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The Tesla CEO’s net worth has exceeded the market cap of Toyota Motor, the world’s second-largest automaker.
The CEO of Tesla Inc (NASDAQ: TSLA) and SpaceX Elon Musk is about to become the first person with a net worth of $300 billion, as his current worth is $287 billion, according to Bloomberg Billionaires Index. As seen in Forbes billionaires’ index, Musk is about $100 billion richer than Amazon.com Inc (NASDAQ: AMZN) founder Jeff Bezos whose net worth is $196 billion. At press time, Musk is about $91 billion richer than Bezos.
Musk Added Over $36B to Net Worth- Largest Single Day Growth in History
On Monday 25th October, Musk added over $36 billion to his net worth after TSLA traded for $1,000 for the first time ever. Tesla stock advanced in reaction to the news that car rental company Hertz Global Holdings (OTC: HTZZ) ordered 100,000 Tesla cars. The purchase marked the single largest purchase ever for EVs, resulting in about $4.2 billion in revenue for Tesla. Tesla began recording gains before market opening as it saw a 4.3% addition to $946.32 per share. During the trading session, the company delivered a 12% surge in a single day. This pushed the automaker’s valuation to over $1 trillion market valuation.
As Tesla reached a historic high, Musk’s addition of $36 billion to his fortune was the largest single-day growth that the Bloomberg Billionaires Index has ever recorded in history. Also, the single-day gain is more than the net worth of the 35th richest person in the world, Klaus-Michael Kuehne.
In addition, the Tesla CEO’s fortune is a huge gap to the net worth of other names that have once held the title of the world’s richest person. Musk is about $181 billion richer than Warren Buffett, who was once the richest man on the planet in 2008. Currently, Buffett is worth $106 billion. At the same time, Musk is also $153 billion richer than Microsoft Corp (NASDAQ: MSFT) co-founder Bill Gates.
Musk’s Fortune Exceeds the Market Cap of Toyota
More amazingly, the Tesla CEO’s net worth has exceeded the market cap of Toyota Motor Corp (NYSE: TM), the world’s second-largest automaker. Toyota stands at a market valuation of $237.26 billion. Since the year began, Musk has added about $119 million to his fortune. The CEO’s increasing net worth can be tied to the increasing value of the TSLA stock.
Tesla has had nothing but good performance in the last 12 months. The company has surged nearly 140% in a year and jumped 44.32% in its year-to-date performance. In addition, TSLA has pumped 57.95% in the last three months, pulling in further gains of 30.98% over the past month.
Since its inception in 2003, the electric vehicle (EV) company is currently on its longest profitability streak. With its Q3 earnings reported last week, Tesla has reached a milestone of nine consecutive quarterly profits.
At the time of writing, TSLA is trading at $1,018.