Elon Musk has become the first person in history to hold a fortune above $500bn. The record reflects the rising value of Tesla and his other companies this year.
His wealth briefly reached $500.1bn on Wednesday afternoon in New York. It then dipped slightly to just over $499bn, according to Forbes’ billionaires index.
Valuations of Musk’s other firms, including artificial intelligence startup xAI and rocket company SpaceX, have also surged in recent months.
Musk secures top spot among billionaires
The achievement further cements Musk as the world’s richest man. He stands far ahead of other global tech leaders. Oracle co-founder Larry Ellison is second with about $350.7bn.
Ellison briefly surpassed Musk last month when Oracle stock rose more than 40%. The jump followed upbeat forecasts for its cloud services and artificial intelligence deals.
Tesla’s rally drives record wealth
Musk’s fortune is heavily tied to his 12% stake in Tesla. The company’s stock has performed strongly this year.
Tesla shares gained more than 3.3% in New York on Wednesday. The stock has now risen by over 20% since January.
Investors welcomed Musk devoting more focus to his companies. Earlier political involvement had raised concerns about distractions.
Controversy over politics
Musk faced criticism for his role with the Department of Government Efficiency. The Trump-linked agency sought to cut US spending and jobs.
He also used his social platform X to air views on immigration and diversity programmes. His comments often fuelled heated public debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the carmaker.
A trillion-dollar payout ahead
Tesla’s board announced Musk could unlock a pay package worth more than $1tn. The reward depends on him hitting ambitious targets over the next decade.
Goals include lifting Tesla’s value eightfold, selling one million AI robots, and delivering 12 million additional cars.
Musk bets big on Tesla
Last month Musk purchased around $1bn worth of Tesla shares. Investors interpreted the move as a powerful show of confidence in his company.
Tesla continues to face competition from rivals such as China’s BYD. At the same time, the firm is pushing deeper into artificial intelligence and robotics.
