Elon Musk Hits $500 Billion Net Worth, First In History
Elon Musk on Wednesday became the first person in history to surpass $500 billion in net worth, fueled by a surge in Tesla’s stock price and soaring valuations of his other ventures.
The milestone comes less than a year after Musk’s fortune passed $400 billion and further cements his lead as the world’s richest man. His net worth briefly topped $500 billion before closing the day at $499.1 billion, according to Forbes’ billionaires index.
Much of Musk’s wealth is tied to his roughly 12% stake in Tesla, which remains the world’s most valuable automaker. Tesla shares have climbed about 14% so far this year after a turbulent start. Musk added to the momentum last month when he purchased about $1 billion worth of Tesla stock — a move widely seen as a personal vote of confidence in the company’s future as it transitions from an automaker into an AI and robotics powerhouse.
Tesla’s board also unveiled a record $1 trillion compensation plan for Musk, the largest ever proposed for a corporate executive. The package sets out ambitious financial and operational targets and aims to secure Musk’s focus on Tesla, even as he balances other high-profile ventures. Since the plan was disclosed on September 5, Tesla’s stock has jumped nearly 36%.
Beyond Tesla, Musk’s business empire continues to dominate multiple sectors. His AI startup xAI and his rocket company SpaceX have both surged in value this year, reportedly raising funds at $200 billion and $400 billion valuations, respectively.
xAI, which was valued at $75 billion in July, is building a massive supercomputer called “Colossus” to train large-scale models for its Grok chatbot, which is positioning itself as a challenger to OpenAI’s ChatGPT and Google’s Gemini.
SpaceX, meanwhile, has cemented its grip on the space industry. The company operates Starlink, the world’s largest satellite internet network, and continues to capture the majority of U.S. government and commercial launch contracts. It also holds the record for most rocket launches worldwide and serves key missions to the International Space Station.
Oracle co-founder Larry Ellison trails Musk in the second spot on Forbes’ rankings, with an estimated net worth of $350.7 billion as of Wednesday.