The fortune of the billionaire founder of Tesla and SpaceX, Elon Musk, is now greater than the market value of ExxonMobil, and he is on his way to becoming the first trillionaire in history, according to forecasts by Morgan Stanley analysts.
The wealth of the world’s richest person jumped to $288.6 billion on Monday, according to the Bloomberg Billionaires Index. Musk added $36.2 billion to his fortune in the wake of Tesla’s stock price hike, after Hertz Global Holdings Inc ordered nearly 100,000 vehicles.
The value of the deal was estimated by Bloomberg sources at about $4.2 billion, but the most important thing in the deal is that it is equivalent to 10% of Tesla’s target production during 2021, and it is the largest deal in the history of electric cars.
Overtaking ExxonMobil’s market capitalization may appear to be a milestone in Musk’s path. But the oil company’s share price has not lags behind this year.
Although Musk overtook it at the start of 2021, Exxon Mobil outperformed Tesla’s CEO this year as oil and natural gas prices soared. But as calls for a shift to clean energy continue, it could help stimulate more electric car sales.