Musk hits unprecedented milestone
Elon Musk, CEO of Tesla, SpaceX, and xAI, has become the first individual in history to record a net worth above $500bn (£370.9bn), according to Forbes’ billionaires index.
His wealth briefly touched $500.1bn on Wednesday afternoon (New York time) before easing to just over $499bn by market close.
The surge was driven by rising valuations of Tesla, his AI startup xAI, and rocket company SpaceX.
Rivals trail far behind
With this milestone, Musk has widened the gap with other global tech billionaires. Oracle founder Larry Ellison, who briefly overtook Musk last month amid a surge in Oracle shares, is now second on the list with a fortune of $350.7bn.
Tesla shares and investor confidence
Musk’s fortune is heavily tied to his 12% stake in Tesla, which has gained more than 20% in value this year. On Wednesday, Tesla shares closed 3.3% higher, buoyed by investor confidence in Musk’s renewed focus on his companies.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the automaker.
The company’s board has even approved a pay package worth over $1tn, contingent on Musk meeting ambitious goals — including an eightfold rise in Tesla’s market value, sales of 12 million cars, and production of 1 million AI-powered robots over the next decade.
Musk’s wider portfolio
Beyond Tesla, Musk also owns the X social media platform and has been an outspoken voice on political and social issues, including immigration and DEI (diversity, equity, inclusion) programmes.
Earlier this year, he faced criticism for his advisory role in former US President Donald Trump’s Department of Government Efficiency (DOGE), which was tasked with cutting government spending and jobs.
Despite controversies, Musk further signaled confidence in Tesla by personally buying $1bn worth of shares last month.
Challenges ahead
Tesla continues to face stiff competition from China’s BYD and other EV makers, while simultaneously repositioning itself as an AI and robotics company.
Industry analysts say Musk’s $500bn milestone underscores both his dominance in the tech sector and the volatile nature of wealth tied so closely to company stock performance.