Tesla Inc. Chief Executive Officer Elon Musk briefly became the first person in history to surpass a net worth of $500 billion on Wednesday, according to the Forbes billionaires index.
His fortune touched $500.1 billion before easing slightly to just over $499 billion by the end of the day in New York, buoyed by gains in Tesla shares and rising valuations of his private ventures, including rocket company SpaceX and artificial intelligence startup xAI.
The milestone cements Musk’s position as the world’s wealthiest individual, well ahead of Oracle Corp. founder Larry Ellison, whose fortune is estimated at $350.7 billion. Ellison briefly overtook Musk last month following a surge in Oracle shares on optimism about its cloud and AI business.
Musk’s wealth is closely tied to his roughly 12% stake in Tesla. Shares in the electric carmaker closed 3.3% higher Wednesday, extending year-to-date gains to more than 20%. Investors have welcomed Musk’s renewed focus on his companies after months of political distractions, including work with the Trump administration’s Department of Government Efficiency.
Tesla’s board has indicated Musk could secure a pay package exceeding $1 trillion over the next decade if he achieves ambitious goals, including expanding vehicle sales, boosting company value eightfold, and commercializing AI-powered robots.
The billionaire recently purchased $1 billion worth of Tesla stock, a move seen as a signal of confidence in the company as it faces intensifying competition from China’s BYD and transitions toward becoming an AI and robotics-focused business.
