WEB DESK: Elon Musk has made history by becoming the world’s first individual to reach a net worth of $500 billion.
According to Forbes’ billionaire rankings, Musk’s wealth surpassed the half-trillion-dollar mark around 3:30 p.m. on Wednesday, marking a groundbreaking achievement. By early Thursday, his net worth slightly dipped to approximately $499.1 billion but then climbed again to about $502.9 billion by mid-morning, as per Forbes data.
A significant portion of Musk’s fortune is tied to his holdings in Tesla, whose stock experienced a roughly 4% increase on Wednesday, boosting his net worth by an estimated $9.3 billion. The rise was partly driven by Tesla’s impressive third-quarter delivery figures, which nearly hit 500,000 vehicles—an uptick fueled by US consumers rushing to capitalize on the $7,500 electric vehicle tax credit before its September 30 expiration.
Tesla’s shares surged in premarket trading Thursday following the delivery report but later retreated, trading down about 1% as of 10:25 a.m. in New York. Despite ongoing challenges in the EV market and some political backlash, Tesla’s stock has gained around 13% since the start of the year.
Earlier in September, Oracle founder Larry Ellison briefly overtook Musk as the world’s richest individual. However, as of Thursday, Musk’s net worth is estimated to be $149 billion higher than Ellison’s, according to Forbes.Looking ahead, a proposed compensation package from Tesla could potentially push Musk into the trillionaire club, contingent on the approval of the plan and his achievement of several ambitious goals. Beyond Tesla, Musk’s wealth is also connected to his ownership stakes in private ventures like SpaceX, one of the most valuable startups globally, and his AI company, xAI.
