A cycle that continues to repeat itself — the rich get richer today as Elon Musk has reportedly added $1.4 billion to his net worth with a single tweet, according to Business Insider. On Tuesday, Musk posted on Twitter that he is considering taking Tesla private at $420 a share, then adding that he has secured funding.
As could be expected, this caused Tesla’s shares to leap off the charts, closing the day up 11 percent at $379.57 a piece. The uptick then bolstered Musk’s net worth to $25.8 billion.
The Tesla CEO is the company’s largest shareholder, owning nearly 20 percent. If Tesla does go private at $420 a share, the value of Musk’s shares would reach $72 billion, falling short of the $100 billion performance bar needed for him to exercise his $2.6 billion stock-option grant, however, says Bloomberg.
Business Insider goes on to point out that Tesla’s stock is up 25.5% in August, as those betting against it have lost $3 billion.
Nonetheless, $1.4 billion to Elon Musk — all in a day’s work, right?
For more on the story, visit Business Insider.
Less than two weeks ago, Tesla launched $1,500 made-to-order surfboards.
- Source: Business Insider