Daijiworld Media Network - Washington
Washington, Oct 2: Tesla CEO Elon Musk has set yet another historic milestone by becoming the first individual in the world to reach a net worth of $500.1 billion, according to Forbes’ Real-Time Billionaires tracker.
The South Africa-born entrepreneur, already the richest person on the planet, now stands $150 billion ahead of Oracle co-founder Larry Ellison, who holds the second spot on the list. Musk had earlier become the first person to surpass the $400 billion mark in December.
Musk’s surging wealth is largely linked to his electric car company Tesla, where he currently holds a 12.4 per cent stake as of September 15. Tesla’s stock has climbed over 14 per cent so far this year and gained nearly 4 per cent on Wednesday alone, adding approximately $9.3 billion to Musk’s fortune.
After stepping back from his advisory role as the head of former US President Donald Trump’s Department of Government Efficiency (DOGE), Musk has shifted his focus back to Tesla, boosting investor confidence. Tesla board chair Robyn Denholm recently said Musk is now “front and centre” at the company. Shortly after, Musk invested $1 billion of his own money in Tesla shares, signalling strong belief in the company’s future in AI and robotics.
In a bold move, Tesla’s board has proposed a $1 trillion compensation package for Musk, laying out ambitious operational and financial targets for the visionary CEO.
Apart from Tesla, Musk’s wealth has been fuelled by his other ventures—AI startup xAI and aerospace giant SpaceX—both of which have seen sharp rises in their valuations this year.
xAI was valued at $75 billion in July and was speculated to target $200 billion after a future fundraise, though Musk clarified it wasn’t raising funds at the time. SpaceX, meanwhile, was reported by Bloomberg in July to be exploring a deal valuing the company at nearly $400 billion.
If Musk’s wealth continues its upward trajectory, Forbes projects that he could become the world’s first trillionaire by March 2033, coinciding with the first vesting date of his monumental $1 trillion Tesla pay package.