Elon Musk, the world's wealthiest person and the CEO of big businesses such as SpaceX and Tesla, witnessed his net wealth rise by $36.2 billion (Rs 2.71 lakh crore) on Monday when Hertz Global Holdings placed an order for 100,000 Teslas. With electric cars, Tesla is speeding up the world's shift to renewable power.
According to Reuters calculations, Tesla's stock rose 14.9% to $1,045.02, making the company the world's biggest automobile manufacturer.
Musk's 23% ownership in the freshly crowned trillion-dollar firm has now become valued at around $289 billion. According to a CNBC article, Musk is also a major stakeholder and CEO of rocket manufacturer SpaceX, a private firm valued at $100 billion as of an October 2021 secondary sale of shares. Musk's overall net worth has surpassed that of conglomerates such as Exxon Mobil Corp. and Nike Inc. at $288.6 billion.
Tesla is the first automobile manufacturer to join Apple Inc., Amazon.com Inc., Microsoft Corp., and Alphabet Inc. in the trillion-dollar group.
The inventor of the Model 3 sedan, world's best-selling electric car is now the second-fastest firm to attain this milestone, having done it within about over 11 years from its debut in June 2010.
Interestingly, Musk does not earn a salary from Tesla; instead, his salary structure includes 12 option tranches that vest as Tesla's market valuation and economic expansion approach a succession of increasing benchmarks.
In 2021, Musk's fortune climbed by $119 billion. The options allow Musk to purchase Tesla shares at a discount of more than 90% from their current market price of $70 per share.
Musk’s wealth gain is the largest one-day profit in the Bloomberg Billionaires Index's record, beating Chinese businessman Zhong Shanshan's $32 billion gain after his beverage company, Nongfu Spring Co., went public last year.
