Elon Musk has become the first person ever to hold a net worth above $500bn. The record was set as Tesla and his other companies surged in value this year.
His wealth briefly hit $500.1bn on Wednesday afternoon in New York. It later slipped slightly to just over $499bn, Forbes’ billionaires index showed.
Musk’s other ventures, including artificial intelligence startup xAI and rocket company SpaceX, have also seen sharp valuation gains in recent months.
Musk keeps top spot among billionaires
The achievement secures Musk’s dominance as the world’s richest man. He stands far ahead of his closest rivals in technology. Oracle co-founder Larry Ellison is second with a fortune of about $350.7bn.
Ellison briefly overtook Musk last month when Oracle shares rose more than 40%. The rally followed upbeat forecasts for its cloud business and artificial intelligence growth.
Tesla shares drive record wealth
Musk’s fortune is tied closely to his 12% stake in Tesla. The automaker’s stock has surged strongly this year.
Tesla shares climbed over 3.3% in New York on Wednesday. They have now advanced more than 20% since the beginning of the year.
Investors welcomed Musk spending more time on his companies. Earlier political involvement had raised questions about his focus.
Political involvement sparks criticism
Musk faced criticism for his role with the Department of Government Efficiency. The Trump-linked agency was created to cut spending and jobs.
He also used his platform X to voice opinions on immigration and diversity initiatives. These comments frequently provoked heated debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the carmaker.
Trillion-dollar deal possible
Tesla’s board said Musk could unlock a pay package worth more than $1tn. The deal requires him to meet ambitious targets within the next decade.
The goals include increasing Tesla’s value eightfold, selling one million AI-powered robots, and producing 12 million additional cars.
Musk invests heavily in Tesla
Last month Musk purchased about $1bn worth of Tesla stock. Many investors saw the move as a powerful show of confidence in the company’s future.
Tesla continues to face tough competition from Chinese rival BYD. At the same time, it is accelerating its shift into artificial intelligence and robotics.
