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Elon Musk adds $82.2B to net worth in 2020 after TSLA stock surge

Tesla CEO Elon Musk pay structure (Source: Tesla)

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Tesla CEO Elon Musk’s net worth has increased by over $82 billion in 2020 after a 480% increase in stock price so far this year.

Musk, who helped found Tesla in 2003, is the company’s largest shareholder, and as CEO, helps oversee the company’s day-to-day operations. 2020 has been especially rewarding for the South African-born CEO, who has helped the company establish itself as the electric vehicle tech leader by a considerable margin during the year.

With advancements in battery production, EV tech, and manufacturing techniques, Tesla has seen its share price explode from $86 to over $500 in just over eleven months. Tesla has also reported five consecutive profitable quarters, which has helped its performance on Wall Street.

As for Musk, his considerable wealth has already grown substantially this year. According to Forbes, Musk was worth $24.6B in April 2020, when a steady climb in price per share began and lasted until July. After a short drop in mid-August, TSLA shares once again skyrocketed until August 31st, when the automaker announced a 5:1 stock split to make shares more affordable for retail and younger investors.

As a result of the split, TSLA has overtaken AAPL as millennial’s go-to stock, and the automaker has experienced overwhelming popularity among retail investors.

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Musk’s proverbial climb up the World’s Richest list has been monumental, although it is important to highlight the fact that his worth has nothing to do with cash. The CEO doesn’t accept a paycheck from his employer, and under California Law, his minimum salary is left in a Tesla-owned bank account, which is untouched.

Musk’s net worth growth has inspired some politicians, like Bernie Sanders, to ask CEO’s with exponential growth in wealth throughout the year to pay a one-time tax. The bill, which would have required Musk, Amazon founder Jeff Bezos, Facebook CEO Mark Zuckerberg, and the Walton family to pay billions, was never passed.

Bernie Sanders wants Elon Musk to pay a one-time $27.5 billion tax

Musk is set to, once again, surpass Zuckerberg on the list after the surge in stock price added $7.6 billion to his net worth over the past two days. Tesla stock has surged nearly $100 in the past two days, or around 25%, based on the report that the electric automaker’s inclusion in the S&P 500 index. TSLA will join the S&P on December 21st.

As of the end of trading hours on Wednesday, Musk is worth $106.9B, but this number will likely grow based on TSLA’s increase in value during Thursday trading hours. At the time of writing, TSLA shares were up $14.27, or 2.93%, to $500.91 per share.

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Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Tesla Diner to transition to full-service restaurant as Chef heads for new venture

“I am leaving the Tesla Diner project to focus on the opening of Mish, my long-desired Jewish deli. Projects like Mish and the Tesla Diner require a sharpness of focus and attention, and my focus and attention is now squarely on Mish.”

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tesla-supercharger-diner
Credit: Tesla

Tesla Diner, the all-in-one Supercharging and dining experience located in Los Angeles, will transition to a full-service restaurant in January, staff said, as Chef Eric Greenspan said he would take on a new project.

A report from the Los Angeles Times says Greenspan confirmed through a text that he would leave the Diner and focus on the opening of his new Jewish deli, Mish.

Greenspan confirmed to the paper:

“I am leaving the Tesla Diner project to focus on the opening of Mish, my long-desired Jewish deli. Projects like Mish and the Tesla Diner require a sharpness of focus and attention, and my focus and attention is now squarely on Mish.”

Greenspan took on the job at the Tesla Diner and curated the menu back in March, focusing on locally-sourced ingredients and items that would play on various company products, like Cybertruck-shaped boxes that hold burgers.

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Tesla Cybertruck leftovers are the main course at the Supercharger Diner

The Tesla Diner has operated as somewhat of a self-serve establishment, where Tesla owners can order directly from their vehicles through the center touchscreen. It was not exclusive to Tesla owners. Guests could also enter and order at a counter, and pick up their food, before sitting at a booth or table.

However, the report indicates Tesla is planning to push it toward a sit-down restaurant, full of waiters, waitresses, and servers, all of which will come to a table after you are seated, take your order, and serve your food.

It will be more of a full-featured restaurant experience moving forward, which is an interesting move from the company, but it also sounds as if it could be testing for an expansion.

We know that Tesla is already considering expanding locations, as it will be heading to new areas of the country. CEO Elon Musk has said that Tesla will be considering locations in Palo Alto near the company’s Engineering HQ, and in Austin, where its HQ and Gigafactory Texas are located.

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Musk said that the Diner has been very successful in its first few months of operation.

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Tesla adds new surprising fee to Robotaxi program

“Additional cleaning was required for the vehicle after your trip. A fee has been added to your final cost to cover this service. Please contact us if you have any questions.”

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Credit: Grok

Tesla has added a new and somewhat surprising fee to the Robotaxi program. It’s only surprising because it was never there before.

Tesla shocked everyone when it launched its Robotaxi platform and offered riders the opportunity to tip, only to tell them they do not accept tips. It was one of the company’s attempts at being humorous as it rolled out its driverless platform to people in Austin.

As it has expanded to new cities and been opened to more people, as it was yesterday to iOS users, Tesla has had to tweak some of the minor details of the Robotaxi and ride-hailing platforms it operates.

First Look at Tesla’s Robotaxi App: features, design, and more

With more riders, more vehicles, and more operational jurisdictions, the company has to adjust as things become busier.

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Now, it is adjusting the platform by adding “Cleaning Fees” to the Robotaxi platform, but it seems it is only charged if the vehicle requires some additional attention after your ride.

The app will communicate with the rider with the following message (via Not a Tesla App):

“Additional cleaning was required for the vehicle after your trip. A fee has been added to your final cost to cover this service. Please contact us if you have any questions.”

The cost of the cleaning will likely depend on how severe the mess is. If you spill a soda, it will likely cost less than if you lose your lunch in the back of the car because you had a few too many drinks.

This is an expected change, and it seems to be one that is needed, especially considering Tesla is operating a small-scale ride-hailing service at the current time. As it expands to more states and cities and eventually is available everywhere, there will be more situations that will arise.

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The messes in vehicles are not a new situation, especially in a rideshare setting. It will be interesting to see if Tesla will enable other fees, like ones for riders who request a ride and do not show up for it.

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Tesla Model Y sold out in China for 2025

Customers who wish to get their cars by the end of the year would likely need to get an inventory unit.

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Credit: Grok Imagine

It appears that the Model Y has been sold out for 2025 in China. This seems to be true for the four variants of the vehicle that are currently offered in the country. 

Tesla China’s order page update

A look at Tesla China’s order page for the Model Y shows a message informing customers that those who wish to guarantee delivery by the end of the year should purchase an inventory unit. This was despite the Model Y RWD and Model Y L showing an estimated delivery timeline of 4-8 weeks, and the Model Y Long Range RWD and Model Y Long Range AWD showing 4-13 weeks. 

As per industry watchers, these updates on the Model Y’s order page suggest that Tesla China’s sales capacity for the remainder of 2025 has been sold out. The fact that estimated delivery timeframes for the Model Y Long Range RWD and AWD extend up to 13 weeks also bodes well for demand for the vehicle, especially given strong rivals like the Xiaomi YU7, which undercuts the Model Y in price. 

Tesla China’s upcoming big updates

What is quite interesting is that Tesla China is still competing in the country with one hand partly tied behind its back. So far, Tesla has only been able to secure partial approval for its flagship self-driving software, FSD, in China. This has resulted in V14 not being rolled out to the country yet. Despite this, Tesla China’s “Autopilot automatic assisted driving on urban roads,” as the system is called locally, has earned positive reviews from users.

As per Elon Musk during the 2025 Annual Shareholder Meeting, however, Tesla is expecting to secure full approval for FSD in China in early 2026. “We have partial approval in China, and we hopefully will have full approval in China around February or March or so. That’s what they’ve told us,” Musk said.

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