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World’s richest person Elon Musk’s wealth jumps $36 billion in 1 day

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World's richest person Elon Musk's wealth jumps $36 billion in 1 day

The early announcement of Hertz’s intention to purchase 100,000 Teslas for its leased fleet triggered a spectacular rebound, causing the company’s market value and executives’ net assets to soar to new heights.

Tesla’s stock price soared by nearly 13% on Monday, making the automaker’s market value more than $1 trillion for the first time. Musk’s wealth increased by $36.2 billion that day, marking the largest one-day increase in the history of the Billionaires Index. Bloomberg now estimates Musk’s net worth is 288.6 billion U.S. dollars.

His wealth now exceeds Toyota’s $282 billion market value. His worth is also much higher than Tesla competitors such as General Motors ($83.9 billion) and Ford ($62.8 billion). Musk owns about 20% of Tesla, and these shares are the main driver of his wealth, which also provides funding for companies such as Boring Company and SpaceX. This eccentric CEO received a large number of stock options from a complex compensation package that would be paid when Tesla reached certain financial milestones.

According to source, after Tesla announced the unlocking of a batch of new stocks, Musk gained a fortune of $8 billion on Monday. In January of this year, Musk surpassed Amazon founder Jeff Bezos to become the world’s richest man for the first time. Since then, they have exchanged positions several times. According to source’s estimates, Musk has now consolidated his nearly $100 billion lead over Bezos, and Bezos’s fortune at the close is only a negligible $192.6 billion.

News Source : Business Insider

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