Musk Adds $9 Billion to Fortune as Tesla Set to Join S&P 500

Elon Musk’s personal fortune hit a new high Friday as Tesla Inc. prepares to make its debut in the S&P 500 Index.

A late jump in Tesla’s share price pushed Musk’s net worth up almost $9 billion to $167.3 billion, according to theBloomberg Billionaires Index. The 49 year-old entrepreneur has added $139.7 billion this year, an amount that exceeds the total net worth of anyone else on the planet other than Inc. founderJeff Bezos. Bezos, for now, tops the wealth index with $187.3 billion.

Tesla shares have soared 731% this year, closing at a record $695 on Friday. Most recently, they’ve gained on expectations that inclusion in the S&P 500 would spur a new round of buying. The stock has climbed 70% since inclusion was announced in November.

Read more: Hungry Index Funds Cram Tesla Into the S&P 500 at a Record High

Musk is the most prominent in a range of electric-vehicle entrepreneurs who have seen their fortunes jump this year, spurring a raft of new entrants. At least 15 electric vehicle companies have been taken public or announced listingsin 2020.

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