Elon Musk hits $500 billion net worth, first in history

Tesla and SpaceX chief Elon Musk has become the first individual in history to reach a net worth of $500 billion, according to Forbes’ real-time billionaires index.

As of 4:15pm ET on Wednesday, Musk’s wealth stood at $500.1 billion, boosted by a steady climb in Tesla shares, which are up more than 14 per cent this year. The stock closed 3.3 per cent higher on Wednesday alone, adding over $6 billion to his fortune.

Musk’s AI venture, xAI, is also fuelling his financial rise. The startup, last valued at $75 billion in July, is expected to seek a valuation of around $200 billion, though Musk has denied any immediate fundraising plans.

Oracle co-founder Larry Ellison ranks a distant second on the Forbes list with a net worth of $350.7 billion. Ellison briefly overtook Musk last month as the world’s richest, following a sharp rise in Oracle’s stock price, but the Tesla boss quickly regained the top spot.

Musk, who first claimed the title of the world’s richest in 2021, has spent nearly 300 days at the summit of global wealth rankings. He previously traded places with Amazon’s Jeff Bezos and LVMH chairman Bernard Arnault.