Elon Musk has made history as the first person in the world to reach a net worth exceeding $500 billion, according to Forbes’ billionaires index.
The Tesla boss and X owner saw his wealth rise to £370.9 billion ($503 billion) on Tuesday afternoon, October 1, driven largely by gains in Tesla’s share price. Musk remains the world’s richest individual, with most of his fortune tied to his 12% stake in the electric carmaker.
Tesla shares have surged more than 20% over the past year, helping propel Musk past the milestone. Analysts note he could soon become the world’s first trillionaire if Tesla meets its ambitious growth targets, which include selling a million AI-powered robots, producing 12 million cars annually, and increasing the company’s value eightfold.
Investors have also responded positively to Musk dedicating more attention to his companies, which include Tesla, rocket firm SpaceX, and artificial intelligence startup xAI, after facing criticism for political entanglements earlier this year.
Tesla chair Robyn Denholm said Musk is now “front and centre” at the company, reassuring shareholders about its future direction.
