Elon Musk has made headlines once again, becoming the first person to reach a net worth of over $500 billion. This milestone was achieved on Wednesday, thanks to a significant rise in Tesla’s stock price and the increasing value of his other businesses. Although his net worth briefly hit $500 billion, it settled at approximately $499.1 billion by the end of the day, according to Forbes.
Musk’s wealth is largely tied to his roughly 12% ownership in Tesla, which is now the most valuable car company in the world. This year, Tesla’s stock has risen about 14%, recovering from a shaky start. Recently, Musk also made waves by purchasing around $1 billion worth of Tesla shares, signaling his confidence in the company as it aims to expand beyond just electric vehicles into areas like artificial intelligence and robotics.
In a move that underscores his importance to Tesla, the company’s board proposed a staggering $1 trillion compensation plan for Musk last month. This plan sets ambitious goals for the CEO while addressing his request for a larger stake in the company. Following the announcement of this compensation package on September 5, Tesla’s stock has surged nearly 35.7%.
Musk’s influence extends beyond Tesla. His other ventures, such as SpaceX and the AI startup xAI, have also seen significant growth this year. Reports suggest that SpaceX is now valued at around $400 billion, while xAI recently reached a valuation of $75 billion. xAI is working on a supercomputer to enhance its chatbot, Grok, in competition with major players like OpenAI’s ChatGPT.
SpaceX continues to dominate the commercial space industry, operating the largest satellite network through Starlink and securing a majority of U.S. launch contracts. The company regularly launches rockets, supporting missions to the International Space Station and deploying satellites for various networks.
Following Musk on Forbes’ list of the world’s richest people is Larry Ellison, the founder of Oracle, with a net worth of approximately $350.7 billion. As Musk continues to push the boundaries of technology and innovation, his wealth and influence in multiple sectors seem likely to grow even further.
