Tesla “TechnoKing” and CEO Elon Musk has surpassed Amazon’s Jeff Bezos by a long shot as the world’s wealthiest billionaire. Musk’s net worth, including his Tesla stock holdings, now stands at $281 billion after Hertz Global Holdings Inc. placed an order for 100,000 Teslas. Meanwhile, Amazon founder Jeff Bezos has a net worth of $193 billion, based on the Bloomberg Billionaires Index.
After a strong Q3 earnings call, Tesla stock was already on the upswing. Then, on Monday, rental car company Hertz Global Holdings Inc. placed an order for 100,000 Teslas. This pushed Tesla’s stock up 9.8%, giving the company a market cap exceeding $1 billion. Tesla shares briefly piqued at $1,036 before a slight dip, presumably due to sellers taking profits. This growth added $28.58 billion to Musk’s net worth, according to TheTechPortal.com.
About two-thirds of Musk’s net worth is tied directly to shares and options in the electric-car company, of which he is co-founder and chief executive officer.
Musk is increasingly pulling away from his fellow mega-billionaires when it comes to the size of his fortune. Amazon.com Inc.’s Jeff Bezos ranks second with $193 billion, according to the Bloomberg Billionaires Index. Even before the Hertz deal, Tesla shares have climbed in recent weeks. The auto maker’s stock price is up more 40% this year, almost double the gain of the S&P 500 Index, as investors continue to reward green technologies.
A surge in Tesla stock isn’t the only source of wealth gains for Musk. The seventh tranche of Musk’s massive 2018 stock option package vested in the third quarter, according to a regulatory filing Monday, adding about $8 billion to his net worth.
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