Elon Musk has made history by becoming the first person to reach a net worth of over $500 billion, driven by the rising value of Tesla and his other ventures.
On Wednesday afternoon, his wealth briefly hit $500.1 billion, according to Forbes, before settling at just over $499 billion later that day.
Musk’s fortune is closely linked to his more than 12% stake in Tesla, which has seen its shares jump by over 20% this year.
The success of his artificial intelligence startup xAI and rocket company SpaceX has also contributed to this milestone.
Currently, Musk holds the title of the richest person in the world, far surpassing Oracle founder Larry Ellison, whose net worth is approximately $350.7 billion.
Ellison briefly overtook Musk last month due to a surge in Oracle’s stock.
Despite facing criticism for his political involvement, Musk’s focus on his companies has been welcomed by investors.
The chair of Tesla’s board, Robyn Denholm, noted that Musk is now “front and centre” at the company.
In addition, Musk has recently invested about $1 billion in Tesla shares, reflecting his confidence in the firm. The company is also transitioning into AI and robotics, facing stiff competition from rivals like China’s BYD.
Musk’s ambitious goals may lead to a pay package worth over $1 trillion if he meets specific targets over the next decade, including boosting
Tesla’s value eightfold and selling millions of cars and AI robots.
