News - Musk becomes first person worth $500 billion – Forbes

Tesla and SpaceX CEO Elon Musk has become the world’s first person to reach a net worth of $500 billion, according to Forbes. Musk’s fortune has been boosted recently by a rally in Tesla shares and soaring valuations of his private firms. Tesla stock jumped nearly 4% on Wednesday, adding $9.3 billion to Musk’s fortune and pushing it to $500.1 billion, according to the Forbes Billionaires List. Musk’s 12% stake in the carmaker is valued at $191 billion. Analysts credit the recent surge in Musk’s wealth to his renewed focus on business. Tesla shares have nearly doubled since April, when he first announced during an earnings call that he would step down from his post as head of US President Donald Trump’s Department of Government Efficiency (DOGE) to devote more time to the automaker and his other business interests. Musk departed the agency after a rift with the president over a major tax-and-spending bill. Tesla board chair Robyn Denholm said last month that Musk was again “front and center” after months of distraction. Days later, he bought nearly $1 billion worth of Tesla stock, signaling confidence as the company expands into AI and robotics. Outside Tesla, Musk’s space venture SpaceX was valued at $400 billion in an August tender offer, up from $350 billion in December. His 42% stake is worth $168 billion. Musk also owns 53% of xAI Holdings, the company formed when he merged his AI startup with X. Currently valued at $113 billion, reports suggest xAI could soon target $200 billion. Musk has repeatedly set net worth records. He first topped Forbes’ list in January 2021 at $190 billion, hit $300 billion that November and crossed $400 billion in December 2024. He now outpaces Oracle founder Larry Ellison, the second-richest person, by $150 billion. The Bloomberg Billionaires Index, which uses a different wealth tracking method, places Musk’s fortune slightly lower – at $470 billion – but still the highest among the world’s top 500.