Elon Musk has become the first individual to surpass a net worth of $500bn. The milestone reflects soaring values of Tesla and his other companies this year.
His fortune briefly hit $500.1bn on Wednesday afternoon in New York. It later eased slightly to just over $499bn, Forbes’ billionaires index reported.
Valuations of Musk’s other ventures, including artificial intelligence firm xAI and rocket company SpaceX, have also risen in recent months.
Musk widens his global lead
Musk’s fortune cements his position as the world’s richest person. He stays well ahead of leading rivals in the tech sector. Oracle founder Larry Ellison ranks second with a fortune of about $350.7bn.
Ellison briefly overtook Musk last month when Oracle’s shares jumped by more than 40%. The rally came after upbeat forecasts for its cloud business and AI-related deals.
Tesla powers Musk’s success
Much of Musk’s wealth is tied to his 12% stake in Tesla. The company’s stock has climbed strongly this year.
Tesla shares rose 3.3% at the end of New York trading on Wednesday. They have now advanced more than 20% since January.
Investors appear encouraged by Musk spending more time on his companies. His earlier political involvement had sparked criticism.
Politics remain a flashpoint
Musk drew fire for his role with the Department of Government Efficiency. The agency, tied to the Trump administration, aimed to slash spending and jobs.
He also used his social media platform X to air views on immigration and diversity programmes. These interventions ignited sharp debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the automaker.
Path to a trillion-dollar deal
Tesla’s board has said Musk could unlock a pay package worth more than $1tn. The payout depends on him hitting bold targets over the next decade.
Goals include boosting Tesla’s value eightfold, selling one million AI robots, and delivering another 12 million cars.
Musk signals confidence in Tesla
Last month Musk purchased around $1bn of Tesla shares. Many investors saw the move as a powerful sign of confidence in the company.
Tesla still faces fierce competition from electric carmakers such as China’s BYD. At the same time, the company is moving deeper into artificial intelligence and robotics.
