Elon Musk Reclaims Title as World’s Richest Man in Minutes
Elon Musk has regained his position as the world’s richest person, achieving this remarkable feat on a particular day in 2021. On that Monday, Musk’s net worth surged by $25 billion, largely due to Tesla’s stock surge triggered by Hertz’s announcement to purchase 100,000 electric vehicles.
Hertz’s Major Order for Tesla
Hertz’s decision to order 100,000 Model 3 Teslas pushed Tesla’s market value over the $1 trillion milestone for the first time. This significant development marked a turning point for electric vehicles (EVs) in the rental car industry.
Impact on Tesla’s Stock
- Tesla shares jumped 12.6% on that day.
- Stock closed at $1,024.86, rising from $910 the previous Friday.
By the end of that trading day, Musk’s estimated net worth reached an astounding $255.2 billion, according to Forbes. This made him not only the richest man globally but also the wealthiest person in modern history, surpassing the combined wealth of notable billionaires like Larry Page and Mark Zuckerberg.
The Significance of the Hertz Deal
The order, valued at approximately $4.2 billion, represented the largest single purchase of electric vehicles to date. This event not only showcased Tesla’s growing influence but also signaled a fundamental shift in consumer attitudes toward electric vehicles.
Hertz’s Recovery and Stock Reaction
Hertz, having recently emerged from bankruptcy, revealed plans for customers to rent Tesla vehicles across major cities in the U.S. and Europe starting in November. Following this announcement, Hertz’s stock also rose over 9% that same day.
Elon Musk’s Broader Ventures
Meanwhile, Musk’s aerospace venture, SpaceX, was preparing for its first orbital flight of the Starship rocket. Following a recent funding round, SpaceX was valued at $74 billion but was estimated to be trading around $100 billion in secondary markets.
Musk vs. Bezos: The Billionaire Rivalry
Just a month prior, Musk had overtaken Jeff Bezos to reclaim the title of the world’s wealthiest individual. During this competitive phase, Musk playfully interacted with Bezos on social media, sending him a silver medal emoji as a lighthearted jab.
The clear contrast in their fortunes highlighted the widening wealth gap. While the pandemic exacerbated financial disparities, it also allowed Musk’s wealth to grow exponentially.
Final Thoughts
Elon Musk has made history by becoming the first individual to surpass a personal fortune of $500 billion. This monumental achievement is primarily attributed to Tesla’s soaring valuation and his diverse portfolio of technology investments.
