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 wealth briefly touched $500.1bn on Wednesday afternoon in New York. It later dipped slightly to just over $499bn, according to Forbes’ billionaires index.
Other Musk ventures, including the AI startup xAI and rocket company SpaceX, have also seen strong valuation gains in recent months.
Musk extends lead among the world’s richest
This achievement secures Musk’s position as the richest person on the planet. He stays far ahead of other global tech leaders. Oracle co-founder Larry Ellison ranks second with about $350.7bn.
Ellison briefly overtook Musk last month when Oracle shares rose more than 40%. The jump followed positive forecasts for its cloud services and artificial intelligence deals.
Tesla drives Musk’s record wealth
Most of Musk’s fortune comes from his 12% stake in Tesla. The company’s shares have surged sharply this year.
Tesla stock gained over 3.3% in New York on Wednesday. Shares have now risen more than 20% since January.
Investors welcomed Musk devoting more attention to his companies. Earlier political involvement had caused concern among shareholders.
Political role sparks debate
Musk faced criticism for his involvement with the Department of Government Efficiency. The Trump-linked agency aimed to cut spending and reduce jobs.
He also expressed views on immigration and diversity programmes through his platform X. These statements often sparked heated discussion.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Trillion-dollar payout within reach
Tesla’s board announced Musk could unlock a pay package exceeding $1tn. The reward depends on achieving ambitious targets within the next decade.
Goals include lifting 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 viewed the move as a strong vote of confidence in the company’s future.
Tesla still faces strong competition from Chinese rival BYD. At the same time, it is advancing further into artificial intelligence and robotics.
