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Elon Musk's fortune soars to $ 289 billion as Tesla hits record $ 1 trillion valuation

Elon Musk already outnumbers Jeff Bezos by nearly $ 100 billion, according to the Bloomberg Billionaires Index. This is largely due to Tesla hitting the record $ 1 trillion in valuation.

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

Yesterday, Monday, Elon Musk reached two more than impressive milestones: his fortune amounted to 289 billion dollars , reaffirming his position as the richest person in the world . This is largely a consequence of Tesla , his electric vehicle company, reaching a record valuation of $ 1 trillion .

Bloomberg | Getty Images

On October 25, it was announced that Tesla bought the car rental company Hertz . Part of its strategy included Hertz ordering 100,000 electric cars from its new parent company.

In a press release, the company said Model 3 cars will be available to rent in major US and European markets beginning in early November and that they will expand the program for the remainder of the year. With the order, electric vehicles will constitute more than 20% of Hertz's global fleet .

Tesla is already worth $ 1 trillion

The play sent Tesla shares soaring more than 12.6% , above $ 1,000 per unit. This Tuesday morning, the carmaker's shares reached almost $ 1,093 , according to data from Yahoo Finance .

Source: Yahoo Finance .

The surprising rise brought Tesla's valuation to a record $ 1 trillion (US $ 1 trillion). This feat has only been achieved by six companies, including Apple , Google and Alphabet , Google's parent company. Elon Musk 's company also became the fastest to reach such a milestone - it only took him 12 years to get that valuation after it went public in 2010.

Elon Musk is already nearly $ 100 billion richer than Jeff Bezos

In late September, Elon Musk surpassed Amazon founder Jeff Bezos for the second time as the world's richest person , according to Forbes and Bloomberg billionaire rankings .

With the rise in Tesla shares , Musk added a whopping $ 36.2 billion to his net worth , which is now estimated at $ 289 billion .

Source: Bloomberg Billionaires Index .

This is the biggest one-day gain in the history of the Bloomberg Billionaires Index. Before Elon, the record was held by Chinese mogul Zhong Shanshan, who added $ 32 billion to his fortune when his bottled water company, Nongfu Spring, went public in 2020.

Now, the fellow CEO of SpaceX is nearly $ 100 billion richer than Jeff Bezos , who remains in second place with $ 193 billion , just $ 30 billion ahead of French businessman Bernard Arnault .

To gauge how rich Elon Musk is now , suffice it to say that his current net worth is greater than that of the oil company Exxon, according to El Financiero estimates. Plus, his fortune is bigger than Bill Gates ($ 134 billion) and Mark Zuckerberg ($ 123 billion) combined.