Elon Musk adds £1.75 billion to his fortune in 60 minutes

© Thomson Reuters SpaceX founder and chief engineer Elon Musk speaks at a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Joe Skipper

Elon Musk’s fortune swelled by £1.75 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.

The electric-vehicle maker’s stock, which closed at £442.70, surged 12% to £494.52 649 at 5:16 p.m. in New York, boosting the chief executive officer’s net worth to about £27.43 billion, according to the Bloomberg Billionaires Index.

Musk, 48, owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his fortune, while his closely held Space Exploration Technologies Corp. accounts for about £11.12 billion.

Gallery: Tesla through the years (USA Today)

Tesla’s shares have been on a roll since October, when the company posted a surprise third-quarter profit. The firm’s market value is now above £76.19 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 £ 38.10 billion if all performance targets are met. He receives no salary or bonuses.