Benzinga | Oct 26, 2021 02:50AM EDT

Elon Musk's Net Worth Surpasses Market Valuation Of Exxon Stock

Tesla Inc (NASDAQ:TSLA) and SpaceX CEO Elon Musk's net worth zipped past the valuation of oil and gas company Exxon Mobil Corp (NYSE: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 (OTC: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