Ademola Busayo 
Tesla CEO, Elon Musk, on Wednesday became the first person ever to achieve a net worth of nearly $500 billion, driven by a rebound in the EV maker’s shares and surging valuations of his other companies this year.
According to Forbes’ billionaires index, Musk’s net worth reached $500.1 billion as of 4:15 p.m. E.T.
Musk’s wealth is largely tied to Tesla, where he held a more than 12.4% stake as of September 15.
The company’s stock has risen over 14% this year and gained 3.3% on Wednesday alone, boosting Musk’s fortune by more than $6 billion.
Tesla shares have trended higher in recent weeks as investor confidence grew with Musk shifting his attention back to his companies. Tesla board chair Robyn Denholm said last month Musk was back “front and center” at the company after spending several months at the White House.
Shortly after, Musk disclosed he had purchased about $1 billion worth of Tesla shares, a move seen as a major vote of confidence in the company’s future as it pushes to transform from an automaker into an AI and robotics leader.
Despite recent gains, Tesla continues to face challenges, with falling car sales and margin pressures weighing on performance. The stock remains one of the weakest in the “Magnificent Seven” group of megacap tech firms.
The Tesla board last month proposed a $1 trillion compensation package for Musk, outlining ambitious financial and operational targets while responding to his calls for a bigger stake in the company.
Meanwhile, Musk’s other ventures have also expanded in value. His AI startup xAI reached a valuation of $75 billion in July, with CNBC later reporting it was eyeing $200 billion, though Musk denied any active fundraising. In July, Bloomberg reported SpaceX was discussing a deal that would value the company at around $400 billion.
According to MarvelTvUpdates, Oracle founder, Larry Ellison, trails Musk as the world’s second-richest person, with a net worth of about $350.7 billion as of Wednesday.
About the Author
Emmanuel Femi Adedayo 
Ayo Marvel 
