Musk's net worth hits $500 bn; Tesla CEO to become first trillionaire?

The shares of Tesla saw rose by nearly 4 per cent and added an estimated $9.3 billion to Musk's fortune as investors continued to cheer the prospects of a more focused Musk

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Billionaire and Tesla’s Chief Executive Officer (CEO), Elon Musk, on Wednesday (local time) became the first person to achieve a net worth of $500 billion, driven by a rebound in the EV maker’s shares and soaring valuations of his other ventures.

 

According to Forbes’ Billionaire Index, as of 3:55 pm Eastern Time, Musk’s net worth stood at $499.5 billion. Tesla shares rose nearly 4 per cent and added an estimated $9.3 billion to Musk’s fortune as investors continued to cheer the prospects of a more focused Musk.

 

Tesla’s stock price has nearly doubled after Musk announced during the company’s April earnings call that he would step back from his role as head of the Department of Government Efficiency (DOGE) under US President Donald Trump’s administration, to focus more on his electric vehicle company. With the company’s market capitalisation now within 10 per cent of its December all-time high, Musk’s 12 per cent stake is valued at $191 billion.

 

Earlier in September, Tesla’s board approved a new, record-breaking pay package that could give Musk additional stock worth up to $1 trillion if the company achieves “Mars-shot” performance targets, such as expanding its market capitalisation more than eightfold over the next decade.

 

Musk’s half-trillion-dollar fortune 

Tesla is not the only company contributing to Musk’s half-trillion-dollar fortune. SpaceX, launched in 2002, is now worth $400 billion based on a private tender offer in August, up from $350 billion in December. Musk owns an estimated 42 per cent stake in the rocket maker, worth $168 billion.

 

xAI Holdings, another of Musk’s ventures, has also contributed to this milestone. Established in March this year, after he consolidated his artificial intelligence company, xAI, with X (the social media platform formerly known as Twitter, acquired in 2022), the entity was valued at $113 billion. Musk holds an estimated 53 per cent stake in xAI Holdings, worth about $60 billion.  ALSO READ| India records 358 billionaires, Ambani leads with ₹9.5 lakh cr wealth 

Musk’s net worth milestones timeline 

March 2020 – Net worth at $24.6 billion

 

August 2020 – Joins the $100 billion club, becoming the fifth person ever to do so

 

January 2021 – Becomes the world’s richest person for the first time with nearly $190 billion

 

September 2021 – Crosses $200 billion, after Jeff Bezos and Bernard Arnault

 

November 2021 – Hits $300 billion

 

December 2024 – Reaches $400 billion

 

October 2025 – Net worth nears $500 billion, the first individual in history to achieve it

 

Musk to become a trillionaire? 

According to Forbes, if Musk continues at this pace, he could become the world’s first trillionaire before March 2033, when the initial vesting of his $1 trillion Tesla pay package is due. Musk has maintained, however, that the award is not about the money.

 

Oracle’s Larry Ellison second-richest 

Oracle founder Larry Ellison is the second-richest person on Forbes’ list, with a net worth of $351.5 billion as of Wednesday.

 

Top-10 billionaires

According to Forbes’ index, the world’s richest people are:

 

Elon Musk: $499.1 billion

Larry Ellison: $350.7 billion

Mark Zuckerberg: $245.8 billion

Jeff Bezos: $233.5 billion

Larry Page: $203.7 billion

Sergey Brin: $189 billion

Jensen Huang: $162.6 billion

Bernard Arnault:$160.6 billion

Steve Ballmer:  $156.4 billion

Warren Buffett: $148.5 billion