Tesla CEO Elon Musk passed Facebook co-founder Mark Zuckerberg Monday to become the third-richest man in the world.
Tesla has continued its unrelenting rally after undergoing a forward stock split. Musk is now worth $115.4 billion while Zuckerberg is worth $110.8 billion, according to the Bloomberg Billionaires Index. Additionally, Jeff Bezos’ ex-wife, MacKenzie Scott, became the world’s richest woman, passing L’Oreal heiress Francoise Bettencourt Meyers. Scott received a 4% stake in Amazon as part of her divorce from Bezos and is now worth $66.4 billion.
Musk has seen his worth skyrocket, growing by $87.8 billion this year as Tesla shares surged almost 500%. Tesla has become a favorite among amateur investors on online trading firm Robinhood Financial, which has been one of the largest beneficiaries of the boom in retail investing during pandemic lockdowns. Last month, more than 40,000 Robinhood accounts added Tesla shares during a single four-hour time period.
Even South Korean retail investors have jumped into Tesla as their investors hold about a 1% stake in the American car company. The company’s $464 billion value exceeds retail giant Walmart and is the largest U.S. company by revenue.
Last week, Musk joined Zuckerberg, Bezos, and Microsoft Corp. co-founder Bill Gates in the rarefied hundred billion dollar club as tech stocks rose.
However, as these four continue to see their wealth rise on a level that would make Scrooge McDuck jealous, companies have announced massive layoffs. More than 10 percent of the country is unemployed. People who used to be employed are now waiting in line at food panties, choosing food over healthcare and rent while waiting for the government to agree on a second coronavirus relief package.
The rising income inequality has led to some, including Vermont Senator Bernie Sanders (D-VT) and Elizabeth Warren (D-MA) to discuss taxing the richest Americans, although President Donald Trump hasn’t even entertained the idea.