Elon Musk has become the first person to reach a personal fortune of more than $500bn. The milestone reflects rising values of Tesla and his other companies this year.
His wealth 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 ventures, including AI startup xAI and rocket company SpaceX, have also seen significant valuation growth in recent months.
Musk extends lead as world’s richest
The milestone cements Musk’s status as the planet’s richest person. 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 when Oracle shares surged more than 40%. The rise followed optimistic forecasts for its cloud business and artificial intelligence deals.
Tesla stock fuels Musk’s fortune
Most of Musk’s wealth comes from his 12% stake in Tesla. The automaker’s shares have climbed sharply this year.
Shares rose over 3.3% in New York on Wednesday. Tesla stock has now gained more than 20% since January.
Investors welcomed Musk dedicating more attention to his companies. Earlier political involvement had raised concerns about his focus.
Political actions spark 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 voiced opinions on immigration and diversity programmes on his platform X. These statements often triggered public debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Trillion-dollar compensation possible
Tesla’s board revealed Musk could unlock a pay package worth over $1tn. The payout depends on achieving ambitious targets within the next decade.
Goals 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 saw the move as a strong signal 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.
