net worth of $ 131 billion, to put it simply and in a reductionist way, it took Musk just 12 months to achieve what Gates had amassed for decades, which still gives you an idea of ​​how good a year 2020 is for Musk’s finances was

Elon Musk Net Worth

World News – United States – Elon Musk’s net worth rose by $ 142 billion in 2020