Elon Musk’s personal fortune jumps by R419 billion in one day

Elon Musk’s personal fortune jumped by $28.5 billion (R419 billion) to $281 billion (R4.133 trillion) after Hertz Global Holdings Inc. placed an order for 100,000 Teslas and filings showed a fresh tranche of options in his moonshot pay package vested.

Tesla shares rose as much as 9.8% Monday on news of the Hertz order, briefly pushing its market value past $1 trillion. 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.

Main Image: Business Insider