Elon Musk now world’s third-richest person after net worth soars to £85 billion

Elon Musk is now the third richest person in the world.

The Tesla CEO's net worth increased to a staggering $115 billion (£85 billion) this week after the electric car company's stock increased by 12% on Monday.

The 49-year-old has now overtaken Mark Zuckerberg to become number three on the list of the wealthiest humans alive, according to Bloomberg.

In July, Mr Musk became the seventh-richest person in the world, so this week's achievement is an astonishingly fast accumulation of wealth in just two months.

Tesla's stock has already soared by approximately 500% in 2020, and the company is now worth about $475 billion (£355 billion).

Mr Musk owns more than 18% of its shares, more than three times the next-largest stockholder.

As Tesla's stock has exploded so has his wealth, rising by nearly $90 billion (£67 billion) this year alone.

In January 2020 his net worth was about $32 billion (£23 billion).

He does not receive a salary or cash bonuses as CEO, instead getting paid in millions of stock options.

Mr Musk is now only poorer than Jeff Bezos and Bill Gates.

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Billionaires have come under greater scrutiny this year as thousands of workers have lost their jobs in the pandemic and millions more will become unemployed as economies suffer.

While at least 44 million Americans have been laid off from their jobs in the last four months, the country's five richest people have enjoyed a huge 26% surge in wealth.

Mr Bezos, Mr Gates and Warren Buffett, along with Mr Zuckerberg and Oracle chairman Larry Ellison, have collectively gained over $100 billion (£79 billion) since March.

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Mr Bezos in particular has been slammed by the likes of Bernie Sanders after revelations about Amazon's poor working conditions, as well as its efforts to discourage employees from unionising.

Hundreds of warehouse workers have gone on strike this year to protest Amazon's inadequate safety measures and refusal to grant paid sick leave.

"Three multi-billionaires now own more wealth than the bottom half of our society," Senator Sanders tweeted on Tuesday.

"That level of inequality is immoral and unsustainable."

The 10 richest people in the world

  1. Jeff Bezos, Amazon ($196 billion)
  2. Bill Gates, Microsoft ($117 billion)
  3. Elon Musk, Tesla ($115 billion)

  4. Bernard Arnault, LVMH ($110 billion)
  5. Mark Zuckerberg, Facebook ($108 billion)

  6. Mukesh Ambani, Reliance Industries ($80 billion)

  7. Warren Buffett, Berkshire Hathaway ($79 billion)

  8. Steve Anthony Ballmer, Microsoft/NBA ($72 billion)

  9. Larry Page, Google ($69 billion)

  10. Sergey Brin, Google ($67 billion)

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