Elon Musk has become the first person in history to hold a net worth above $500bn. The milestone reflects soaring values of Tesla and his other ventures this year.
His fortune briefly touched $500.1bn on Wednesday afternoon in New York. It later slipped slightly to just over $499bn, according to Forbes’ billionaires index.
Musk’s other companies, including AI startup xAI and rocket firm SpaceX, have also seen significant valuation gains in recent months.
Musk strengthens lead as world’s richest
The milestone cements Musk’s position as the richest individual on earth. He remains far ahead of other global tech leaders. Oracle co-founder Larry Ellison ranks second with about $350.7bn.
Ellison briefly surpassed Musk last month after Oracle shares surged more than 40%. The jump followed strong forecasts for its cloud business and artificial intelligence deals.
Tesla stock drives Musk’s wealth
Most of Musk’s fortune comes from his 12% stake in Tesla. The automaker’s shares have climbed sharply this year.
Tesla shares rose more than 3.3% in New York on Wednesday. They have now increased over 20% since January.
Investors welcomed Musk dedicating more focus to his companies. Earlier political involvement had raised concerns about his priorities.
Politics draw criticism
Musk faced backlash for his role with the Department of Government Efficiency. The Trump-linked agency aimed to cut spending and reduce jobs.
He also expressed opinions on immigration and diversity programmes through his platform X. These statements often sparked heated debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Trillion-dollar pay package in sight
Tesla’s board revealed Musk could secure a pay package exceeding $1tn. The reward depends on achieving ambitious targets over the next decade.
Targets include raising Tesla’s value eightfold, selling one million AI robots, and producing 12 million additional cars.
Musk reinforces confidence with stock buy
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 further into artificial intelligence and robotics.
