Musk’s fortune soars RM149.34bil in a day on Hertz order

It’s the biggest one-day gain in the history of the Bloomberg Billionaires Index, eclipsing Chinese tycoon Zhong Shanshan’s US$32bil surge last year when his bottled-water company, Nongfu Spring Co, went public. Musk’s net worth of US$288.6bil is now greater than the market value of Exxon Mobil Corp or Nike Inc.

Musk is increasingly pulling away from his fellow mega-billionaires when it comes to the size of his fortune. Amazon.com Inc’s Jeff Bezos ranks second with US$192.6bil , according to the Bloomberg index. The stock-based nature of Musk’s fortune has made it possible for him to gain billions of dollars in paper wealth and become the world’s richest person while having few liquid assets. He accepts no salary from Tesla and part of his stake is pledged as collateral for personal loans, according to company filings. He told a federal jury in 2019 that despite his multibillionaire status, he didn’t have much cash.

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