Thanks to both Musk’s Tesla shares and his majority stake in privately held SpaceX, where he serves as CEO, Musk has amassed a lot of wealth.
Musk lost $8.6 billion since Friday’s close and more than $52 billion year-on-year, says the Bloomberg Billionaires Index.
Shares are climbing, too, as they recover from a rocky year. They’re up 13% year-over-year, far short of its 743% gain in 2020. Still, it’s a huge improvement when they were down 22% for the year in May.
According to a company filing, Musk received $0 in salary in 2020, but during that year he received stock options that are now worth $22 billion. And those options are worth far more because of the increase in the stock price.
Musk and Bezos – the two richest men on Earth – are embroiled in a billionaire space race. Even before launching the first tourism mission to space aboard the Inspiration 4 in September, Musk’s SpaceX won massive NASA and US military contracts and flew the most powerful rocket in operation.
Bezos, who founded Blue Origin in 2000, and billionaire Virgin-brand owner Richard Branson, both traveled to space last summer.
A June ProPublica report found that some billionaires, including Elon Musk, Bill Gates and Jeff Bezos, pay minimum income tax
Despite their immense wealth, compared to the vast majority of Americans. Whatever did not come out in the report was illegal.
Meanwhile, the US economy is still recovering from the Covid-19 slowdown. Median household income fell 2.9% to $67,521 in 2020, the first statistically significant drop since 2011. September’s job report marked the second straight month in which the economy added far fewer jobs than expected.
Granthshala’s Chris Isidore and Matt Egan contributed to this report.
Credit : www.cnn.com