Elon Musk, CEO of Tesla, has become the first person in history to reach a net worth of approximately half a trillion dollars, thanks to the surge in shares of the electric car manufacturer and rising valuations of his other startups.
According to the Forbes Billionaires Index, Musk’s wealth reached $499.5 billion as of 3:55 PM U.S. time on Wednesday.
Tesla’s stock has risen more than 14% since the beginning of the year, climbing nearly 4% on Wednesday alone, which added over $7 billion to Musk’s net worth.
This leap further solidifies Musk’s position, who also owns SpaceX (rockets), xAI (artificial intelligence), Neuralink (neurotechnology), and the social media platform X. However, Tesla remains the primary driver of his fortune.
Last month, Tesla’s board proposed a compensation plan for Musk that could be worth up to $1 trillion, contingent on massive growth in the company’s market value and Musk maintaining his executive role.
Musk surpassed the $400 billion mark in December 2024, fueled by investor optimism that Tesla would benefit from his ties to the then-new U.S. administration, although his relationship with President Donald Trump later became strained.
According to Forbes, Larry Ellison, founder of Oracle, ranks second globally after Musk, with a net worth of $351.5 billion.