Musk becomes first person to hit $500 billion net worth, Forbes list shows

Musk’s wealth remains heavily linked to Tesla, where he owned just over 12.4% as of 15 September. The electric-vehicle maker’s stock has climbed more than 14% so far this year and rose 3.3% on Wednesday alone, a move that added in excess of US$6 billion to his personal holdings.

Investors have warmed to Tesla after signs that Musk has refocused on the company. Robyn Denholm, Tesla’s chair, recently said Musk was once again “front and centre” at the firm after spending months elsewhere. Shortly afterwards, Musk disclosed a purchase of roughly US$1 billion of Tesla shares, a high-profile show of confidence as the company pushes to evolve from a carmaker into a player in AI and robotics.

That said, Tesla still faces headwinds: weaker vehicle sales and ongoing margin pressure have left the stock among the weaker performers within the so-called “Magnificent Seven” group of mega-cap technology firms.

Last month, the Tesla board tabled a proposed compensation package for Musk valued at US$1 trillion, laying out demanding financial and operational targets and addressing his push for a larger stake in the company.

Musk’s private firms have also seen their paper valuations surge. xAI was valued at about US$75 billion in July, according to PitchBook, and was reported by CNBC in September to be eyeing as much as US$200 billion in a potential fundraising, a claim Musk said did not reflect an active capital raise. Bloomberg reported in July that SpaceX had been in talks over fundraising and insider share sales at a valuation near US$400 billion.

Oracle co-founder Larry Ellison ranks second on Forbes’ list, with an estimated net worth of roughly US$350.7 billion.

Reuters