Tesla’s awesome kid is officially the fourth richest man in the world, after the 11% rise in the company’s shares on Monday

Elon Musk, Tesla’s formidable kid, is officially the fourth richest man in the world, after Tesla shares rose 11% on Monday, closing at a new high and boosting its net worth by $ 7.8 billion.

The rise helped Tesla co-founder surpass French luxury tycoon Bernard Arno, the richest non-American on the Bloomberg Billionaires Index. With a fortune of $ 84.8 billion, Musk is worth $ 15 billion from Mark Zuckerberg No. 3 in the ranking of the 500 richest people in the world.

Monday’s Tesla rally is the latest triumph for the billionaire, who was sued by the U.S. Securities and Exchange Commission just two years ago and had to step down as chairman of the electric car maker because of his provocative tweets. Shares of Tesla rose 339% this year, driven by growing expectations that the company would be included in the S&P 500 index.

SpaceX is nearing the completion of new $ 2 billion funding that will increase its equity valuation to $ 46 billion, Bloomberg reported last week.

Musk’s fortune rose $ 57.2 billion this year, the second-largest increase in the Bloomberg index, after that of Amazon.com Inc, founder Jeff Bezos. The richest man in the world earned $ 73 billion in 2020 and now his fortune is $ 188 billion.

Technology stocks have been in the spotlight this year as the pandemic has driven more people online, boosting the fortunes of the company’s founders.