Elon Musk Makes History: First Person to Reach $500 Billion Net Worth
Elon Musk Makes History: First Person to Reach $500 Billion Net Worth
Elon Musk has officially become the first individual in history to achieve a net worth exceeding $500 billion. The groundbreaking milestone was reached yesterday, Wednesday, October 1st, when the tech magnate’s fortune briefly touched $500.1 billion before settling just above $499 billion by the end of the day, according to Forbes’ billionaires index.
This historic achievement solidifies Musk’s status as the world’s richest person, significantly widening the gap between him and rivals in the global tech sector. The remarkable surge in his wealth is largely attributed to the robust performance of his core ventures, including the electric vehicle giant Tesla, the rocket company SpaceX, and the rapidly growing artificial intelligence startup xAI, all of which have seen their valuations climb dramatically in recent months.
Tesla, where Musk holds a substantial stake of over 12%, has been a key driver, with its shares rising sharply by more than 20% this year, including a 3.3% gain yesterday. Investors have reportedly welcomed Musk’s increased focus on his companies, a shift confirmed by Tesla board chair Robyn Denholm in September, who stated Musk is now “front and centre” at the carmaker.
While Oracle founder Larry Ellison briefly overtook Musk last month following a more than 40% surge in Oracle shares, Musk’s recent financial ascent has firmly re-established his lead. The Tesla board has also outlined an ambitious pay package for Musk, potentially worth over $1 trillion, contingent on him achieving a series of aggressive long-term targets, including boosting Tesla’s value eightfold and selling millions of AI robots and vehicles.
Musk’s recent acquisition of approximately $1 billion worth of Tesla shares last month further underscores his confidence in the company’s trajectory, as it continues to navigate competitive landscapes and evolve into an AI and robotics powerhouse.
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