Musk may soon become first person with $300bn net worth
What's the story
Tesla CEO Elon Musk is on the road to becoming the world's first person with a $300 billion net worth.
The journey has been kicked into overdrive with the addition of over $36 billion to his fortunes on Monday by a share price spike of 12.7%. This is also the highest-ever single-day growth recorded on the Bloomberg Billionaires Index.
Here are the details.
Bullish trend
Hertz's announcement fuelled Monday stock price rise
Monday's hike was rallied by an announcement by Hertz. It announced that it will add 100,000 Tesla cars to its electric vehicle (EV) rental fleet by 2022.
This addition of over $36 billion to Musk's net worth is nearly equal to the net worth of the 34th richest person in the world and $100 billion more than former chart-topper Jeff Bezos.
Huge margin
Other billionaires aren't even close to Musk's net worth
Musk now commands a $184 billion lead over Warren Buffett's net worth. Buffett is the world's 10th richest person. Musk is also over $150 billion richer than Bill Gates who ranked fourth on the Billionaires Index.
Comparing Musk's net worth to companies reveals that he is worth more than Toyota's market cap of $283 billion. Toyota is the world's second-largest automaker.
Growth
This year, Musk's net worth has climbed by $119 billion
Thanks to well-performing Tesla stock and the recent share sale organized by SpaceX, $119 billion was added to Musk's net worth this year. Of this, $11 billion was contributed by SpaceX's share sale alone.
After recent earnings report marking a trillion-dollar valuation, Tesla continues to ride its wave of nine consecutive profitable quarters—its longest streak in 18 years of existence.
Twitter Post
Musk's tweet celebrating Tesla crossing $1 trillion market cap
Wild $T1mes!
— Elon Musk (@elonmusk) October 25, 2021
Insight
Pioneering technologies, brilliant business sense cemented Musk's billionaire status
Musk's significant wealth and growth on the Bloomberg Billionaires Index can be attributed to his brilliant business plans and timely moves, besides regular banter on Twitter to remain connected with society.
However, one cannot ignore the role of EV technology and the privatization of space in Musk's growth in recent years.
He is yet to sell us the Tesla Roadster, though!