Tesla‘s shares surged after the electric automaker finally scored an entry into the S&P 500 index.
With a market capitalization of $400 billion, Tesla will be one of the 10 most valuable companies on the index when it joins on December 21. The company’s stock is up about 335 percent year-to-date, compared to the broader S&P 500’s 11 percent rise.
As the shares rose, so did CEO Elon Musk‘s wealth.
The eccentric billionaire made $12 billion in wealth overnight after the announcement that sent shares surging. The billionaire takes no salary from his automaker but owns a majority of its equity.
As his wealth rises in-step with Tesla’s stock price, Musk has overtaken Facebook CEO Mark Zuckerberg as the world’s third-richest person.
“This sort of gain is actually more than the market cap of Moderna which is pretty stunning,” Deutsche Bank analysts said.