Bloomberg reports that Elon Musk's net worth increased to $288.6 Billion Monday.
Tesla's market value soared 13%, surpassing $1 trillion for first time and helping Musk to prosper.
Musk is now almost $100 billion richer than Jeff Bezos of Amazon.
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Tesla CEO Elon Musk has had a great day.
Hertz's announcement in the early morning that it would purchase 100,000 Teslas for its rental fleet set off a dramatic rally that saw its market capitalization soar and its top executive's wealth skyrocket.
Tesla's share price soared by nearly 13% Monday, making the automaker's market capital just above $1 trillion. Musk was $36.2 billion more in one day, the biggest single-day gain Bloomberg's Billionaires Index ever recorded.
Bloomberg now puts Musk's net worth as $288.6 million. His wealth now exceeds Toyota's $282 million market value. His wealth is also significantly higher than that of Tesla competitors like General Motors ($83.9billion) and Ford ($62.8billion).
Musk holds 20% of Tesla. This stake is his primary source of wealth. It also funds ventures such as SpaceX and the Boring Company. A complex pay package pays Tesla when it reaches certain financial milestones. Musk, an eccentric CEO, receives large amounts of stock options. Bloomberg reports that Musk has earned $8 billion in wealth since Monday's announcement by Tesla that he had unlocked a new stock.
In January, Musk became the world's richest person after passing Jeff Bezos, Amazon founder. Since then, they have traded places several times. Musk now has a lead of nearly $100 billion over Bezos' fortune at market close of $192.6 billion, Bloomberg estimates.