Elon Musk made $36 billion in a day, making him “The richest person who ever walked the planet”

Elon Musk’s week is off to a rousing start, according to reports.

As a result of Hertz’s announcement that it would purchase 100,000 electric cars (mostly Model 3 sedans) for its rental car fleet, Tesla’s shares rose sharply on Monday, increasing Musk’s net worth by $25.6 billion since Friday’s market closing.

He had risen to a stunning $255.2 billion in net worth as of Monday’s market close, according to Forbes, making him the wealthiest person on the globe and certainly the wealthiest individual to have ever walked the face of the earth.

Musk is worth more than the combined fortunes of Google cofounder Larry Page (the sixth wealthiest person in the world) and Facebook CEO Mark Zuckerberg (the seventh richest person in the world).

Musk can credit his 21 percent share (discounted for loan commitments) in Tesla, which he helped build over two decades ago, first as an investor and then as a co-founder, for a large portion of his riches.

The stock closed Friday at about $910. By Monday afternoon, the stock had risen to almost $978 per share, representing a 33% increase in value since the beginning of the year and giving Tesla a market capitalization of $968 billion. Tesla’s market value had surpassed $1 trillion for the first time by 4 p.m. Monday, when trading was suspended; shares finished at $1,024.86 each, representing a 12.6 percent gain in a single day.

The billionaire also has a share in the privately owned space exploration corporation SpaceX, which is preparing to launch the first stage of its new spaceship rocket into orbit next month. Following a capital round in February, investors valued the company at $74 billion, which was the most current valuation.

According to reports, shares have lately traded on the secondary market at a worth of $100 billion.

Earlier this year, Musk overtook Amazon CEO Jeff Bezos to become the world’s wealthiest person, and he hasn’t looked back. When he spoke to Forbes at the time, he joked about giving a silver medal to the Amazon founder and rival space tycoon Elon Musk (and then he did send Bezos a silver medal emoji on Twitter).

In the wake of Amazon’s stock’s decline ahead of its third quarter results announcement, Bezos’ wealth fell by $1 billion on Monday, widening the gap between him and Gates to more than $62 billion. Bezos concluded the day with a net worth of $193 billion, according to estimates.

When Amazon stock reached its all-time high in July of this year, the Seattle tech magnate was projected to be worth $222 billion.

The epidemic has exacerbated economic inequality in the United States, with the richest stratum of society emerging wealthy than it has ever been. Between January 2020 and April 2021, the wealth of America’s billionaires increased by around $1.2 trillion.

Musk was the most successful of the group in terms of monetary gain. Forbes estimated his net worth to be $19.9 billion two years ago, which is less than one-tenth of what he is worth now.

According to Bloomberg, the Hertz contract is the company’s largest-ever purchase for electric cars, and it will generate around $4.2 billion in income for Tesla. The announcement comes only four months after the century-old rental firm, which got its start renting out Ford Model T automobiles in 1918, was purchased out of bankruptcy by a group of investors.

According to a press release, Hertz expects Tesla’s Model 3 to be available for rent in key U.S. and European cities by the beginning of November. Hertz’s shares rose as much as a result of the announcement, completing the day up more than 9 percent at $27 a share.

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