Tesla Inc TSLA and SpaceX CEO Elon Musk’s net worth zipped past the valuation of oil and gas company Exxon Mobil Corp XOM on Monday, Bloomberg News reported, citing data from Bloomberg Billionaires Index.
What Happened: The net worth of the world’s richest person rose to $288.6 billion, which is more than Exxon’s $272.43 billion market capitalization.
Musk’s net worth jumped $36.2 billion on Monday as Tesla shares crossed the $1 trillion market capitalization after it secured a massive order of 100,000 electric vehicles from car rental company Hertz Global Holdings Inc HTZZ.
See Also: Tesla Joins The Trillion-Dollar Club: Why Elon Musk Finds It 'Strange'
Why It Matters: Exxon shares have risen 55% so far this year, while those of Tesla are up 40.4% year-to-date.
Irving, Texas-based Exxon reported its first annual loss in 2020 and had last year said it planned to lay off 14,000 workers, or 15% of staff, by the end of 2022. As of Dec. 31, the company had 72,000 employees globally.
Price Action: Tesla shares closed 12.66% higher at $1,024.86 a share on Monday. Exxon shares closed 1.95% higher at $64.35 a share.
Photo: Courtesy of Steve Jurvetson via Flickr
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