Tesla stock drives Musk to No.7 on world's richest list
Mike Zaccardi, CFA, CMT
2020 continues to catch us by surprise. As quickly as the stock market dropped, it then recovered. Stocks are about flat on the year. Ho-hum.
What is not flat? Tesla stock of course. The insanity of TSLA this year, dropping from $969 to $351, then exploding to $1,545 last Friday has made for some interesting changes on the list of world’s richest people.
Elon Musk, just 49 years old, a member of Gen-X, is now worth more than $70 billion. The caveat is that it is not as if the Tesla CEO could simply sell all of the stock on his Robinhood app and live happily ever after. TSLA would probably go to zero if that was attempted. So take this all with a grain of salt.
Jeff Bezos has surged $75 billion higher this year alone. Thanks, COVID?
His former wife is in the top 15 on the list with a $63 billion net worth, care of Amazon stock of course. Amazon is the third most highly valued company in the S&P 500 at $1.6 trillion. Apple is $1.66 trillion while boring old Microsoft is worth $1.62 trillion.
The value king, Warren Buffett, has dropped to number 10 with a paltry $69 billion. Value stocks have stunk in the last 12 months, so that has hurt the Oracle of Omaha’s ranking.
For the energy & utilities arena, there is just one shining star among the top 10 richest – Mukesh Ambani from India. Hadn’t heard of Ambani? Neither have I, tbh. He runs Reliance Industries – the biggest company in India. Mr. Ambani is worth $70 billion.
I’ll leave you with one more factoid – the energy sector and utilities sector COMBINED are worth about $1.5 trillion. Apple, Microsoft, and Amazon are individually worth more than the two sectors.
Indeed, we live in crazy times.
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Chart used with permission from Tradingview.com
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