Elon Musk has become the first person to hold a fortune exceeding $500bn. The milestone was reached as Tesla and his other companies gained massive value this year.
His net worth briefly rose to $500.1bn on Wednesday afternoon in New York. It later slipped slightly to just over $499bn, according to Forbes’ billionaires index.
Other Musk ventures, including artificial intelligence firm xAI and rocket company SpaceX, have also seen significant valuation increases in recent months.
Musk dominates billionaire rankings
This achievement cements Musk’s dominance at the top of the global rich list. He stays well ahead of his competitors in the tech industry. Oracle co-founder Larry Ellison is second with about $350.7bn.
Ellison briefly overtook Musk last month when Oracle stock surged more than 40%. The rally followed strong forecasts for its cloud services and artificial intelligence partnerships.
Tesla fuels Musk’s fortune surge
The bulk of Musk’s wealth is tied to his more than 12% stake in Tesla. The carmaker’s stock has climbed strongly this year.
Shares rose more than 3.3% on Wednesday in New York. They have now advanced more than 20% since the beginning of 2025.
Investors welcomed Musk putting greater focus on his businesses. His earlier political involvement had caused concern among shareholders.
Politics spark sharp criticism
Musk faced backlash for his role with the Department of Government Efficiency. The Trump-linked agency sought to reduce spending and cut jobs.
He also voiced controversial opinions on immigration and diversity programmes on his platform X. These statements often provoked heated public debate.
Tesla chair Robyn Denholm said in September that Musk was now “front and centre” at the company.
Possible trillion-dollar payout
Tesla’s board revealed Musk could unlock a pay deal worth more than $1tn. The package depends on him meeting bold targets within the next decade.
The goals include boosting Tesla’s value eightfold, selling one million AI robots, and producing 12 million more cars.
Musk strengthens position with new investment
Last month Musk bought about $1bn worth of Tesla shares. Investors saw the purchase as a clear signal of confidence in the company’s future.
Tesla still faces tough competition from Chinese rival BYD. At the same time, it is accelerating its shift into artificial intelligence and robotics.
