Elon Musk, the influential CEO of Tesla and SpaceX, has made history by becoming the first person ever to achieve a net worth exceeding $500 billion. This incredible financial milestone, reported on Wednesday afternoon New York time, saw Musk’s wealth briefly touch $500.1 billion before settling just above $499 billion, according to Forbes’ billionaires index.
This surge in Musk’s fortune is largely attributed to the significant rise in the value of his electric car company, Tesla, along with the growing success of his other innovative ventures, including the artificial intelligence startup xAI and his pioneering rocket company, SpaceX. Investors have been particularly impressed by Musk’s renewed focus on his companies, dedicating more time to their growth and development.
Musk’s substantial wealth is primarily linked to his considerable stake in Tesla, where his shares have experienced a notable increase this year, rising over 20%. The company’s performance has been bolstered by positive investor sentiment, reflecting confidence in Musk’s leadership and strategic direction.
The tech mogul’s net worth places him comfortably ahead of other global industry leaders. Oracle founder Larry Ellison currently holds the position of the world’s second-richest person, with a fortune estimated at around $350.7 billion.
While Tesla continues to navigate a competitive market, including challenges from rivals like China’s BYD, the company is also expanding its horizons into AI and robotics. Musk’s ambitious long-term goals, which include significant increases in Tesla’s valuation and the deployment of AI robots, could potentially unlock a pay package valued at over $1 trillion, further solidifying his position as a titan of industry.