The early morning announcement that Hertz intends to buy 100,000 Teslas for its rental fleet kickstarted a spectacular rally that sent the market capitalization of company and its top executive's net worth breaching to new heights.
Tesla's share price increased nearly 13 percent on Monday, and took the automaker's market capital to just over USD 1 trillion for the first time.
Elon Musk ended the day with USD 36.2 billion richer which is the largest single-day gain ever recorded in Bloomberg's Billionaires Index.
Bloomberg's Billionaire now estimates Musk's net worth at USD 288.6 billion and has surpassed Toyota's USD 282 billion market value.
Elon Musk's worth is significantly more than the rivals of Tesla including General Motors' USD 83.9 billion value and Ford's USD 62.8 billion.
Musk wrote on Twitter after markets closed Monday "Wild $T1mes!,"
Musk owns around 20 percent of Tesla, and that stake is the initial driver of his wealth, which also funds businesses like the Boring Company and SpaceX. The CEO receives enormous amounts of stock options from a complex pay package which pays out when Tesla reaches certain financial milestones.
As per to the Bloomberg report, Musk gained USD 8 billion in wealth on October 25 after Tesla announced that he has unlocked a new batch of stock.
Earlier in January, Elon Musk passed Amazon founder Jeff Bezos to become the world's wealthiest person.
And now, Musk has cemented a nearly USD 100 billion lead in wealth over Jeff Bezos. Bloomberg estimates the Bezos net worth at USD 192.6 billion.