Elon Musk becomes world’s third-richest man

by SammyNovember 19, 2020

Next time SAA needs a few billion for its bottomless money pit, it could try asking one of SA’s most famous sons for help.

Elon Musk has experience with defying gravity – this week his SpaceX rocket company delivered four astronauts to the International Space Station – and he has just become the world’s third-richest person.

The inclusion of Tesla, the electric vehicle and battery company in which Musk has a 21% stake, in the S&P 500 index of the US’s top companies sent its shares soaring on Tuesday.

Tesla now has a market value of around $418bn (R6.4-trillion), and the 500% increase in its share price this year means Pretoria-born Musk is worth $117.5bn (R1.8-trillion).

That’s enough to give SAA a R10.5bn bailout – the size of the business rescue fund approved this month by finance minister Tito Mboweni – more than 170 times.


Source: https://www.sowetanlive.co.za/news/south-africa/2020-11-18-elon-musk-becomes-worlds-third-richest-man/

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