Esther Imonmion
Elon Musk has become the first person to amass a fortune exceeding $500bn (£370.9bn), according to Forbes’ billionaires index.
Musk’s net worth briefly touched $500.1bn on Wednesday afternoon in New York before dipping slightly below the milestone. The surge was driven by rising valuations of Tesla, where he holds a 12% stake, along with gains at his rocket company SpaceX and artificial intelligence startup xAI.
Tesla shares ended 3.3% higher on Wednesday, extending a more than 20% rise this year, as investors welcomed signs that Musk is devoting more attention to his companies rather than politics. The electric carmaker has faced stiff competition from rivals such as China’s BYD, while pushing deeper into AI and robotics.
The achievement cements Musk’s position as the world’s richest person, ahead of Oracle founder Larry Ellison, who holds about $350.7bn. Ellison briefly overtook Musk last month following a sharp rise in Oracle shares.
Tesla chair Robyn Denholm recently said Musk was now “front and centre” at the company. The board has also outlined a potential $1tn pay package tied to ambitious targets, including boosting Tesla’s valuation eightfold, selling a million AI robots, and producing an additional 12 million cars over the next decade.
Musk, who also owns the social media platform X, further signaled confidence in Tesla last month by purchasing $1bn worth of its shares.