Elon Musk Is Richer By $14 Billion After Tesla Was Admitted To The S&P 500
Stocks of electric car maker, Tesla spiked last week following an announcement by S&P Global on Tuesday that Tesla will be admitted to the S&P 500 index. The company which was earlier snubbed will now be added by December 21
On his first operational mission on Sunday, Elon Musk’s SpaceX also successfully sent four NASA astronauts to the International Space Station
Tesla’s stock rose steeply, ending the week up nearly 20% as the S&P 500 and Dow Jones Industrial Average dropped 0.8% and 0.7%, respectively. As of market close Friday, Musk had a net worth of $104.5 billion, up $13.7 billion from the week prior.
There may be more gains to come for Tesla. Mutual funds tied to the S&P 500 will want to incorporate Tesla into their portfolios, according to Arjun Menon, vice president of U.S. equity strategy at Goldman Sachs, potentially bringing in $8 billion in new investments.
According to Forbes, Other billionaires who profited last week include LVMH chairman and CEO Bernard Arnault who added $6.5 billion to his net worth. The luxury goods giant, which counts Dior and Givenchy among its brands, has been buoyed by the positive results reported by vaccine makers Pfizer and Moderna on the hopes that Chinese tourists will return to fashion capitals like Paris and Milan in pre-pandemic numbers
Nike also announced on Friday that it will increase its dividend by 12% on the back of strong sales. Shares of the sneaker and athleisure maker were up 3.7% for the week, and 32 % for the year, as the pandemic has kept people home in leggings and sweatshirts instead of office wear. Knight, who is now worth $50.2 billion, added $1.5 billion to his net worth this week.