Elon Musk’s Net Worth Hits $281 Billion — What’s Propelling His Wealth (and Tesla Stock) Rapidly Upward
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. Meanwhile, Amazon founder Jeff Bezos has a net worth of $193 billion, based on the Bloomberg Billionaires Index.
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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.
While two-thirds of Musk’s net worth is made up of Tesla stock, it’s not the only reason it climbed significantly this week. Musk’s 2018 Tesla stock option package vested in Q3, which contributed another $8 billion to his personal bottom line.
Tesla also reported record-breaking revenue of $1.62 billion in the third quarter of 2021, according to TheTechPortal.com. Meanwhile, Musk’s other primary focus SpaceX recently completed two public hearings with the Federal Aviation Administration regarding the launch of the Starship / Super Heavy Luanch in Boca Chica, Texas. Interested parties are invited to view a Power Point of the hearing and share their comments through spacexbocachica@icf.com.
Also last week, Musk’s Boring Company just got the green light to expand the “Vegas Loop” tunnel, a transportation system for all-electric, zero-emissions vehicles that, when completed, is expected to span the Las Vegas Strip and also reach Allegiant Stadium and the University of Nevada – Las Vegas. The stretch currently has approval to run for 29 miles with 51 stations with a capacity of 57,000 passengers per hour, GOBankingRates reported.
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While the tunnel system seeks to keep traffic congestion underground, it looks like nothing, at least at this moment, can keep Musk (or his vast net worth) down.
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Last updated: October 25, 2021
