Elon Musk has become the first person ever to reach a fortune above $500bn. The record was driven by soaring values of Tesla and his other companies this year.
His wealth briefly hit $500.1bn on Wednesday afternoon in New York. It then eased back to just over $499bn, according to Forbes’ billionaires index.
Musk’s other ventures, including the artificial intelligence startup xAI and rocket company SpaceX, have also seen strong valuation gains in recent months.
Musk dominates billionaire rankings
The milestone secures Musk’s position as the richest person alive. He is far ahead of his global tech rivals. Oracle co-founder Larry Ellison sits in second place with about $350.7bn.
Ellison briefly passed Musk last month when Oracle shares surged more than 40%. The rally followed strong forecasts for its cloud unit and artificial intelligence partnerships.
Tesla drives surge in Musk’s fortune
Musk’s wealth is tied mainly to his more than 12% stake in Tesla. The automaker’s shares have performed strongly this year.
On Wednesday, Tesla stock rose over 3.3% in New York. The shares are now up more than 20% since January.
Investors have welcomed Musk’s increased focus on his businesses. Earlier political activity had raised doubts about his priorities.
Political role sparks debate
Musk faced criticism over his involvement with the Department of Government Efficiency. The Trump-linked agency was tasked with cutting jobs and reducing federal spending.
He also used his platform X to air strong views on immigration and diversity programmes. These remarks frequently triggered heated reactions.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Trillion-dollar package on the horizon
Tesla’s board revealed Musk could unlock a pay deal worth over $1tn. The package depends on him achieving ambitious goals within the next decade.
Targets include increasing Tesla’s value eightfold, selling one million AI robots, and producing 12 million additional cars.
Musk strengthens position with new investment
Last month Musk bought around $1bn worth of Tesla shares. Investors saw the purchase as a clear signal of his confidence in the company.
Tesla continues to face heavy competition from Chinese rival BYD. At the same time, the firm is advancing its shift into artificial intelligence and robotics.
