Elon Musk has become the first person to cross $500 billion in net worth, fueled by Tesla’s stock surge and the rising valuations of SpaceX and xAI. His fortune briefly touched the milestone on Wednesday before settling at $499.1 billion, according to Forbes.
Musk’s wealth is tied to his 12% stake in Tesla, which has gained over 14% this year. Last month, he bought $1 billion worth of Tesla shares, signaling confidence as the company pushes into AI and robotics. Tesla’s board also proposed a record $1 trillion pay package for him, boosting shares by 35.7% since September 5.
Beyond Tesla, Musk’s ventures are driving his wealth. SpaceX, valued at $400 billion, dominates satellite launches through Starlink. His AI firm xAI, valued at $200 billion, is building a supercomputer called “Colossus” to power its Grok chatbot, a rival to ChatGPT and Gemini.
The milestone highlights Musk’s influence across industries from electric vehicles and space to artificial intelligence. Forbes lists Oracle founder Larry Ellison as the second-richest person with $350.7 billion.
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