Tesla CEO Elon Musk has become the first individual in history to surpass a net worth of $500 billion, according to Forbes’ billionaires index.
Musk’s fortune briefly peaked at $500.1 billion on Wednesday afternoon in New York before easing slightly to just over $499 billion by the end of the day. The surge reflects gains not only in Tesla but also in his other ventures, including rocket company SpaceX and artificial intelligence startup xAI.
The milestone reinforces Musk’s lead as the world’s richest person, well ahead of Oracle founder Larry Ellison, who ranks second with an estimated $350.7 billion.
Musk’s wealth is closely tied to his 12% stake in Tesla, whose shares have risen more than 14% this year, including a 3.3% gain on Wednesday alone. The rally comes as investors welcome Musk’s renewed focus on his companies, after facing criticism for political involvement earlier in the year.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the automaker. Last month, Musk also purchased about $1 billion worth of Tesla stock, a move interpreted as a vote of confidence in the company.
Despite challenges from competitors like China’s BYD, Tesla shares have been buoyed by investor optimism over the company’s transition toward artificial intelligence and robotics.
