Elon Musk, the world's wealthiest person and the CEO of big businesses such as SpaceX and Tesla, witnessed his net wealth rise by $36.2 billion (Rs 2.71 lakh crore) on Monday when Hertz Global Holdings placed an order for 100,000 Teslas. With electric cars, Tesla is speeding up the world's shift to renewable power.

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According to Reuters calculations, Tesla's stock rose 14.9% to $1,045.02, making the company the world's biggest automobile manufacturer.

Musk's 23% ownership in the freshly crowned trillion-dollar firm has now become valued at around $289 billion. According to a CNBC article, Musk is also a major stakeholder and CEO of rocket manufacturer SpaceX, a private firm valued at $100 billion as of an October 2021 secondary sale of shares. Musk's overall net worth has surpassed that of conglomerates such as Exxon Mobil Corp. and Nike Inc. at $288.6 billion.

Tesla is the first automobile manufacturer to join Apple Inc., Amazon.com Inc., Microsoft Corp., and Alphabet Inc. in the trillion-dollar group.

The inventor of the Model 3 sedan, world's best-selling electric car is now the second-fastest firm to attain this milestone, having done it within about over 11 years from its debut in June 2010.

Interestingly, Musk does not earn a salary from Tesla; instead, his salary structure includes 12 option tranches that vest as Tesla's market valuation and economic expansion approach a succession of increasing benchmarks.

In 2021, Musk's fortune climbed by $119 billion. The options allow Musk to purchase Tesla shares at a discount of more than 90% from their current market price of $70 per share.

Musk’s wealth gain is the largest one-day profit in the Bloomberg Billionaires Index's record, beating Chinese businessman Zhong Shanshan's $32 billion gain after his beverage company, Nongfu Spring Co., went public last year.