The South African-born CEO of Tesla and SpaceX, Elon Musk saw his wealth jump to $288.6 billion (R4.242 trillion) according to the Bloomberg Billionaires Index on Monday, 25 October which means that he can now buy the richest companies in South Africa and still have enough money to live a comfortable life.
Putting Elon Musk’s wealth in perspective
As Business Insider South Africa notes, Musk can also keep the entire South African government running for two years, single-handedly, without bankrupting himself.
According to My Broadband, Musk is increasingly pulling away from his fellow mega-billionaires when it comes to his fortune. Jeff Bezos ranks second with $193 billion, according to the Bloomberg Billionaires Index. Musk has jokingly proceeded to mock Bezos with a silver medal earlier this year when he started to pull away from Amazon’s former CEO.
A jump in Tesla’s stock price
It is said that Musk’s jump can be accredited to a surge in Tesla’s stock price after Hertz Global Holdings ordered 100 000 cars. However, Tesla shares have climbed in recent weeks even before the Hertz deal took place. The auto maker’s stock price is up more 40% this year, almost double the gain of the S&P 500 Index.
The publication goes on to put Musk’s wealth in context, saying that it is interesting to look at how it compares to the value of South Africa’s largest companies.
Naspers is South Africa’s largest company with a market cap of R1.14 trillion. Amplats is the second largest, with a market cap of R430 billion. Other top companies include Firstrand (R325 billion), MTN (R255 billion), Vodacom (R251 billion), Standard Bank (R226 billion), Capitec (R199 billion).
Therefore, to put Musk’s wealth in perspective, he can buy all these companies and still have money left over:
Another perspective – Elon Musk’s wealth vs SA companies