Elon Musk joins $100 billion club after sharp Wall Street rally

Elon Musk joins $100 billion club after sharp Wall Street rally

Tesla and SpaceX CEO Elon Musk became the latest person to join the $100 billion club after his net worth surged nearly $5.5 billion in a single day.

Musk’s wealth rise due to a sharp rise in US technology stocks, which led to record gains on Wall Street on Wednesday. Musk’s wealth currently stands at $101 billion after a $5.46 billion raise, according to the Bloomberg Billionaires Index.

The 49-year-old technology entrepreneur recently became the fourth richest person in the world, surpassing French billionaire Bernard Arnault. Musk’s wealth has increased over $73 billion this year the most after Amazon CEO Jeff Bezos.

Musk is one of the few billionaires who has managed to see his fortune swell this year amidst the coronavirus pandemic.

Meanwhile, Amazon CEO Jeff Bezos on Wednesday became the first person ever to amass a fortune of $200 billion. The world’s richest man is now $78 billion richer than Bill Gates, the second richest man on the planet.

Benchmark indices S&P BSE Sensex and NSE Nifty 50 opened higher on Thursday following a strong rally in global markets. At 9:16 am, Sensex was trading higher by 175.19 points at 39,249.11 while Nifty crossed the 11,600-mark.