Dubai, United Arab Emirates – Tesla CEO Elon Musk has become the first person in history to achieve a net worth of about $500 billion.
This is thanks to a rebound in shares of the electric car manufacturer and rising valuations of other startups owned by the technology entrepreneur.
The Forbes Billionaires Index showed that Musk’s net worth reached $499.5 billion as of 3:55 pm EST.
Tesla shares are driving the increase in Musk’s net worth.
It has risen more than 14% this year so far, and rose nearly 4% on Wednesday, adding more than $7 billion to Musk’s net worth.
Musk’s wealth is difficult to estimate compared to other billionaires, given that many of his companies are not listed on the stock exchange.
compensation plan
Last month, Tesla’s board of directors proposed a $1 trillion compensation plan for Musk.
This confirms his control over the car manufacturer at a time when it is trying to transform into a leading company in artificial intelligence and robotics.
Musk’s artificial intelligence startup (X.Eh.I) and the rocket manufacturer (SpaceX) evaluated this year.
Musk crossed the $400 billion threshold in December 2024.
Amid investor speculation that Tesla would benefit from his ties to then-newly elected US President Donald Trump.
He visited the White House several times at the beginning of Trump’s term, but relations later became strained and Trump threatened to cut federal support for Musk’s companies.
Tesla sales also declined in part because some potential buyers were wary of Musk’s Yemeni political positions and his role in government layoffs and cost cuts during the Trump era.
However, Tesla shares later rose, supported by growth expectations in the self-driving car market.
Sales may rise before federal incentives for electric vehicles expire in late September.
Musk’s portfolio also includes the social media platform (X), the artificial intelligence development company (XAI) and the neurocultivation company Neuralink.
But Tesla remains the main driver of his wealth.
The company is offering a compensation plan that could be worth up to $1 trillion, conditional on achieving eight-fold growth in its market value, keeping Musk as CEO, and achieving other performance conditions.
Oracle founder Larry Ellison comes after Musk as the second richest person on Forbes’ list, with his net worth reaching about $351.5 billion as of Wednesday.
