Sunday, May 22, 2022
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Tesla CEO Elon Musk Makes History As His One-Day Wealth Touches Rs 2.71 Lakh Crore

The news of the deal triggered a rally in Tesla’s stock, driving the carmaker’s market value over the $1 trillion mark for the first time.

Tesla CEO Elon Musk Makes History As His One-Day Wealth Touches Rs 2.71 Lakh Crore

Elon Musk has changed history as the wealth of the world's richest person jumps to  Rs 2.71 lakh crore on Monday after Hertz Global Holdings Inc. ordered 100,000 Teslas.

Hertz announced Monday that it will buy 100,000 electric vehicles from Tesla, one of the largest purchases of battery-powered cars in history and the latest evidence of the nation’s increasing commitment to EV technology.

The news of the deal triggered a rally in Tesla’s stock, driving the carmaker’s market value over the $1 trillion mark for the first time.

The company’s shares rose up to 14.9 per cent, making it the first ever manufacturer to join the list of trillion-dollar companies. The list includes Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc.

The increased net worth took the company at the top of the table of billionaires, ahead of Amazon Inc’s founder Jeff Bezos, according to the Bloomberg Billionaires Index.

Musk's 23 per cent stake in the newly minted trillion-dollar company is now worth about $289 billion, according to Refinitiv. 

Not only that but Musk is a major shareholder and CEO of rocket maker SpaceX, a private company worth $100 billion as of an October secondary share sale, according to a CNBC report. Musk’s total net worth of $288.6 billion is now greater than the market value of Exxon Mobil Corp. or Nike Inc.

In the third quarter earnings release, the company also hinted that it could start transacting in cryptocurrencies for its products and services in the future.

The founder of Tesla also said that in the nine months, the company has bought an aggregate of $1.5 billion worth of Bitcoin.

“During the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021,” he added.

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