Elon Musk has reportedly become the first individual to achieve a net worth exceeding $500 billion. This milestone was noted on Wednesday afternoon, when his wealth briefly reached $500.1 billion, according to the Forbes billionaires index, before settling to just over $499 billion later that day. This surge in his net worth is attributed to increases in the valuations of various businesses, including Tesla, SpaceX, and the artificial intelligence startup xAI.
Musk’s status as the wealthiest person in the world continues to grow, as he surpasses other prominent figures in the technology sector, with Oracle founder Larry Ellison ranked as the second richest at approximately $350.7 billion. A significant factor in Musk’s wealth is his considerable stake in Tesla, which accounts for over 12%. Tesla’s stock prices have risen sharply, increasing more than 14% this year alone. On Wednesday, the company’s shares were recorded as more than 3.3% higher at the close of trading in New York.
Investors have reportedly responded positively to Musk’s increasing focus on his companies rather than his political engagements. Earlier this year, he faced scrutiny for his involvement with the Trump administration’s Department of Government Efficiency (DOGE), which aimed to reduce government spending and jobs. In September, Tesla’s board chair, Robyn Denholm, highlighted Musk’s dedicated presence at the car manufacturer.
Additionally, Musk disclosed in September that he acquired approximately $1 billion worth of Tesla shares, behavior interpreted by some investors as a confidence signal in the company. Despite these developments, Tesla encounters challenges such as competition from other electric vehicle manufacturers like China’s BYD and ongoing transitions toward AI and robotics.
Source: https://www.bbc.com/news/articles/c89d3547npjo?at_medium=RSS&at_campaign=rss