Tesla chief Elon Musk has become the first person in history to surpass a net worth of $500 billion (£370.9bn), driven by gains in Tesla’s stock value and rising valuations of his other ventures.
According to Forbes’ billionaires index, Musk’s fortune briefly hit $500.1 billion on Wednesday afternoon in New York before dipping slightly to just over $499 billion later in the day. His wealth is largely tied to his more than 12% stake in Tesla, which has climbed over 14% this year, including a 3.3% rise on Wednesday alone.
Musk’s other companies, including rocket maker SpaceX and artificial intelligence startup xAI, have also seen valuations rise in recent months. The milestone further cements his position as the world’s richest person, far ahead of Oracle founder Larry Ellison, who is second on the Forbes list with about $350.7 billion.
Tesla has faced challenges from growing competition in the electric vehicle market, especially from China’s BYD, but investor confidence has strengthened as Musk has refocused his attention on his businesses. Tesla board chair Robyn Denholm recently said Musk was now “front and centre” at the carmaker.
In September, Musk purchased around $1 billion worth of Tesla shares, a move viewed as a strong signal of confidence in the company. Meanwhile, Tesla is actively transitioning toward becoming an AI and robotics firm, alongside its core electric vehicle operations.
