Elon Musk, CEO of Tesla and founder of multiple groundbreaking ventures, has officially become the first person ever to achieve a net worth of US$500 billion, according to Forbes’ billionaires index. Musk’s wealth reached US$500.1 billion as of Wednesday afternoon, marking an unprecedented milestone in global financial history.
Musk’s fortune is heavily tied to Tesla, where he owns more than 12.4% of the company. Tesla’s stock has climbed over 14% this year, with Wednesday’s 3.3% increase alone adding more than US$6 billion to Musk’s personal net worth. Investor confidence has strengthened following Musk’s renewed focus on his companies and his recent US$1 billion purchase of Tesla shares, signaling strong belief in Tesla’s transformation from a traditional automaker into an AI and robotics powerhouse.
The Tesla board has proposed a US$1 trillion compensation plan for Musk, setting ambitious financial and operational benchmarks while addressing his calls for a greater stake in the company.
Beyond Tesla, Musk’s other ventures are also driving his wealth higher. His artificial intelligence startup, xAI, was valued at US$75 billion in July, with projections suggesting it could reach US$200 billion. Meanwhile, SpaceX has surged to a valuation near US$400 billion, according to recent reports, cementing its status as one of the world’s most valuable private companies.
Despite lingering challenges such as slowing EV sales and margin pressures, Tesla and Musk’s portfolio of ventures continue to dominate global markets. Musk’s record-breaking net worth places him far ahead of Oracle founder Larry Ellison, now the world’s second-richest individual with a fortune estimated at around US$200 billion.
This milestone underscores Musk’s role not only as the leader of Tesla, but also as a visionary shaping the future of artificial intelligence, space exploration, and renewable energy.