Tesla and SpaceX chief executive Elon Musk has become the first individual in history to amass a fortune of more than $500 billion, cementing his position as the world’s richest person.
According to the Forbes billionaires index, Musk’s net worth briefly peaked at $500.1 billion on Wednesday afternoon before slightly dipping to just over $499 billion by the close of trading.
The record valuation is driven largely by Musk’s 12 P.c stake in Tesla, whose shares have risen over 20 P.c this year, boosted by renewed investor confidence.
Tesla shares climbed another 3.3 P.c on Wednesday, as markets welcomed Musk’s increased focus on his companies following months of political controversies.
His wealth also reflects surging valuations in SpaceX, now valued above $250 billion, and xAI, his artificial intelligence venture, which has attracted billions in fresh capital. Together, the businesses have positioned Musk at the forefront of the electric vehicle, space exploration, and AI industries.
For perspective, Oracle co-founder Larry Ellison, the world’s second-richest individual, holds about $350.7 billion, placing him far behind Musk.
Ellison briefly overtook Musk last month after Oracle’s stock rallied on AI-linked deals, but Tesla’s rebound has restored Musk’s dominance.
Musk’s financial milestone comes despite criticism earlier this year over his advisory role in the Trump administration’s Department of Government Efficiency (DOGE), which aimed to cut government spending and jobs. Some investors feared politics would distract from Tesla and SpaceX, but the billionaire has since refocused, reassuring markets.
Analysts say Musk’s wealth surge reflects more than just stock market performance.
“Tesla is not just a car company; it’s central to the global energy transition. SpaceX has effectively monopolised the private space industry, and xAI positions Musk to shape the AI economy,” said Dr. Emily Chen, a technology analyst at Stanford.
Still, Musk’s fortune remains highly volatile, tied to stock swings. Critics also question whether the milestone underscores deepening inequality at a time when global inflation and unemployment remain high.
For now, Musk stands alone in the half-trillionaire bracket; a symbolic figure that cements his influence in shaping the future of technology, space, and energy.