Elon Musk’s personal fortune balloons to $281-billion

Elon Musk’s personal fortune jumped by US$28.5-billion to $281-billion (R4.2-trillion) after Hertz Global Holdings placed an order for 100 000 Teslas and filings showed a fresh tranche of options in his moonshot pay package vested.

Tesla shares rose almost 12% on 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 CEO.

Musk is increasingly pulling away from his fellow mega-billionaires when it comes to the size of his fortune. Amazon.com’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 automaker’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 on Monday, adding about $8-billion to his net worth.  — Reported by Scott Carpenter, (c) 2021 Bloomberg LP