Elon Musk is Off To a Tremendous Start This Week

The week couldn’t have started any better for Elon Musk!

On Monday, Elon Musk’s Tesla Inc. entered a select group of firms with at least $1 trillion market capitalizations. That marked a significant milestone for the Elon Musk-led automaker, whose stock has soared amid a global transition to electric vehicles.

With just over 11 years after its public debut in June 2010, the maker of the Model 3 sedan, the world’s best-selling electric car, has become the second-fastest firm to accomplish this milestone.

Facebook Inc. achieved it first, although its market valuation has dropped below $1 trillion in the last two months due to the stock’s decline.

Apple Inc., Microsoft Corp., Alphabet Inc., and Amazon.com Inc. are the other publicly traded members of the trillion-dollar club in the United States.

The stock rose as much as 9.8% on Monday, the greatest intraday gain since March 9. With roughly a billion shares outstanding as of October 21, it hit a new high of $998.74, putting its market capitalization above $1 trillion.

Musk also owns a part in SpaceX. The privately held space exploration corporation plans to send its new spaceship rocket into orbit for the first time next month.

Following a February investment round, the company was valued at $74 billion by investors. On the secondary market, shares were recently valued at $100 billion, according to reports.

Musk overtook Jeff Bezos as the world’s richest person in September and hasn’t looked back since.

On Monday, Bezos’ fortune plummeted by $1 billion as Amazon’s stock fell ahead of its third-quarter earnings announcement.

The difference between the two men battling for the world’s richest person increased to more than $62 billion, with Bezos ending the day worth an estimated $193 billion. The Seattle tech magnate was worth an estimated $222 billion when Amazon stock peaked earlier in July 2021.

Elon Musk is now wealthier than both 6th and 7th richest men combined (Google’s co-founder, Larry Page, and Facebook’s CEO, Mark Zuckerberg, respectively).

Elon Musk is now the wealthiest person ever to grace the earth. He’s worth more than any other billionaire tracked by Forbes.

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