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Elon Musks fortune swelled by $2.3 billion in the span of an hour Wednesday after shares of Tesla Inc. soared in extended trading on stronger-than-expected fourth-quarter earnings and ramped up production of its Model Y crossover SUV.<\/p>\n
The electric-vehicle makers stock, which closed at $580.99, surged 12% to $649 at 5:16 p.m. in New York, boosting the chief executive officers net worth to about $36 billion, according to the Bloomberg Billionaires Index.<\/p>\n
Musk, 48, owns about a fifth of Teslas outstanding stock, which comprises the bulk of his fortune, while his closely held Space Exploration Technologies Corp. accounts for about $14.6 billion.<\/p>\n
Teslas shares have been on a roll since October, when the company posted a surprise third-quarter profit. The firms market value is now above $100 billion, and if it stays above that threshold for an extended period, Musk will be eligible to unlock the first chunk of a long-term compensation award that could net him more than $50 billion if all performance targets are met. He receives no salary or bonuses.<\/p>\n
See also: Musks moonshot pay package doesnt seem that crazy anymore<\/p>\n
--With assistance from Anders Melin and Dana Hull.<\/p>\n
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Elon Musk adds $2.3 billion to his fortune in 60 minutes - msnNOW<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Click to expand UP NEXT Elon Musks fortune swelled by $2.3 billion in the span of an hour Wednesday after shares of Tesla Inc. Continue reading