Elon Musk has become the first person to reach a net worth of more than $500bn. The milestone came as the value of Tesla and his other businesses surged this year.
His fortune briefly touched $500.1bn on Wednesday afternoon in New York. It then slipped slightly to just over $499bn, according to Forbes’ billionaires index.
Valuations of his other ventures, including the AI startup xAI and rocket company SpaceX, have also risen in recent months.
The rise of the richest man
Musk’s achievement strengthens his position as the world’s richest person. He remains far ahead of other tech giants. Oracle founder Larry Ellison follows in second place with about $350.7bn.
Ellison briefly overtook Musk last month when Oracle shares soared by more than 40%. The jump came after strong forecasts for its cloud business and new artificial intelligence deals.
Tesla’s performance fuels Musk’s fortune
Musk’s immense wealth is closely tied to his 12% stake in Tesla. The company’s stock has risen sharply this year.
Shares gained more than 3.3% at the end of New York trading on Wednesday. They have now climbed by over 20% since the start of the year.
Investors have welcomed Musk’s renewed focus on his companies. His political involvement earlier this year had raised concerns.
Politics and controversy
Musk faced criticism for his role with the Department of Government Efficiency. The body, linked to the Trump administration, sought to cut US spending and jobs.
He also used his platform X to speak out on issues like immigration and diversity programmes. These comments often sparked heated debates.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the carmaker.
A trillion-dollar pay package in sight
Tesla’s board revealed Musk could secure a pay deal worth over $1tn. The package depends on him reaching bold goals over the next decade.
Targets include boosting Tesla’s value eightfold, selling a million AI robots, and delivering 12 million more cars.
Musk shows confidence in Tesla
Last month Musk bought around $1bn worth of Tesla shares. Many investors viewed this as a strong sign of confidence in the company’s future.
Tesla continues to face tough competition from electric car makers such as China’s BYD. At the same time, it is shifting into artificial intelligence and robotics.
