Billionaire Elon Musk has something to tell his Facebook friends today. Musk, the CEO of Tesla and SpaceX, saw his net worth swell to $117.5 billion, moving past Mark Zuckerberg to become the world’s third-richest person after Tesla landed a position among the S&P 500.
Musk is now behind only Amazon CEO Jeff Bezos ($184 billion) and Microsoft’s Bill Gates ($129 billion).
Zuckerberg, the Facebook boss, was worth $106 billion as of Monday, as Facebook shares sunk 1.6% to $274.50.
Tesla’s share price was up more than 8% Tuesday, closing at $441.61.
The Bloomberg Billionaires Index reports Musk’s overall $90 billion gain this year is tops on the list of 500 billionaires.
Musk briefly grabbed the No. 3 spot two months ago when Tesla’s S&P 500 admittance was thought to be imminent. When that didn’t happen, though, the company’s shares fell 20%.
Tesla, with a market capitalization of $400 billion, is set to join the S&P 500 on Dec. 21 as one of the 10 most valuable companies.
According to Business Insider, S&P Global did not say which firm Tesla would replace, adding that it would announce that information separately.
Industry analysts say the short-term concern for Tesla is the situation at the company’s factory in Fremont, Calif. The state continues to consider strict coronavirus restrictions and is starting move forward with more lockdowns.
Musk did not take the last lockdown very well, threatening to take his company to Texas and blaming California officials. At the time, he said he’d be arrested at the factory rather than stay shut down.