Elon Musk becomes first person to reach $500 billion net worth

Elon Musk has become the first individual to achieve a net worth exceeding $500 billion, reaching the unprecedented financial milestone on Wednesday, October 01, 2025, as shares of his electric vehicle company and other ventures continued their upward trajectory.

The tech magnate's wealth briefly touched $500.1 billion during New York trading before settling just below the landmark figure, according to Forbes' billionaires index.

Musk's record-shattering valuation stems primarily from his more than 12% stake in Tesla, whose shares have climbed over 20% this year amid renewed investor confidence.

The automotive company's stock finished more than 3.3% higher Wednesday, contributing significantly to the wealth surge that places Musk comfortably ahead of Oracle founder Larry Ellison, currently ranked second with an estimated $350.7 billion fortune.

Tesla Chair Robyn Denholm confirmed in September that Musk was now "front and centre" at the automaker, a shift underscored by his recent purchase of approximately $1 billion in Tesla shares interpreted as a strong vote of confidence.

The wealth milestone reflects growing market optimism around Musk's diversified business portfolio, including artificial intelligence startup xAI and aerospace manufacturer SpaceX, both reporting substantial valuation increases in recent months.

Tesla's board has further incentivized the CEO's performance through a potential compensation package exceeding $1 trillion if Musk achieves ambitious targets including an eightfold increase in Tesla's market value and sales of one million AI robots over the coming decade.