Elon Musk has become the first person ever to achieve a net worth of more than $500 billion (£370.9 billion), a new milestone driven by a rebound in Tesla’s stock and the surging valuations of his other ventures. According to the Forbes billionaires index, Musk’s net worth briefly reached $500.1 billion on Wednesday afternoon before dipping slightly. This achievement further cements Musk’s status as the world’s richest person, placing him well ahead of rivals like Oracle founder Larry Ellison, who holds the second spot with a fortune of about $350.7 billion. Ellison had briefly overtaken Musk last month after shares in Oracle soared, boosted by a rosy outlook for its AI and cloud infrastructure business.
Musk’s immense wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year. The company’s stock was up more than 3.3% on Wednesday alone and has now risen by over 20% this year, rebounding from a difficult start.
Focusing on Business Over Politics
Investors have welcomed Musk’s renewed attention to his companies after he faced criticism earlier this year for his work with the Trump administration’s Department of Government Efficiency (DOGE), an initiative tasked with reducing U.S. government spending and cutting jobs. The chair of Tesla’s board, Robyn Denholm, said in September that Musk was now “front and center” at the carmaker. This shift in focus was further reinforced when Musk bought about $1 billion worth of Tesla shares last month, a move that many investors saw as a strong vote of confidence in the company.
Tesla’s board has also proposed an unprecedented pay package for Musk, potentially worth over $1 trillion, if he can hit a list of ambitious targets over the next decade. To earn the full payout, he would need to boost Tesla’s value eightfold, sell a million AI robots, and deliver another 12 million cars. This compensation plan is designed to keep Musk’s leadership and vision at the company as it transitions into an AI and robotics business and faces tough competition from rivals like China’s BYD.
What The Author Thinks
The achievement of a $500 billion net worth is a staggering milestone that raises fundamental questions about the nature of modern wealth. While it is a testament to the growth of Musk’s companies and his vision, it is also a number that is largely abstract and tied to the volatile performance of the stock market. This level of wealth grants an individual unprecedented power and influence, not just in business but in politics and culture. The backlash Musk has faced over his political activism and the scrutiny over his massive pay package suggest that society is becoming increasingly uncomfortable with this concentration of wealth and power. This new record is not just a financial headline; it’s a symbol of a new era where a single individual’s fortune can be a major driver of global events, for better or for worse.
Featured image credit: Wikimedia Commons
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