Elon Musk has officially shattered the billionaire ceiling, becoming the first person in history to amass a net worth of $500 billion. The milestone, reached on Wednesday, comes amid a surge in Tesla shares and rising valuations of Musk’s private ventures, including SpaceX and his AI startup, xAI.
According to Forbes’ real-time billionaire tracker, Musk’s fortune hit $500.1 billion at 4:15 p.m. ET, following a 3.3% jump in Tesla stock. That single-day rally added over $6 billion to his net worth, reinforcing his status as the world’s wealthiest individual.
Tesla remains the cornerstone of Musk’s fortune. The electric vehicle giant’s shares have climbed more than 14% so far this year, with Wednesday’s gains alone contributing over $7 billion to Musk’s personal wealth. His stake in Tesla, which stood at more than 12.4% as of mid-September, continues to be the primary engine behind his financial ascent.
After a rocky start to the year, Tesla shares have rebounded as investor confidence returned, fueled by Musk’s renewed focus on the company. Tesla Board Chair Robyn Denholm noted last month that Musk is back “front and center” at the company after spending several months away at the White House.
Further signaling his confidence, Musk recently disclosed the purchase of around $1 billion in Tesla stock, underscoring his commitment to the company as it aims to pivot from an automaker to a hub for AI and robotics innovation.
Yet Tesla’s journey hasn’t been without hurdles. Weak car sales and persistent margin pressures have weighed on the stock, making it one of the underperformers among the so-called “Magnificent Seven” megacap tech companies. To keep Musk motivated and aligned with the company’s ambitious goals, Tesla’s board recently proposed a $1 trillion compensation plan, setting ambitious financial and operational targets for the CEO.
Musk’s wealth isn’t tied to Tesla alone. His ventures in AI and space have also surged in value this year. xAI, Musk’s artificial intelligence company aimed at rivaling OpenAI, was last valued at $75 billion in July. Reports in September suggested the startup was eyeing a $200 billion valuation, though Musk clarified that it was not raising capital at the time.
Meanwhile, SpaceX, the private space-launch powerhouse, has seen its valuation climb, with Bloomberg reporting discussions to raise funds that could value the company around $400 billion. These private ventures add another layer to Musk’s unprecedented fortune, highlighting his influence across multiple industries.
Trailing far behind is Oracle co-founder Larry Ellison, who ranks as the world’s second-richest person with a net worth of roughly $351 billion.
