The milestone was passed following a surge in the valuation of Tesla and his wider portfolio of technology ventures.
Elon Musk has become the first person to see their personal fortune exceed $500 billion (£370.9 billion).
The milestone was passed following a surge in the valuation of Tesla and his wider portfolio of technology ventures.
The billionaire entrepreneur’s net worth reached $500.1 billion on Wednesday afternoon in New York, before easing slightly to just over $499 billion later in the day, according to the Forbes billionaires index.
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Musk, who leads Tesla, rocket company SpaceX, and artificial intelligence startup xAI, has seen the valuations of his companies climb in recent months, further cementing his position as the world’s richest person.
He now holds a considerable lead over his nearest rival, Oracle co-founder Larry Ellison, whose fortune stands at an estimated $350.7 billion.
Ellison briefly overtook Musk last month after a 40 per cent rally in Oracle shares, driven by strong expectations for its cloud infrastructure and artificial intelligence business.
The bulk of Musk’s wealth remains tied to his 12 per cent stake in Tesla, whose shares have risen more than 20 per cent since the start of the year.
On Wednesday, Tesla stock closed 3.3 per cent higher in New York.
Investors have responded positively in recent months to signs that Musk is dedicating more attention to his business interests and stepping back from his involvement in political controversies.
Earlier this year, he was criticised for his involvement with the Trump administration’s Department of Government Efficiency (DOGE), a body created to reduce US government spending and shrink the federal workforce.
Musk, who also owns the social media platform X (formerly Twitter), has made headlines for his outspoken views on immigration, as well as diversity, equity and inclusion (DEI) policies.
In September, Tesla board chair Robyn Denholm said Musk was now “front and centre” at the company.
The board has also stated that Musk could become eligible for a pay package worth more than $1 trillion, contingent on meeting a series of performance targets over the coming decade.
To unlock the full value of the package, he would be required to increase Tesla’s market capitalisation eightfold, sell a million AI-powered robots, deliver a further 12 million vehicles, and achieve other significant business milestones.
Last month, Musk revealed he had purchased approximately $1 billion in Tesla shares, a move interpreted by some investors as a sign of confidence in the company’s long-term prospects.
Despite recent gains, Tesla continues to face significant challenges, including stiff competition from Chinese electric vehicle manufacturer BYD.
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