Tesla and SpaceX founder Elon Musk’s net worth is nearing $300 billion, well past the $272 billion market value of one of his biggest rivals and fossil fuel industry giant ExxonMobil. As of October 25, Musk’s net worth was $289 billion, according to the Bloomberg Billionaires Index. Musk has also surpassed the combined net worth of Microsoft co-founder Bill Gates and Facebook founder Mark Zuckerberg. Tesla shares rose more than 12% Monday, taking the company’s market cap past $1 trillion.

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American car rental company Hertz also announced a record order of 100,000 Teslas for its fleet. Noted Morgan Stanley auto analyst Adam Jonas recently raised his price target on Tesla to $1,200 a share.

Musk, an influential proponent of electric vehicles, has threatened the hegemony of companies like ExxonMobil. And while America’s largest oil company has raised concerns with its climate strategy, Tesla’s market value has soared to more than the 11 largest global automakers combined, according to CNN.

Tesla is worth more than three times as much as Toyota (TM), the second most valuable automaker, which has a market cap of about $280 billion, and boasts sales and profits that dwarf those of Tesla.

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Musk briefly eclipsed ExxonMobil’s value once before, in early 2021. Exxon’s stock is up nearly 60% this year as oil prices have climbed.

In May, Musk said Tesla will no longer accept bitcoin as payment for its vehicles, citing concerns about the use of fossil fuel for the cryptocurrency’s mining.

Musk has previously also pitched for a “carbon tax” as a way to decrease carbon dioxide emissions.

However, he has asked people not to “worry too much about methane,” used as fuel in SpaceX rockets.

“Methane is not a stable molecule, CO2 is extremely stable,” Musk said while pushing for carbon tax at Tesla’s annual shareholder meeting.