Elon Musk leapfrogs Facebook co-founder Mark Zuckerberg as shares of Tesla continued their unrelenting rally after undergoing a forward stock split.
According to the Bloomberg Billionaires Index, Musk was worth $111.9 billion compared with $111.2 billion for Zuckerberg,
Musk has seen a meteoric rise in his wealth, with his net worth growing by $76.1 billion this year as Tesla shares surged more than 475%.
Tesla, a favorite among amateur investors on online trading firm Robinhood Financial, has been one of the biggest beneficiaries of the boom in retail investing during pandemic lockdowns.
Last month, almost 40,000 Robinhood accounts added Tesla shares during a single four-hour span, and the trend isn’t limited to the US.
South Korean retail investors have piled into Tesla this year and hold about a 1% stake in the American automaker.
Tesla’s $454 billion market value now exceeds that of retail giant Walmart — the largest company in the US by revenue.
Last week, Musk joined Zuckerberg, Jeff Bezos, and Bill Gates in the rarefied centibillionaire club as tech stocks rose.
However, the Tesla founder still has a long way to become the world’s richest person. Bezos is worth about $200 billion.