Elon Musk has become the first individual in history to achieve a net worth above $500bn. The milestone comes as Tesla and his other ventures soared in value this year.
His wealth briefly reached $500.1bn on Wednesday afternoon in New York. It then slipped slightly to just above $499bn, according to Forbes’ billionaires index.
Other Musk companies, including artificial intelligence startup xAI and rocket firm SpaceX, have also seen valuations climb in recent months.
The richest man grows richer
Musk’s achievement strengthens his lead as the world’s richest man. He stands far ahead of rivals in global technology. Oracle co-founder Larry Ellison is second with about $350.7bn.
Ellison briefly overtook Musk last month after Oracle stock jumped more than 40%. The rally followed strong projections for its cloud services and artificial intelligence deals.
Tesla fuels Musk’s wealth surge
Musk’s vast fortune is tied to his more than 12% stake in Tesla. The company’s shares have risen sharply this year.
On Wednesday, Tesla stock gained over 3.3% in New York. Shares are now up more than 20% since the start of 2025.
Investors have welcomed Musk’s sharper focus on business. His political involvement earlier this year had raised doubts about his priorities.
Political role under scrutiny
Musk faced criticism for his work with the Department of Government Efficiency. The agency, linked to the Trump administration, was tasked with cutting jobs and reducing spending.
He has also been outspoken on his platform X about immigration and diversity programmes. These interventions provoked heated debate across the political spectrum.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the carmaker.
A path to trillion-dollar pay
Tesla’s board has outlined a pay package for Musk that could exceed $1tn. The deal requires him to hit ambitious goals within the next decade.
Targets include boosting Tesla’s value eightfold, selling one million AI-powered robots, and delivering 12 million more cars.
Musk doubles down on Tesla
Last month Musk bought about $1bn worth of Tesla stock. Investors took the move as a strong sign of confidence in his company’s future.
Tesla still faces tough challenges from rivals like Chinese carmaker BYD. At the same time, it is accelerating its shift into artificial intelligence and robotics.
