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Sunday, November 29, 2020

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

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