Richer in 60 minutes: How Elon Musk added $2.3 million to his fortune in an hour

Elon Musk, 48, owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his fortune, while his closely held Space Exploration Technologies Corp. accounts for about $14.6 billion.
By : Bloomberg
| Updated on: 30 Jan 2020, 03:45 PM
File photo of Tesla CEO Elon Musk. (REUTERS)
File photo of Tesla CEO Elon Musk. (REUTERS)
File photo of Tesla CEO Elon Musk. (REUTERS)
File photo of Tesla CEO Elon Musk.

Elon Musk’s fortune swelled by $2.3 billion in the span of an hour Wednesday after shares of Tesla Inc. soared in extended trading on stronger-than-expected fourth-quarter earnings and ramped up production of its Model Y crossover SUV.

The electric-vehicle maker’s stock, which closed at $580.99, surged 12% to $649 at 5:16 p.m. in New York, boosting the chief executive officer’s net worth to about $36 billion, according to the Bloomberg Billionaires Index.

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Musk, 48, owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his fortune, while his closely held Space Exploration Technologies Corp. accounts for about $14.6 billion.

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Tesla’s shares have been on a roll since October, when the company posted a surprise third-quarter profit. The firm’s market value is now above $100 billion, and if it stays above that threshold for an extended period, Musk will be eligible to unlock the first chunk of a long-term compensation award that could net him more than $50 billion if all performance targets are met. He receives no salary or bonuses.

First Published Date: 30 Jan 2020, 03:41 PM IST
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