Tesla CEO Elon Musk has made history by becoming the first individual to achieve a net worth of half a trillion dollars, according to Forbes’ real-time billionaires index.
As of 4:15 p.m. ET on Wednesday, Musk’s fortune stood at $500.1 billion, fueled by a rebound in Tesla shares and soaring valuations of his other ventures, including SpaceX and artificial intelligence startup xAI.
Musk, who holds more than a 12% stake in Tesla, saw his wealth jump by over $6 billion on Wednesday alone after the electric carmaker’s stock closed 3.3% higher. The company’s shares have gained more than 14% so far this year, despite ongoing concerns over weak sales and profit margins.
Investor sentiment has improved in recent weeks as Musk renewed his focus on Tesla following months of political activity in Washington. He also boosted confidence by purchasing about $1 billion worth of Tesla shares in September, signaling his long-term commitment as the company pivots from being just an automaker to a leader in AI and robotics.
Tesla’s board has even proposed a $1 trillion compensation plan for Musk, tying ambitious financial and operational targets to his demand for a larger ownership stake.
Beyond Tesla, Musk’s other companies have significantly boosted his net worth. SpaceX was valued at about $400 billion in recent insider share sales, while xAI has been pegged at around $75 billion, with reports suggesting it could climb to $200 billion.
Trailing Musk on the Forbes rich list is Oracle co-founder Larry Ellison, whose net worth stands at $350.7 billion.
About The Author
More Stories
Nigerians Were Ready To Pay N10,000 Per Litre For Fuel At A Time But It Wasn’t Available — Senate President Akpabio
Nigeria Debt Rises To N159.28trn As Each Nigerian Owes About N724,000
Gateway Air Begins Abuja, Port Harcourt, Calabar, Jos, And Kano Flights