Musk becomes world’s first half-trillion-dollar man

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Tesla CEO Elon Musk has become the first person ever to achieve a net worth of more than $500 billion (£370.9 billion), as the value of the electric car company and his other businesses have surged this year.

According to Forbes’ billionaires index, Musk’s net worth briefly reached $500.1 billion on Wednesday afternoon New York time before dipping slightly to just over $499 billion later in the day.

Alongside Tesla, valuations of his other ventures — including the artificial intelligence startup xAI and rocket company SpaceX — have reportedly climbed in recent months. This milestone further cements Musk’s status as the world’s richest person, placing him well ahead of rivals in the global tech sector.

Oracle founder Larry Ellison holds the position of the world’s second richest person, with a fortune of approximately $350.7 billion, according to Forbes.

Musk’s enormous wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year. Tesla shares were more than 3.3% higher at the end of New York trading on Wednesday and have now climbed over 14% year-to-date.

The company’s shares have gained momentum as investors welcome Musk’s increased focus on his businesses rather than politics. Earlier this year, Musk faced criticism over his involvement with the Trump administration’s Department of Government Efficiency (DOGE), a body tasked with reducing US government spending and cutting jobs.

Robyn Denholm, chair of Tesla’s board, said in September that Musk is now “front and centre” at the carmaker.

Last month, Musk announced he had purchased about $1 billion worth of Tesla shares, a move seen by some investors as a strong vote of confidence in the company.

Despite its recent success, Tesla has faced several challenges, including tough competition from rival electric car makers such as China’s BYD. The company is also undergoing a strategic transition into an artificial intelligence (AI) and robotics business, signaling its ambitions beyond automotive manufacturing.
https://www.bbc.com/news/articles/c89d3547npjo?at_medium=RSS&at_campaign=rss

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