Elon Musk Becomes First Person Ever To Top A $500 Billion Net Worth
Tech mogul Elon Musk made history this week, becoming the first individual ever to achieve a net worth exceeding $500 billion (Ksh 65 trillion). The milestone was reached on Wednesday afternoon, New York time, when his fortune briefly peaked at $500.1 billion, according to the Forbes billionaires index.
This massive wealth surge is primarily fueled by the strong performance of his key companies, including the electric car giant Tesla, the rocket company SpaceX, and his artificial intelligence startup, xAI.
Tesla’s Rise Solidifies Musk’s Lead
Musk’s status as the world’s richest person is now firmly cemented, putting significant distance between him and rivals. His wealth is closely tied to his stake of over 12% in Tesla, whose shares have climbed by over 20% this year.
On Wednesday alone, Tesla shares were over 3.3% higher at the close of New York trading. Investors have reportedly welcomed Musk’s recent decision to focus more time and attention on his business ventures rather than political activities, a shift noted by Tesla board chair Robyn Denholm in September.
This financial acceleration places Musk far ahead of Larry Ellison, the Oracle founder, who currently holds the second spot globally with a fortune of about $350.7 billion. Ellison briefly surpassed Musk last month after a surge in Oracle shares driven by strong cloud and AI outlooks.
Ambitious Pay Package and Future Focus
Musk’s wealth could grow even more exponentially. The Tesla board recently outlined a potential pay package worth over $1 trillion if Musk achieves a list of ambitious targets over the next decade. These goals include boosting Tesla’s value eightfold, selling 12 million Tesla cars, and deploying one million AI robots.
The company is currently navigating fierce competition, particularly from China’s BYD, as it simultaneously transitions its business model to focus heavily on AI and robotics. In a sign of confidence in the firm’s direction, Musk also announced last month that he had purchased about $1 billion worth of additional Tesla shares.
