Elon Musk has joined the league of super-wealthy like Jeff Bezos and Warren Buffett. However, now his net worth has made him more valuable than ExxonMobil. His net worth is now more than $288.6 billion, as of Monday. His net worth witnessed a massive addition of $36.2 billion, it happened after his company – Tesla Inc.’s stock went up after an order of 100k cars was placed by Hertz Global Holdings Inc.
It was a big achievement for Elon Musk to eclipse the value of an oil giant like Exxon, as a proponent of electric vehicles. The milestone was inevitable for him. However, the oil company isn’t lagging in the market either, its stock is performing better. The company is still ahead in the market as the oil and gas prices hiked this year. Maybe the rising prices will help the sale of EVs.
Elon Musk’s Company at $1 Trillion Market Valuation
Despite being a member of the trillion-dollar-valuation club, the company is one with the lowest revenue. The share price went up by 14.9% or $1,045.02, it is now regarded as the most valuable automobile company.
Even Musk was surprised by the sudden surge in Tesla stock. He tweeted, “Strangely that moved valuation, as Tesla is very much a production ramp problem, not a demand problem.”
Tesla is the first automobile company that managed to enter into the “elite” club of trillion-dollar companies. The club includes biggies like Amazon, Apple, and Microsoft. The company’s shares have crossed various milestones, including $1 trillion market capitalization. This surge in stock prices is making investors positive about the rapid growth of the EV maker. They think that mainstream use of EVs is near, replacing fossil-fuel-driven cars.
However, the unique thing is that the company attained the $1 trillion mark before even revenue could reach the $50 billion. Tesla is the fifth largest company on the S&P 500 Index by market capitalization factor, but the very company is 89th due to its annual revenue.