Elon Musk the CEO of tesla is now more valuable than Exxon Mobil Corp.
According to Bloomberg billionaire index an additional $36.2 billion was added to Musk’s net worth to make an estimate of $288.6 billion, Through the spike in price of tesla stock in the stock exchange market initiated by a purchase of 100,000 cars from Hertz Global Holdings.
Musk’s wealth is majorly made up of the stocks he owns, of which majority of them in Tesla. Analysts explains that if you draw a graph of Tesla’s stock over the top of his wealth, you can see it’s almost exactly the same.
A major reason Elon musk overtook Exxon in terms of net worth may be attributed to instability in the commodity market. With oil supply contracting and demand shift to natural gas for power generation continues, Sales of electric vehicles may spiral and musk’s net worth is bound to rise.