16.3 C
London
Monday, May 16, 2022

Musk’s net worth increases £11bn in a week

Musk’s net worth increases £11bn in a week following the launch of four astronauts using Space X technology.

Tesla has been accepted into the S&P 500, following a major week for the tech giant.

Earlier this week four astronauts were sent into space using SpaceX technology.

Companies like SpaceX have a major opportunity now that NASA outsources to aerospace companies.

Musk is expected to become the world’s third richest person after Tesla’s share price rose 14% in New York.

Musk’s net worth is now estimated to be $117.5bn, according to the Bloomberg Billionaires Index with his personal wealth rocketing a staggering $90bn this year.

Musk's net worth increases £11Bn
SpaceX recently aided NASA in sending four astronauts to the ISS. Source.

Tesla is set to enter the S&P 500 on 21st of December a complete turnaround from the companies turbulent financial history.

The car firm has recorded five quarters of profit in a row, which is the criteria for entrance to the S&P index.

It will enter the index as the largest newcomer with a stock market value over $400bn.

The benefit of the S&P 500 is that investment funds that track the index automatically invest in companies on it.

“(Tesla) will be one of the largest weight additions to the S&P 500 in the last decade, and consequently will generate one of the largest funding trades in S&P 500 history,” a spokesman for S&P Dow Jones Indices said.

Tesla has consistently outperformed established car companies despite being a fraction of the size.

Source:

https://www.bbc.co.uk/news/business-54958293

Latest news

Electric Miles exceeds target and secures £800k investment in over-subscribed seed funding round

Electric Miles, an intelligent ‘Internet of Energy’ platform, provides electric vehicle drivers with a smart charging service, enabling them to charge their...

Beyonk secures £2 million Seed investment from Fuel Ventures

Fuel Ventures has invested £2m into London based start-up Beyonk, The Experiences Booking Platform, to enable them to help more businesses and large...

Join Efficient Homes Renewable Revolution

Efficient Homes are one of the leading renewable energy companies in the UK, and they are on a planet-saving mission. For the...

British Entrepreneurs Launch ‘Online Shop’

Meet Terry McGinnis and Joe Todd two British entrepreneurs who are founders of one of UK's most popular online outlets, Cozy.

Related news

Electric Miles exceeds target and secures £800k investment in over-subscribed seed funding round

Electric Miles, an intelligent ‘Internet of Energy’ platform, provides electric vehicle drivers with a smart charging service, enabling them to charge their...

Beyonk secures £2 million Seed investment from Fuel Ventures

Fuel Ventures has invested £2m into London based start-up Beyonk, The Experiences Booking Platform, to enable them to help more businesses and large...

Join Efficient Homes Renewable Revolution

Efficient Homes are one of the leading renewable energy companies in the UK, and they are on a planet-saving mission. For the...

British Entrepreneurs Launch ‘Online Shop’

Meet Terry McGinnis and Joe Todd two British entrepreneurs who are founders of one of UK's most popular online outlets, Cozy.