Elon Musk, the World’s richest person and Chief Executive Officer of Tesla and SpaceX has become the first person ever to achieve a net worth of nearly $500 billion. According to Forbes report,the feat is propelled by a rebound in Tesla shares and surging valuations of his other startups this year.
The 54- year – old net worth hit $500.1 billion as of 4:15 p.m. ET, Wednesday before dropping to $499.1billion .His wealth is closely tied to Tesla, where he held more than a 12.4% stake as of September 15. The stock has risen over 14% this year and closed 3.3% higher on Wednesday, adding more than $6 billion to Musk’s net worth.
The development comes months after Tesla shares nosedived following Musk’s participation in the United States Government . His exit from the White House and renewed focus on his companies have boosted investor confidence . Tesla board chair Robyn Denholm said last month Musk was back “front and center” at the company after several months at the White House. Days later, Musk disclosed he had purchased about $1 billion worth of Tesla shares in what was seen as a huge vote of confidence in the firm’s future as it transitions from an automaker to an AI and robotics powerhouse.
Last month, the Tesla board proposed a $1 trillion compensation plan for Musk, tying lofty financial and operational targets to his demand for a bigger stake in the company.
Musk’s other ventures have also fuelled his soaring wealth. His AI startup xAI was valued at $75 billion in July, according to PitchBook, with reports that it could seek a valuation of $200 billion.
Next in the billionaire chain on the Forbes list is Oracle founder, Larry Ellison, with a net worth of about $350.7 billion followed by Meta CEO, Mark Zuckerberg with a net worth of $245.8billion .
