Tesla CEO Elon Musk has become the first person to surpass a net worth of $500 billion. His wealth briefly hit $500.1 billion Wednesday before edging down to just above $499 billion, according to the BBC.
Musk’s wealth primarily rose from Tesla’s stock gains as he owns over 12% of the company. His other two companies, SpaceX and xAI, also reported increased valuations. On Wednesday, Tesla shares rose 3% in New York trading and are up over 20% this year.
Musk remains the world’s richest person, far ahead of Oracle founder Larry Ellison, whose net worth is about $350.7 billion. Ellison briefly surpassed Musk last month after Oracle’s stock surged on strong AI growth.
According to Tesla Chair Robyn Denholm, Musk is entirely focused on the company, promising to sell millions more cars and AI robots and boost Tesla’s market value eightfold. The company is ready to pay him over $1 trillion if he achieves the goal.
To signal his belief in Tesla’s future, Musk recently bought the company’s shares for $1 billion. Being passionate about AI and robotics, he leads the company in this direction despite challenges from China’s BYD and industry hurdles.
