It looks like there’s no stopping Elon Musk when it comes to increasing his estimated net worth. A report by Bloomberg has revealed that the Tesla CEO is now the fourth richest man in the world. It has been a meteoric rise for Musk who has seen his wealth grow by a whopping $57 billion in 2020.

As per the Bloomberg report, Tesla’s shares saw an 11% increase in a day, which in turn increased Musk’s net worth by $7.8 billion. At the start of the year, Musk’s wealth was just over $30 billion and he was nowhere being close to the top 10 richest people in the world. However, a $57 billion jump in his wealth means that Musk is now ahead of some of the wealthiest people in the world and has an estimated net worth of $90 billion. In terms of increasing their net worth in 2020, Musk is only behind the world’s richest man, Jeff Bezos. Bezos, who is the founder of Amazon, has seen his net worth go up by $73 million in 2020.

Tesla’s shares have been growing at breakneck speed in 2020 and are up by a whopping 350% since the turn of the year.

There has been speculation about Tesla being included in the S&P 500 as well.

Meanwhile, Musk has seen his compensation swell up as well in 2020. Tesla’s filing with the Securities and Exchange Commission (SEC) confirmed that Musk’s first tranche of incentive payout was handed out. The tranche included about 1.7 million Tesla shares that — based on the company’s current market value — are worth $775 million.

In the last seven years, Tesla and Musk seem to have come a long way. In 2012, Tesla’s market value was around ‘just’ $4 billion but now has breached $100 billion mark. Tesla’s stock value, as mentioned earlier, has gone up dramatically in 2020 and so has Musk’s estimated net worth.