Elon Musk adds $2.3 billion to his fortune in 60 minutes
Elon Musk’s fortune swelled by $2.3 billion in the span of an hour Wednesday after shares of Tesla Inc. soared in extended trading on stronger-than-expected fourth-quarter earnings and an accelerated timetable for the new Model Y crossover SUV, Bloomberg reports.
The electric-vehicle maker’s stock, which closed at $580.99, surged 12% to $649 at 5:16 p.m. in New York, boosting the chief executive officer’s net worth to about $36 billion, according to the Bloomberg Billionaires Index.
Musk, 48, owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his fortune. His majority ownership of closely held Space Exploration Technologies Corp. accounts for about $14.6 billion.
Tesla’s shares have been on a roll since October, when the company posted a surprise third-quarter profit.