Elon Musk has become the first individual in history to attain a net worth of $500 billion, according to Forbes.
Forbes’ billionaires index placed Musk’s fortune at $500.1 billion as of Wednesday afternoon, driven by a rebound in Tesla shares and soaring valuations of his other ventures, including SpaceX and xAI.
Musk holds more than a 12.4% stake in Tesla, whose shares have climbed over 14% this year and closed 3.3% higher on Wednesday, adding more than $6 billion to his wealth. Investor confidence has improved following Musk’s renewed focus on his companies, with Tesla’s board chair Robyn Denholm recently affirming he was back “front and center” after months at the White House. Musk also purchased about $1 billion worth of Tesla shares in a show of confidence in the company’s transition toward AI and robotics.
Despite the stock rebound, Tesla continues to face sluggish car sales and margin pressures, making it one of the weaker performers among the “Magnificent Seven” mega-cap tech firms. The company’s board has proposed a $1 trillion compensation plan for Musk, linking ambitious performance targets to his demand for a greater stake in Tesla.
Musk’s wealth has also been boosted by other ventures. His AI startup xAI was valued at $75 billion in July, with projections suggesting it could eventually reach $200 billion. Meanwhile, Bloomberg reported that SpaceX was considering a funding round and insider share sale that would value it at about $400 billion.
Oracle founder Larry Ellison ranks second on Forbes’ list, with an estimated net worth of $350.7 billion.
