Elon Musk has made history as the first individual to reach a net worth of $500 billion, a milestone propelled by a rebound in Tesla’s stock this year and soaring valuations across his other tech ventures. According to Forbes’ Billionaires Index, Musk’s fortune briefly hit $500 billion on Wednesday before settling at $499.1 billion by 5 p.m. ET, cementing his position as the world’s richest person. This landmark achievement comes less than a year after his net worth crossed $400 billion and underscores the enormous influence Musk wields across multiple industries.
Musk’s wealth is largely tied to his roughly 12% stake in Tesla, the world’s most valuable automaker, whose shares have climbed about 14% year-to-date following a volatile start. Last month, Musk purchased approximately $1 billion worth of Tesla stock in a move widely interpreted as a vote of confidence in the company’s long-term trajectory. Meanwhile, Tesla’s board unveiled a $1 trillion executive compensation plan for Musk, the largest in corporate history, designed to align financial incentives with ambitious operational and growth targets, while also addressing Musk’s demand for a larger ownership stake. Since the package was disclosed on September 5, Tesla’s stock has surged nearly 36%, reflecting investor optimism about Musk’s leadership and vision.
Beyond Tesla, Musk’s influence extends across aerospace, clean energy, satellite communications, and artificial intelligence. SpaceX has solidified its dominance in the commercial space sector, operating the world’s largest satellite network through Starlink, capturing a majority of U.S. launch contracts, and maintaining the world’s busiest rocket launch schedule. Meanwhile, Musk’s AI venture, xAI, has seen its valuation soar from $75 billion in July to roughly $200 billion as it expands its supercomputer “Colossus” to train advanced large-scale models, positioning its Grok chatbot to compete with established players like OpenAI’s ChatGPT and Google’s Gemini.
Musk’s multi-industry ventures underscore his outsized impact on global technology markets, from electric vehicles and clean energy to AI and space. Following Musk on Forbes’ billionaires list is Oracle founder Larry Ellison, with a net worth of approximately $350.7 billion as of Wednesday, highlighting the significant gap between the world’s top two wealthiest individuals. With Tesla’s continued growth, ambitious AI projects, and SpaceX’s expanding footprint, Musk’s record-setting fortune reflects not just personal wealth but the transformative influence of his companies on multiple sectors worldwide.
Pump Radar
Stock Alerts