Elon Musk has become the first person in history to reach a net worth of more than $500bn. The milestone comes as Tesla and his other ventures surged in value this year.
His wealth briefly hit $500.1bn on Wednesday afternoon in New York. It later slipped slightly to just above $499bn, according to Forbes’ billionaires index.
Musk’s other businesses, including the AI startup xAI and rocket company SpaceX, have also seen strong gains in valuation in recent months.
Musk strengthens lead among billionaires
The achievement confirms Musk as the world’s richest individual. He remains far ahead of global tech rivals. Oracle co-founder Larry Ellison holds second place with a fortune of about $350.7bn.
Ellison briefly overtook Musk last month when Oracle shares jumped more than 40%. The rise followed positive forecasts for its cloud business and artificial intelligence deals.
Tesla stock drives Musk’s fortune
Musk’s wealth relies heavily on his 12% stake in Tesla. The company’s shares have risen sharply this year.
Shares climbed more than 3.3% on Wednesday in New York. They have now increased over 20% since the start of the year.
Investors welcomed Musk focusing more on his companies. Earlier political involvement had raised concerns about distractions.
Political involvement sparks debate
Musk faced criticism for his role with the Department of Government Efficiency. The Trump-linked agency sought to cut spending and reduce jobs.
He also shared his views on immigration and diversity programmes on his platform X. These comments often provoked public controversy.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Trillion-dollar compensation possible
Tesla’s board announced Musk could secure a pay package worth over $1tn. The reward depends on achieving ambitious targets over the next decade.
Targets include increasing Tesla’s value eightfold, selling one million AI robots, and producing 12 million additional cars.
Musk invests further in Tesla
Last month Musk purchased about $1bn of Tesla shares. Investors saw the move as a strong sign of confidence in the company’s future.
Tesla continues to face strong competition from Chinese rival BYD. At the same time, it is advancing its transformation into artificial intelligence and robotics.
