Elon Musk’s personal fortune jumped by almost $29 billion to $281 billion 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 Inc. 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. H
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 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.