Elon Musk Net Worth: Tesla CEO’s Fortune Surges to $288.6 Billion

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Everyone wants to know about Elon Musk Net Worth, It’s just one more arresting data point amid a flurry of superlatives, but Elon Musk’s soaring net worth now makes him more valuable than Exxon Mobil Corp.

Elon Musk Net Worth: Tesla CEO's Fortune Surges to $288.6 Billion

According to the Bloomberg Billionaires Index, the wealth of the world’s richest person jumped to $288.6 billion. The $36.2 billion gain followed a surge in Tesla Inc.’s stock price after Hertz Global Holdings Inc. ordered 100,000 cars.

Elon Musk Net Worth Is on high

The early-morning announcement that Hertz intends to buy 100,000 Teslas for its rental fleet kicked off a spectacular rally that sent the company’s market capitalization and its top executive’s net worth soaring to new heights.

Tesla’s share price surged nearly 13% on Monday, bringing the automaker’s market cap to just over $1 trillion for the first time. Musk ended the day $36.2 billion richer in the most significant single-day gain that Bloomberg’s Billionaires Index has ever recorded.

Bloomberg now estimates Musk’s net worth at $288.6 billion. His wealth has now eclipsed Toyota’s $282 billion market value. He’s also worth significantly more than Tesla rivals like General Motors ($83.9 billion) and Ford ($62.8 billion).

Musk owns roughly 20% of Tesla, and that stake is the primary driver of his wealth, which also funds ventures like the Boring Company and SpaceX. In addition, the eccentric CEO receives vast amounts of stock options from a complex pay package that pays out when Tesla reaches certain financial milestones. According to Bloomberg, Musk gained $8 billion in wealth on Monday after Tesla announced unlocked a new batch of stock.

Musk first passed Amazon founder Jeff Bezos to become the world’s wealthiest person in January. They’ve traded places a few times since. Now Musk has cemented a nearly $100 billion lead over Bezos, whose fortune was a paltry $192.6 billion at market close, Bloomberg estimates.

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Eclipsing the value of an old-economy bellwether like Exxon may seem like an inevitable milestone in Musk’s trajectory. But the oil company’s share price has been no laggard this year. Despite being overtaken by MuskMuskthe start of 2021, Exxon has been on a tear since then. It outpaced the Tesla chief executive this year as oil and natural gas prices advanced. Still, that fossil-fuel rally, should it continue, may help spur even more sales of electric vehicles.

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Musk owns roughly 20% of Tesla, and that stake is the primary driver of his wealth, which also funds ventures like the Boring Company and SpaceX. In addition, the eccentric CEO receives vast stock options from a complex pay package that pays out when Tesla reaches certain financial milestones. According to Bloomberg, Musk gained $8 billion in wealth on Monday after Tesla announced unlocked a new batch of stock.

Read Elon Musk is creating a new cryptocurrency

Musk first passed Amazon founder Jeff Bezos to become the world’s wealthiest person in January. They’ve traded places a few times since. Now Musk has cemented a nearly $100 billion lead over Bezos, whose fortune was a paltry $192.6 billion at market close, Bloomberg estimates.

The Bottom Line

On Monday, Tesla Inc. joined an elite group of companies with market values of at least $1 trillion, a key milestone for the Elon Musk-led carmaker whose shares have been on a tear amid a global shift to electric vehicles.

The maker of the Model 3 sedan — the top-selling electric car worldwide — is now the second-fastest company ever to reach this mark, taking just over 11 years since its public debut in June 2010. Facebook Inc. did it faster, although its market capitalization is now below $1 trillion as the stock has sold off over the past two months. The other U.S.-listed members of the trillion-dollar club include Apple Inc., Microsoft Corp., Alphabet Inc., and Amazon.com Inc.

The stock jumped as much as 9.8% on Monday, the most significant intraday move since March 9. It touched a record high of $998.74, which took its market capitalization above $1 trillion, based on about a billion shares outstanding as of October 21.

Elon Musk Net Worth: Tesla CEO's Fortune Surges to $288.6 Billion on Hertz  Deal - Bloomberg

Read Elon Musk wants to become an Apple CEO.

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