Elon Musk has become the first person to surpass a personal fortune of $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 companies, including the AI startup xAI and rocket firm SpaceX, have also seen substantial valuation growth in recent months.
Musk secures top spot among billionaires
The milestone confirms Musk as the world’s richest individual. He stays far ahead of global tech rivals. 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 rise followed positive forecasts for its cloud business and AI partnerships.
Tesla drives Musk’s fortune higher
Most of Musk’s wealth comes from his 12% stake in Tesla. The automaker’s shares have climbed sharply this year.
Shares rose more than 3.3% in New York on Wednesday. They have now gained over 20% since January.
Investors welcomed Musk dedicating more focus to his companies. Earlier political involvement had raised concerns about his priorities.
Political involvement sparks 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 shared opinions on immigration and diversity programmes via 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 compensation deal worth over $1tn. The payout 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 shows confidence with stock purchase
Last month Musk bought about $1bn of Tesla shares. Investors viewed 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.
