Elon Musk makes history as first man worth over $300 billion

As earlier reported by TopNaija, Tesla’s market capitalization has reached more than $1 trillion as a result of strong quarterly earnings and order for electric vehicles from Hertz.

In the light of this, Elon Musk, the head of Tesla, has become the first person in modern history to be worth over $300 billion. To date, the 50-year-old billionaire has made $132 billion.

The stock spiked after Hertz rental car company announced it was ordering 100,000 vehicles from Tesla. Uber will also have access to some 50,000 of the rental Teslas as part of an agreement Hertz entered into with the ride-hailing company.

The stock didn’t seem to move nearly as much before the above announcements, but Tesla recently reported record profits and deliveries.

In addition to Tesla, Musk owns 21% of the company (excluding loan commitments). Founded in 2002, SpaceX is also part of his portfolio.

Musk, who is extremely wealthy, does not own much real estate or other valuables, preferring a modest lifestyle instead. The billionaire’s main residence, which is located at SpaceX’s base in South Texas, is a small, fold-out house about the size of a one-bedroom apartment.

Tesla wasn’t founded by Musk, but he invested heavily in it early on. He is today, the largest Tesla shareholder, and he recently stated that his money was the first to come in and the last to leave. Musk plans to hold Tesla stock for years to come.

Hertz will buy 100,000 Model 3s for $4.2 billion over the next 14 months, which amounts to about a fifth of its fleet. Additionally, the company plans to construct a network of charging stations.

Despite Tesla cars having a range of 350 miles per charge, the US lacks any infrastructure for charging. The Biden administration is hoping to rectify this.

Mark Fields, an interim CEO of Hertz, said: “Electric vehicles have now become mainstream, and we are only beginning to see more global interest and demand.”

For anticipating the future direction of the industry, Musk and the company are being rewarded. Wall Street values and treats Tesla as a tech company, even though it is a car company.

Elon Reeve Musk FRS is an entrepreneur and business magnate. He is the founder, CEO, and Chief Engineer at SpaceX; early stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.