Elon Musk’s personal fortune increase is one of the largest one-day rises in the Bloomberg Billionaires Index’s history, trailing only Chinese tycoon Zhong Shanshan’s $32 billion spike last year on the day his bottled-water company, Nongfu Spring Co, went public.
An order placed by vehicle rental business Hertz jolted the markets on Monday, resulting in one of the largest single-day increases in an entrepreneur’s wealth. That person is Elon Musk, whose personal fortune has increased by $36.2 billion (or 2.71 lakh crore).
Hertz placed an order for 100,000 Tesla vehicles, causing the company’s stock to rise by as much as 14.9% to $1,045.02, bringing Musk’s stake in Tesla to $289 billion. This share includes options worth more than $50 billion that vested as part of Musk’s 2018 bonus package.
It’s one of the largest one-day gains in the Bloomberg Billionaires Index’s history, trailing only Chinese tycoon Zhong Shanshan’s $32 billion gain last year on the day his bottled-water company, Nongfu Spring Co, went public.
Approximately two-thirds of Musk’s net worth is directly related to shares and options in the electric-car firm, Tesla, of which he is co-founder and CEO. When it comes to the extent of his riches, Musk is increasingly breaking away from his fellow mega-billionaires. According to the Bloomberg index, Amazon’s Jeff Bezos ranks second with $193 billion.
Furthermore, Musk is a major shareholder and CEO of SpaceX, a private business valued at $100 billion following an October secondary share sale, according to a CNBC storey.
Tesla’s share price surge also aided the electric carmaker’s entry into the trillion-dollar club, joining Apple Inc, Amazon.com Inc, Microsoft Corp, and Alphabet Inc.
In its announcement, Hertz stated that it will complete its purchase of Tesla Model 3 compact cars by the end of 2022. It also stated that it will build its own electric vehicle charging network as it tries to build North America’s largest rental fleet of electric automobiles.
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