Elon Musk Made $1.1 Billion on Tuesday

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Stephen Lam / REUTERS

Elon Musk, Chief Executive of Tesla Motors and SpaceX, smiles during the Reuters Global Technology Summit in San Francisco June 18, 2013.

Elon Musk, the billionaire entrepreneur and CEO of Tesla Motors, made $1.1 billion yesterday as stock in Tesla climbed nearly 14 percent.

Musk’s net worth is now $11.7 billion, up almost 50 percent since January 1, Businessweek reports.

As the owner of 23 percent of the electric car manufacturer Tesla, Musk’s wealth is closely correlated with the performance of the company’s stock. Another of his ventures, the solar power company SolarCity has done very well this year too.

[Bloomberg Businessweek]