How Much Is Tesla Owner Worth – Investor’s Corner Tesla CEO Elon Musk’s net worth is now greater than oil giant Exxon’s market cap Credit: Tobias Lindh/Youtube
In what could be described as a symbolic victory against the fossil fuel industry, Tesla (NASDAQ: TSLA ) CEO Elon Musk’s personal net worth has surpassed the market cap of Exxon Mobil Corp, one of the oil companies of – world oil. Musk was able to achieve this special meeting after the rally of TSLA stock on Monday, which was driven in part by the order of 100,000 Model 3s from the American car rental giant Hertz.
How Much Is Tesla Owner Worth
With Tesla’s gain of 12.66% on Monday, the market share of the EV maker ended the day with a value of 1.02 billion dollars. This translated to $36.2 billion in Musk’s net profit, which increased his net worth to $288.6 billion. This latest update made 2021 the Tesla CEO’s best year to date, as his net worth increased by $119 billion year to date. By comparison, Amazon founder Jeff Bezos, the world’s No.2 billionaire, is currently listed at $193 billion.
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Elon Musk’s symbolic victory against Exxon almost seems like an inevitable sign as the world continues to embrace sustainable solutions. Electric vehicles today, after all, are more common than ever, and veteran and young car manufacturers are investing heavily in the development of quality electric cars. It will not be an exaggeration to say that the EV market today would not be the way it is without the offerings of Tesla and its vehicles such as the original Roadster and the Model S.
This is something emphasized by Hertz’s interim CEO, Mark Fields, who said that ultimately, Teslas are the only way to democratize electric cars. “How do we democratize access to electric vehicles? That is a very important part of our plan. Tesla is the only manufacturer that can produce EVs at scale,” noted Fields.
Hertz’s interim chief executive is correct in his statement. Tesla is the world’s purest EV maker, and while the company still produces a fraction of the cars it builds each year, its ability to produce electric cars at scale has gotten more formidable over the years. In the third quarter alone, Tesla produced 237,823 vehicles and delivered 241,300. That is close to half of the cars produced by the company and delivered throughout 2020.
Interestingly, Exxon’s stock this year is doing very well. Despite being passed over by Musk in early 2021, Exxon has been crying, especially as oil and natural gas prices have advanced. But even the fossil fuel rally, if it continues, can eventually help to sell electric cars in the long term, according to AName of the richest history in the world – undoubtedly, John Davidson Rockefeller. So who is the richest person in the world today? The richest person as of 2022 is Elon Musk with a net worth of $219 billion. Do you have any idea how big $219 billion is? Looking at Wikipedia’s list of countries by government budget, Elon Musk’s wealth is almost equal to the income of Mexico ($254 billion in 2020). Why is Elon Musk so rich? One of the biggest contributors to his wealth is his shares in Tesla, the booming EV maker. He has a 17% stake in Tesla; as Tesla’s stock price increased, so did Musk’s wealth. Now, why is Tesla so valuable?
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As of 2022, these five American companies will hit 1 trillion in market capitalization: Apple, Microsoft, Alphabet A, Amazon, and Tesla. Apple and Microsoft are long-established technology giants dating back to the 1970s. Likewise, Alphabet and Amazon are mature companies founded in the 1990s. On the other hand, Tesla is a small, growing company that was founded in 2003.
Apple achieved a market cap of 1 billion dollars in 2018, Microsoft in 2019, Google in 2020, and Amazon in 2018. And this young EV manufacturer is ringing in the trillion-dollar bell in 2021 twenty years since its founding. After all, it was just under 11 years since Tesla went public. Although the market capitalization dropped to less than 1 trillion dollars in April 2022 due to the chaos of the US stock market, Tesla is still one of the largest American companies by market capitalization. That’s quite an achievement, isn’t it?
Our previous article already covered Tesla’s origin stories. Here, we focus on Tesla’s growth stories – why did Tesla grow so fast? And most importantly, why is Tesla so valuable today? The infographic above shows the historical market capitalization of Tesla since its public offering in 2010, as well as important events.
Although the production of electric vehicles dates back to the 19th Century, they did not come into the limelight until recent decades. In 2010, Nissan launched the world’s first mass-produced electric vehicle. In the same year, on June 29, Tesla publicly offered 13.3 million shares at $17 per share on the NASDAQ. The company has successfully raised $226 million.
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One month earlier, Tesla purchased a factory that was operated by New United Motor Manufacturing, Inc. (NUMNI), a joint venture between General Motors and Toyota. Tesla announced a partnership with Toyota “to collaborate on electric vehicle development, components, and manufacturing process and engineering support.” The factory is known as the Tesla Fremont Factory where close to 22,000 workers work. The factory began production in October of the second electric vehicle, the Model S.
From 2008 to 2012, Tesla produced the Tesla Roadster, the first official electric vehicle with lithium ion batteries. In January 2012, production of the Roadster came to an end. And instead, Tesla launched the Model S in June.
This luxury sedan was an award winning model. It has won several awards including the 2013 Automobile of the Year magazine. In response to this prestigious award, Elon Musk released his comments:
Winning Automobile Magazine’s ‘Automobile of the Year’ award is an important step for Tesla because it underscores our goal of building a great car, not just a great electric car.
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Moreover, it won the 2013 World Green Car of the Year by Bridgestone Corporation, which shows Tesla’s commitment to the environment as Musk’s statement said:
Winning the 2013 World Green Car award is a huge acknowledgment of what Tesla has done with the Model S over the past four years. Example X | 2015
Tesla announced the Model X prototype in 2012, aiming to enter production in 2014. This luxury crossover SUV with the iconic falcon wings caught a lot of attention around the world. Tesla received 30,027 pre-orders for the Model X, more than double the number of pre-orders for the Model S which received 12,000 orders.
Although the first few models were launched in September 2015, Tesla did not go into production of the Model X until late 2015 due to a lack of parts suppliers. The following year 10,000 units were sold. Tesla’s Gigafactory 1 also began operating in Nevada in 2016.
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Years later, Tesla and Qantas Airways launched a unique partnership to showcase the towing power of this battery electric crossover. In 2018, Tesla Model X pulled Red Roo’s Dreamliner, setting a Guinness World Record, as the heaviest electric production driver’s vehicle.
In November 2016, Tesla acquired SolarCity for $2.6 billion. SolarCity was a photovoltaic company. And the founders are Musk’s cousins. In a Tesla blog post, Tesla highlighted the benefits of combining Tesla and SolarCity:
Sun and conservation at their best when combined. As one company, Tesla (storage) and SolarCity (solar) can create integrated residential, commercial and grid-scale products that improve the way energy is generated, stored and used.
However, Tesla shareholders doubted Tesla’s determination. First, the founders of SolarCity are Musk’s cousins. Second, the company was laying off its employees earlier, suggesting that its financial situation was dire. In 2017, a group of Tesla shareholders filed a lawsuit accusing Tesla and Musk of bailing out SolarCity. Musk appeared in court to defend the discovery. In April 2022, the court sentenced Musk.
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Putting the controversy aside, Tesla acquired a photovoltaic cell factory in New York, now known as the Tesla Gigafactory 2. Production of clean energy production and storage production began in 2017, in partnership with Panasonic. In 2019, Tesla expanded the factory to produce components for the Supercharger, Tesla’s charging station.
Tesla Model S and Model X were high luxury cars for most of the common people, the price is more than $90,000. The Model 3 that was launched in July 2017 was a game changer – Tesla made this sedan very affordable for many people. Tesla has dropped the starting price to under $50,000 for this new model.
The affordable Model 3 quickly gained steam in the stylish EV market. Tesla passed 1 million EV sales in 2020. Moreover, at the end of the second quarter of 2021, the Tesla Model 3 seems to exceed the delivery of 1 million. That is within 4 years from its inception. And the Model 3 won the title as the first electric car to sell 1 million, maintaining its position as the best seller.
Tesla has expanded its footprint not only in the USA but
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