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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 U.S. cities. Tesla head Elon Musk talks to the press as he arrives at the construction site of the new Tesla Gigafactory near Berlin on Sept. 03, 2020 near Gruenheide, Germany. CoverGirl Maye Musk On The Secret To Her Success At 70, Hidden Factor Steering For Trouble In Latest Elon Musk Versus Waymo Self-Driving Cars Squabble, Bachelor of Arts/Science, University of Pennsylvania. By Wednesday afternoon, they had rebounded slightly, gaining back nearly 6%. He grew up in South Africa, then immigrated to Canada at age 17. SpaceX, Musk's rocket company, is now valued at nearly $36 billion. © 2020 Forbes Media LLC. The losses for Musk, 49, came as Tesla shares dropped 21% Tuesday, their biggest single-day fall ever. The wealth of the top 1% has swung widely since the pandemic began, largely at the whim of U.S. equity markets. What “Big” Announcements Can We Expect From Elon Musk On Battery Day? Tesla stock has experienced a remarkable rally this year, raising some questions about the company's valuation. The company became the world's most valuable carmaker by market capitalization on July 1 when it overtook front runner Toyota Motor Corp. and has over the last 10 years made many of its retail investors millionaires. He owns 21% of Tesla but has pledged more than half his stake as collateral for loans; Forbes has discounted his stake to take the loans into account. Our Standards: The Thomson Reuters Trust Principles. This caught the attention of securities regulators and the Department of Justice. Catch up on the developing stories making headlines. Will It Deliver? See here for a complete list of exchanges and delays. The upshot: Jeff Bezos is no longer a $200 billion man. The unconventional serial entrepreneur joins the centibillionaire club, alongside Mark Zuckerberg, Bernard Arnault, Bill Gates and Jeff Bezos. Elon Musk is, without a doubt, one of the most influential people on the planet. Elon Musk recently updated an eager neuroscience community on the progress of his innovative brain-machine interface – Neuralink. Despite the robust stock market recovery, experts have warned that equating those gains to an overall economic rebound can be misleading and that not enough Americans are truly benefiting. His nearly $100 billion, however, is just about half the net worth of the world's richest man and Amazon.com Inc, Musk, who co-founded and sold Internet payments company PayPal Holdings Inc. , now leads some of the most futuristic companies in the world. All Rights Reserved, Reflects change since 5 PM ET of prior trading day. Still, even including this past week's tumble, Tesla shares have spiked more than 300% since the beginning of the year. He landed in the U.S. as … These questions may have in part prompted the steep sell-off that began last week and has since wiped out nearly 30% of Tesla's market capitalization. I operate on the physics approach to analysis. 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. The dip is the largest single-day wipeout record in the history of the index, according to Bloomberg. As of this writing, that makes him one of the 5 richest people on the planet. The company became the world's most valuable carmaker by market capitalization on July 1 when it overtook front runner Toyota Motor Corp 7203.T and has over the last 10 years made many of its retail investors millionaires. What innovations can we look forward to in battery technology, manufacturing, and pricing? MORE: Elon Musk poses a 'serious risk of reputational harm' to Tesla, advisory firm warns, MORE: Jeff Bezos breaks new record as his net worth tops $200 billion, not enough Americans are truly benefiting. Elon Musk has become the fourth richest person in the world after his net worth rose by more than $20 billion (£15.2bn) in just one week to more than $90bn. It's time to think, plan and act before exceptions become norms. Tech companies sloughed off the criticism in a new Congressional report. The gains mark a dramatic comeback for a company that had earlier been struggling to boost sales. The Tesla chief executive, who owns about 20% of the electric carmaker's shares, saw his personal wealth plunge $16.3 billion to $82.3 billion, according to Bloomberg's real-time Billionaires Index. The history-making model on the power of perseverance, rewriting the rules of the fashion industry, and raising billionaire entrepreneur Elon Musk. Elon Musk is working to revolutionize transportation both on Earth, through electric car maker Tesla - and in space, via rocket producer SpaceX. William Li has rejoined the ranks of the world’s billionaires as shares of his electric-car startup NIO rallied this year. Musk was accepted to a graduate program at Stanford, but deferred attendance to launch his first business, software company Zip2. (Reuters) - Silicon Valley entrepreneur Elon Musk's net worth topped $100 billion on Friday, according to the Forbes real-time billionaires list, … All Rights Reserved. A large chunk of his wealth comes from the 21% stake in Tesla, according to Forbes. SpaceX’s Starlink Set To Begin Public Beta. The decline now makes him the world's sixth richest person, down from fourth. In March, when the stock market bottomed out, Musk’s net worth was $24.5 billion but hit $115 billion by Aug. 31. (Reuters) - Silicon Valley entrepreneur Elon Musk's net worth topped $100 billion on Friday, 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. Reporting by Subrat Patnaik in Bengaluru; Editing by Arun Koyyur. The SEC's investigation of EV company Nikola raises important questions for Tesla's Battery Day. Musk is now part of an elite club of just four others with twelve digit net worth. After Tesla's stock (TSLA) jumped 11%, Elon Musk's net worth hit $70.5 billion and he passed Warren Buffett on the list of the world's richest people. All quotes delayed a minimum of 15 minutes. Elon Musk on Monday teased an IPO for SpaceX’s satellite internet business, but added that it would “several years into the future.”. In March, when the stock market bottomed out, Musk’s net worth was $24.5 billion but hit $115 billion by Aug. 31. 24/7 coverage of breaking news and live events.