Elon Musk has become the first individual to surpass $500 billion in net worth, according to Forbes. The milestone was reached on Wednesday, driven by a rebound in Tesla’s stock and rising valuations of his technology ventures.

Musk’s fortune briefly touched $500 billion before settling at $499.1 billion at 5 p.m. ET, based on Forbes’ billionaires index. The achievement comes less than a year after his net worth crossed $400 billion, further solidifying his position as the world’s richest person.

Tesla Stock Performance Powers Wealth Surge

Musk’s wealth is closely linked to his roughly 12% stake in Tesla, the most valuable automaker in the world. Tesla shares have climbed about 14% so far this year, following a volatile start.

In September, Musk disclosed that he had purchased about $1 billion in Tesla shares, a move seen as a vote of confidence as the company accelerates its transition from car manufacturing to AI and robotics.

Tesla Board Proposes $1 Trillion Compensation Package

Last month, Tesla’s board proposed a $1 trillion compensation plan for Musk. The package sets high financial and operational targets and addresses Musk’s demand for a larger stake in the company.

Since the proposal was announced on September 5, Tesla’s stock has increased 35.7%. The compensation plan is the largest ever offered to a corporate executive, and investors anticipate it will strengthen Musk’s focus on Tesla.

Musk’s Business Influence Spans Multiple Industries

Musk has built significant influence across several sectors, including electric vehicles, clean energy, satellite communications, and artificial intelligence. His ventures continue to play key roles in shaping these industries.

SpaceX and xAI Reach High Valuations

Musk’s AI startup xAI and aerospace company SpaceX have seen their valuations rise this year. xAI is reportedly raising funds at a $200 billion valuation, while SpaceX is reportedly valued at $400 billion.

xAI, which was valued at $75 billion in July, is expanding a supercomputer called “Colossus” to train large-scale models. Its Grok chatbot aims to rival existing platforms such as ChatGPT and Gemini.

SpaceX maintains a dominant position in commercial space through its Starlink satellite network and holds most U.S. launch contracts. It continues to lead in global rocket launches and serves missions to the International Space Station and other satellite deployments.

According to Forbes, Oracle founder Larry Ellison is the second-richest person, with a net worth of approximately $350.7 billion as of Wednesday.

PHOTO: REUTERS/CHIP SOMODEVILLA

This article was created with AI assistance.