NEW YORK: Billionaire entrepreneur Elon Musk has reached a new financial milestone, becoming the first person in history to amass a personal net worth of $500 billion, according to Forbes.
The landmark was reached on Wednesday, October 1, when shares of Musk’s flagship electric vehicle company, Tesla Inc, surged nearly 4 per cent, adding approximately $9.3 billion to his already record-breaking fortune.
This development cements Musk’s position as the world’s richest individual, placing him a staggering $150 billion ahead of Oracle co-founder Larry Ellison, who briefly overtook Musk last month before slipping back to second place.
Tesla’s recent rally has significantly boosted investor confidence, with the company’s market valuation nearing record highs. Musk’s 12 per cent stake in Tesla alone is now valued at approximately $191 billion. The surge comes after Musk stepped away from his informal advisory role in the Department of Government Efficiency (DOGE) earlier this year and pledged to refocus on his core businesses.
In addition to Tesla, SpaceX, Musk’s aerospace venture, continues to soar in value. The private space exploration firm is now estimated to be worth $400 billion, making Musk’s 42 per cent ownership stake worth around $168 billion.
Meanwhile, Musk’s artificial intelligence venture xAI has officially merged with the social media platform X (formerly Twitter), forming a newly restructured entity known as xAI Holdings. The combined entity has an estimated valuation of $113 billion, with Musk holding a 53 per cent stake—equivalent to roughly $60 billion.
Musk had previously crossed the $400 billion net worth threshold in December 2024, also a first in recorded financial history. His latest achievement places him at the halfway mark to becoming the world’s first trillionaire a milestone many analysts believe could be within reach if current growth trends continue across his portfolio of high-growth technology firms.
While Musk has yet to publicly comment on the new valuation, market analysts say the gains reflect investor optimism in the growth potential of the electric vehicle, space exploration, and artificial intelligence sectors each of which Musk has aggressively positioned himself at the forefront of.
The Tesla chief, who is also the founder of Neuralink and The Boring Company, remains a polarising figure in global business and politics. However, his latest financial achievement underscores his continued dominance across the most valuable and disruptive industries of the 21st century.