Elon Musk Nearly $ 14 billion richer this week after Tesla was admitted to the S&P 500

THE CHANGING LUCK OF THE RICHEST IN THE WORLD

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It has been a very good week for Elon Musk. Not only did its SpaceX successfully send four NASA astronauts to the International Space Station on its first operational mission on Sunday, but S&P Global announced Tuesday that Tesla would be admitted to the S&P 500 index. Tesla, which had been snubbed by the index earlier this year, it will be added to the S&P 500 by 21 December.

The stock skyrocketed, ending the week nearly 20% higher, as the S&P 500 and Dow Jones Industrial Average fell 0.8% and 0.7%, respectively. As of the close of the market on Friday, Musk had a net worth of $ 104.5 billion, up $ 13.7 billion from the previous week.

There could be further gains for Tesla. Mutual funds linked to the S&P 500 will want to incorporate Tesla into their portfolios, according to Arjun Menon, vice president of US equity strategy at Goldman Sachs, potentially bringing in $ 8 billion in new investments.

Tesla wasn’t the only electric vehicle stock to go up this week. Xpeng, a Chinese electric carmaker founded by billionaire He Xiaopeng, announced on Friday a sophisticated new self-driving software. The company, which already had record sales in China in September and October, was up 28% for the week. Xiaopeng now has a net worth of $ 10.6 billion, with a weekly increase of $ 2.4 billion.

LVMH President and CEO Bernard Arnault added $ 6.5 billion to his net worth. The luxury goods giant, which counts Dior and Givenchy among its brands, has been supported by the positive results reported by vaccine makers Pfizer and Moderna in the hope that Chinese tourists will return to fashion capitals such as Paris and Milan in early numbers. pandemics. With international tourism trapped by the virus, Bain & Company reports that spending on luxury items by Chinese customers will be down by a third for the year. Arnault, the second richest person in the world, has a net worth of $ 140.3 billion.

On the more casual side of retail, Nike founder Phil Knight also had a good week. Nike announced on Friday that it will increase its dividend by 12% thanks to strong sales. Shares of the sneaker and athleisure maker were up 3.7% for the week and 32% for the year as the pandemic kept people at home in leggings and sweatshirts instead of office clothes. Knight, who is now worth $ 50.2 billion, added $ 1.5 billion to his net worth this week.

HERE ARE THE BIGGEST EARNINGS OF THE BILLIONAIRE THIS WEEK.

The change in equity is from the market on Friday November 13th close to the market close of Friday November 20th.

SHAREHOLDERS ‘EQUITY | $ 104.5 BILLION, UP BY $ 13.7 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | TESLA

SHAREHOLDERS ‘EQUITY | $65.7 BILLION, UP BY $ 9.4 BILLION

COUNTRY | CHINA

SOURCE OF WEALTH | BOTTLED WATER, PHARMACEUTICAL PRODUCTS