Elon Musk had a rather laid-back Monday back in 2021, casually adding a whopping $25 billion to his fortune in just one day.
This record-breaking increase came after Tesla’s stock soared when rental car behemoth Hertz announced plans to purchase 100,000 electric vehicles, primarily Model 3s, for its worldwide fleet.
The announcement sent investors into a frenzy and propelled Tesla’s market value past the $1 trillion mark for the first time, reports the Daily Star.
By the close of that Monday, Musk’s net worth had skyrocketed to a staggering $255.2 billion, as per Forbes estimates. This made him not only the wealthiest person on the planet but arguably the richest individual in modern history – richer than anyone Forbes has ever tracked.
To put it in perspective: Musk was worth more than both Google co-founder Larry Page and Facebook’s Mark Zuckerberg combined.
Tesla shares surged 12.6% that day, closing at $1,024.86 each, after hovering around $910 the previous Friday. It was the kind of stock rally most CEOs can only dream of – but for Musk, it was just another day in the stratosphere.
His 23% stake in Tesla (discounted for loans) remains the largest source of his wealth, a company he helped mold nearly two decades ago when electric cars were still viewed as futuristic playthings.
The Hertz deal itself was significant: 100,000 Teslas, valued at approximately $4.2 billion, marking the largest single order for electric vehicles ever. The move signaled a major shift in the car rental industry and demonstrated how mainstream EVs had become.
Hertz, having recently emerged from bankruptcy, announced that customers would be able to rent Teslas in major US and European cities starting November. The news was well-received by investors, with Hertz stock soaring more than 9% on the same day.
In the meantime, Musk’s other enterprise, SpaceX, was discreetly preparing for the first orbital flight of its Starship rocket. The private space firm had recently been valued at $74 billion after a funding round, though shares were reportedly trading at around $100 billion on secondary markets.
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A month earlier, Musk had already surpassed Jeff Bezos to become the world’s wealthiest individual – and he wasn’t modest about it. He even sent a silver medal emoji to Bezos via Twitter, a playful jab at their billionaire space rivalry.
On the same day, Bezos’ net worth took a hit of about $1 billion, expanding the wealth gap between the two moguls to over $60 billion.
While the pandemic exacerbated wealth disparity, it also boosted fortunes at the top – and no one reaped the benefits more dramatically than Elon Musk.
Fast forward to today, Musk has made history as the first individual to amass a personal fortune exceeding $500 billion. This milestone was achieved following a surge in Tesla’s valuation and his broader portfolio of tech ventures.
