Elon Musk has become the first person to amass a personal wealth of more than $500bn. The landmark comes as Tesla and his other companies surged in value this year.
His fortune briefly touched $500.1bn on Wednesday afternoon in New York. It later slipped slightly to just above $499bn, according to Forbes’ billionaires index.
Valuations of his other firms, including the AI startup xAI and rocket company SpaceX, have also climbed sharply in recent months.
Musk stays far ahead of rivals
This milestone cements Musk’s place as the richest person on earth. He remains well ahead of competitors in the global tech sector. Oracle co-founder Larry Ellison holds second place with about $350.7bn.
Ellison briefly overtook Musk last month when Oracle shares soared more than 40%. The surge followed strong forecasts for its cloud services and artificial intelligence deals.
Tesla share surge drives fortune
Most of Musk’s wealth is tied to his 12% stake in Tesla. The carmaker’s stock has risen strongly this year.
Tesla shares ended Wednesday more than 3.3% higher in New York. They have now gained over 20% since the start of the year.
Investors welcomed Musk devoting more attention to his companies. Earlier involvement in politics had raised concern among shareholders.
Politics trigger criticism
Musk faced backlash for his role with the Department of Government Efficiency. The agency, linked to the Trump administration, aimed to slash spending and cut jobs.
He also voiced opinions on immigration and diversity programmes through his platform X. His interventions repeatedly stirred controversy.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Path to trillion-dollar reward
Tesla’s board announced Musk could secure a pay package worth more than $1tn. The payout depends on him reaching ambitious 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 trust with new purchase
Last month Musk bought about $1bn of Tesla stock. Many investors saw the move as a major show of confidence in Tesla’s future.
The company still faces strong competition from Chinese rival BYD. At the same time, it is transforming into a broader player in artificial intelligence and robotics.
