Tesla skyrocketed today and was steadily up over 8% day over day through late afternoon after announcing that the company would be seeking investor approval to increase share numbers in hopes of enabling a stock split.
The news comes as the electronic vehicle maker had to shut down its factory in Shanghai, China amid new Covid lockdown measures as cases have seen an unexpected surge.
The proposed stock split was fully approved by Tesla’s board and shareholders and voting will be finalized by shareholders at an company’s annual meeting.
Tesla shares by late Monday were up to $1,091 a share, something that was jaw-droopingly lucrative for CEO Elon Musk.
Related: Elon Musk Has Covid Again — A Look at His Complicated History With Vaccinations, Mandates
Musk, who currently owns about 172.6 million shares of Tesla, is the company’s largest shareholder by owning around 17% of the company’s total shares.
Musk’s net worth increased by an estimated $19.3 billion on Monday, per Forbes, bringing his estimated total net worth to $289.4 billion.
Fellow billionaire Jeff Bezos has been making headlines about his megyacht which is set for completion this summer, which is so massive in size that he will pay the city of Rotterdam millions of dollars to dismantle and reassemble a bridge in order for the boat to be able to pass through.
Though it hasn’t been made official yet how much the yacht will cost, estimates sit around $500 million when the yacht is completed.
To put that into perspective, with the amount of increase in net worth that Musk acquired in just one day, the billionaire could have purchased Bezos’s yacht over 38 times, just with the money he made in shares skyrocketing in one day.
Related: Elon Musk Sinks Tesla Shares With Contentious Twitter Poll
Not too shabby for a Monday in the office!
Musk revealed earlier today that he has Covid for the second time after previously showing reluctance to vaccine mandates and full-scale lockdown restrictions.
The Tesla CEO has been offloading billions of dollars in Tesla stock after a contentious Twitter poll where he asked followers whether or not he should begin selling select shares after he faced scrutiny for not having to pay taxes on his earnings.
So far, Musk has sold an estimated $22 billion in company shares.
By the end of Monday, Tesla was up just shy of 79% year over year.