Elon Musk is now the fourth richest person in the world after he tacked on $8 billion to his net worth in a single day as Tesla’s shares soared to all-time highs.
Musk rose from fifth place to surpass Bernard Arnault, a French billionaire and CEO of the luxury brand Louis Vuitton.
Tesla’s stock jumped 11 percent on Monday, and Musk’s net worth rose to $84.8 billion, making him the fourth richest person in the world, according to the Bloomberg Billionaires Index.
The Tesla CEO now sits behind Facebook CEO Mark Zuckerberg, who has a net worth of $99 billion.
Much of Musk’s net worth is tied up in his electric car maker Tesla, which has seen its shares surge more than 300% this year.
The car marker has remained profitable in recent quarters despite the impact of the coronavirus pandemic. Tesla sold more than 179,000 cars during the first half of 2020, outpacing sales for its nearest three competitors in the electric car market combined, according to Electrek.
Earlier this month, Tesla announced a five-for-one stock split, effective Aug. 31, to make its shares more accessible to a wider range of investors.
Musk is also the CEO and co-founder of SpaceX, which made history last month, sending the first NASA astronauts to space from American soil in nearly a decade according to Fox Business.
According to CNBC, SpaceX is in the process of raising nearly $1 billion in funding, which would value the space exploration and defense company at $44 billion.
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