US: Tesla chief executive Elon Musk has become the first individual in history to amass a net worth exceeding $500 billion.
According to the Forbes billionaires index, Musk’s fortune briefly peaked at $500.1 billion on Wednesday afternoon in New York before easing to just over $499 billion by the market close. The figure cements his position as the world’s richest person, well ahead of rivals in the global technology sector.
Oracle founder Larry Ellison ranks second with an estimated net worth of $350.7 billion, although he briefly overtook Musk last month following a sharp 40 percent rise in Oracle shares on optimism about its cloud computing and artificial intelligence (AI) businesses.
Musk’s personal wealth is largely tied to his 12 percent stake in Tesla. The automaker’s shares closed 3.3 percent higher on Wednesday, extending their 2024 gains to more than 20 percent. Investor sentiment has improved in recent months, with markets welcoming Musk’s renewed focus on Tesla and his other companies rather than political debates.
The Tesla board has affirmed a long-term compensation package that could exceed $1 trillion if Musk meets a series of ambitious targets, including boosting Tesla’s market value eightfold, selling 12 million additional cars, and delivering one million humanoid AI robots.
Alongside Tesla, Musk’s rocket company SpaceX, and artificial intelligence start-up xAI have also seen valuations rise this year. He personally purchased $1 billion worth of Tesla shares last month.
The company, however, continues to face challenges from global rivals such as China’s BYD while repositioning itself as a broader AI and robotics firm.
Musk, who also owns the social media platform X, has remained outspoken on political and cultural issues. Earlier this year, he drew criticism for his involvement with the Trump administration’s Department of Government Efficiency (DOGE), a body tasked with reducing US spending and jobs.
