Elon Musk has become the first person to surpass a personal fortune of $500bn. The milestone comes as Tesla and his other ventures soared in value 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 companies, including the AI startup xAI and rocket firm SpaceX, have also seen strong gains in valuation in recent months.
Musk dominates global wealth rankings
The milestone secures Musk’s place as the richest individual on the planet. He remains far ahead of other tech industry leaders. Oracle co-founder Larry Ellison ranks second with about $350.7bn.
Ellison briefly surpassed Musk last month after Oracle shares surged more than 40%. The jump followed optimistic forecasts for its cloud business and artificial intelligence deals.
Tesla shares drive Musk’s fortune
Most of Musk’s wealth comes from his 12% stake in Tesla. The automaker’s stock has climbed sharply this year.
Shares rose more than 3.3% on Wednesday in New York. They have now gained over 20% since January.
Investors welcomed Musk focusing more on his companies. Earlier political involvement had raised concerns about his priorities.
Political involvement sparks 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 expressed opinions on immigration and diversity programmes through his platform X. These statements often triggered heated debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Trillion-dollar pay package possible
Tesla’s board said Musk could secure a compensation deal worth more than $1tn. The payout depends on him achieving ambitious targets over the next decade.
Targets include raising Tesla’s value eightfold, selling one million AI robots, and producing 12 million additional cars.
Musk reinforces confidence with share purchase
Last month Musk bought about $1bn of Tesla shares. Investors saw the move as a clear vote of confidence in the company’s future.
Tesla continues to face strong competition from Chinese rival BYD. At the same time, it is pushing further into artificial intelligence and robotics.
