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Elon Musk overtakes Facebook founder in the billionaire stakes

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Billions: Tesla’s Musk is now worth more than $100bn

Billions: Tesla’s Musk is now worth more than $100bn

Billions: Tesla’s Musk is now worth more than $100bn

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

Mr Musk passed Facebook co-founder Mark Zuckerberg this week as shares of Tesla continued their unrelenting rally after undergoing a forward stock split. Musk is now worth $115.4bn (€97bn) compared with $110.8bn for Mr Zuckerberg, according to the Bloomberg Billionaires Index.

In addition, Jeff Bezos's ex-wife MacKenzie Scott became the world's richest woman, passing L'Oreal heiress Francoise Bettencourt Meyers. Ms Scott (50) received a 4pc stake in Amazon.com as part of her divorce from Mr Bezos and she is now worth $66.4bn.

Elon Musk (49) has seen a meteoric rise in his wealth, with his net worth growing by $87.8bn this year as Tesla shares surged almost 500pc.

He also secured an audacious pay package - the largest corporate pay deal ever struck between a chief executive officer and a board of directors - that could yield him more than $50 billion if all goals are met.

Tesla, a favourite among amateur investors on online trading firm Robinhood Financial, has been one of the largest beneficiaries of the boom in retail investing during pandemic lockdowns. At one point 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 1pc stake in the American auto maker.

Tesla's $464bn market value now exceeds that of retail behemoth Walmart, the largest company in the U.S. by revenue.

Last week, Mr Musk joined Messrs Zuckerberg, Bezos and Microsoft co-founder Bill Gates in the rarefied centibillionaire club as tech stocks rose.

The heady pace of wealth accumulation in is in stark contrast to the state of the global economy.

Economic growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.

The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.

Mr Musk however still has a long way to become the world's richest person. Even after his costly divorce, Jeff Bezos is still worth more than $200bn.

Bloomberg