Tesla CEO Elon Musk has become the first person ever to achieve a net worth of more than $500 billion (£370.9 billion), as the value of the electric car company and his other ventures have risen significantly this year.
The tech magnate’s net worth briefly reached $500.1 billion on Wednesday afternoon New York time, before dipping slightly to just over $499 billion later in the day, according to Forbes’ billionaires index.
Alongside Tesla, valuations of Musk’s other businesses—including the artificial intelligence startup xAI and rocket company SpaceX—have also climbed in recent months. This milestone further cements Musk’s status as the world’s richest person, placing him well ahead of rivals in the global tech sector.
According to Forbes’ billionaires index, Oracle founder Larry Ellison is the world’s second-richest individual, with a fortune of about $350.7 billion.
Musk’s enormous wealth is closely tied to his more than 12% stake in Tesla, whose shares have surged sharply this year. Tesla shares closed more than 3.3% higher at the end of New York trading on Wednesday and have risen by over 14% so far in 2024.
The company’s stock gains in recent months have been helped by investors’ approval of Musk focusing more time on his companies rather than politics. Earlier this year, Musk faced criticism over his involvement with the Trump administration’s Department of Government Efficiency (DOGE), a body tasked with reducing US government spending and cutting jobs.
Robyn Denholm, chair of Tesla’s board, said in September that Musk was now “front and centre” at the automaker. Additionally, last month, Musk announced he had purchased about $1 billion worth of Tesla shares, a move seen by some investors as a strong vote of confidence in the company.
Tesla has faced several challenges in recent years, including tough competition from rival electric car makers such as China’s BYD. The company is also in the process of transitioning into an artificial intelligence (AI) and robotics business, signaling its focus on future technologies.
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