Elon Musk now reportedly worth more than ExxonMobil

1 year 11 months 4 days ago Tuesday, October 26 2021 Oct 26, 2021 October 26, 2021 8:46 AM October 26, 2021 in News
Source: CNN

One of the world's top five wealthiest men is now worth more than ExxonMobil.

According to CNN, Elon Musk is rapidly approaching a net worth of $300 billion as Tesla's market cap soars past $1 trillion.

ExxonMobil has a $272 billion market value and as of Monday evening, Musk's net worth was $289 billion.

This seems to indicate that one of Musk's major plans is on track. The 50-year-old entrepreneur and has been vocal about his goal to see drivers around the world replace gas and diesel automobiles with electric vehicles, a move that he hopes would phase out the fossil fuel industry. 

As America's largest oil company, ExxonMobil is one of the foremost leaders in the industry that Musk wants to see eradicated.  

Musk's sudden increase in worth is the result of Hertz ordering 100,000 Teslas for its fleet.

In addition to this, influential Morgan Stanley auto analyst Adam Jonas recently upped his price target on Tesla to $1,200 a share. CNN reports that this hefty one-day gain put Tesla just over the $1 trillion mark.

Musk, the second wealthiest man in the world is eclipsed only by Jeff Bezos. Close behind him in wealth are Bernard Arnault and Bill Gates.

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