How the super rich got a whole lot richer during the coronavirus pandemic
Tesla and SpaceX founder Elon Musk is worth $90bn after lockdown gains

Elon Musk has become the fourth richest person in the world after shares in his company, Tesla, rocketed during the coronavirus pandemic. His total net worth now stands at $90.3bn, three times its value in January.
Tesla’s stock jumped by 11% on Monday alone, adding $13.3bn to Musk’s balance sheet and lifting him above Bernard Arnault, chief executive of the luxury brand Louis Vuitton, in the league table of billionaires.
Who has gained the most during the pandemic?
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Musk’s case may be “eye-catching”, says The Telegraph, but he’s far from the only plutocrat to grow significantly richer “in the midst of a pandemic that has seen world economies battered”.
On 16 March, “the Dow Jones suffered the worst single-day points drop in its history", says Business Insider. “But by 4 June, seven of the world’s richest people had seen their fortunes increase by over 50%.”
They include Amazon founder Jeff Bezos, who amassed $48bn between March and June, and Facebook founder Mark Zuckerberg, now worth $21bn more than he was before the pandemic.
While not yet in the same league, Zoom founder Eric Yuan has also made healthy gains. His wealth has almost quadrupled to $13bn.
Why are the rich getting richer?
Musk’s gains result from his 20% share of Tesla, a stake that’s now worth more than $50bn.
The company “occupies a market-leading position in the electric car industry and is pioneering much of the road towards self-driving vehicles”, says The Guardian. It has benefited from politicians’ willingness to back “a green recovery after the coronavirus pandemic”.
Amazon, meanwhile, “became a crutch for much of Western society during lockdown,” says The Telegraph, enriching Bezos in the process.
And as working from home became the norm, Yuan’s Zoom software was widely adopted for corporate video conferences and online social gatherings.
Beyond the realm of the billionaires, many people with more modest wealth invested in stock markets have also made gains. Wall Street’s benchmark S&P 500 index set a new record high yesterday, having recovered the sharp losses it suffered in March.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Today's political cartoons - March 29, 2025
Cartoons Saturday's cartoons - my way or Norway, running orders, and more
By The Week US Published
-
5 tactically sound cartoons about the leaked Signal chat
Cartoons Artists take on the clown signal, baby steps, and more
By The Week US Published
-
Roast lamb shoulder with ginger and fresh turmeric recipe
The Week Recommends Succulent and tender and falls off the bone with ease
By The Week UK Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Romania's election chaos risks international fallout
IN THE SPOTLIGHT By barring far-right candidate Calin Georgescu from the country's upcoming electoral re-do, Romania places itself in the center of a broader struggle over European ultra-nationalism
By Rafi Schwartz, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Why South Africa's land reform is so controversial
The Explainer Donald Trump has turned his ire on the South African government's land reform policies
By Richard Windsor, The Week UK Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
People of the year 2024
In the Spotlight Remember the people who hit the headlines this year?
By The Week UK Published