Elon Musk — CEO of Tesla, SpaceX, and owner of X — has set another record, becoming the first individual in history to briefly reach a net worth of $500 billion, according to Forbes.
Musk’s fortune peaked at $500.1 billion before dipping slightly to $499.1 billion, putting him nearly halfway toward becoming the world’s first trillionaire.
Currently ranked as the richest person alive, Musk’s wealth far surpasses that of Oracle co-founder Larry Ellison ($350.7B) and Meta’s Mark Zuckerberg ($245.8B).
Musk’s journey to the top began in 1999 when he sold his first startup to Compaq, later co-founding PayPal, launching SpaceX, and revolutionizing the auto industry with Tesla.
Musk owns 12% of Tesla, which is worth more than $1.5tn, and his wealth has been lifted this year by a surge in the electric carmaker’s share price.
Tesla smashed forecasts for deliveries on Thursday by reporting quarterly vehicle deliveries of 497,099 for the July-September period, as customers took advantage of a tax credit for buyers of electric vehicles in the US before it expired.
The 54-year-old’s other businesses include the rocket company SpaceX, which was recently reported to be seeking a $400bn valuation, and xAI, an artificial intelligence company that had a valuation of $75bn as of July, according to data from Pitchbook. Musk owns a 42% stake in SpaceX.
Tesla shares fell early this year, hit by a combination of the competitive threat from Chinese rivals, falling sales and doubts over Musk’s focus on the company, amid distractions from his other businesses and his tempestuous relationship with Donald Trump. Musk’s vocal support for Trump and expression of rightwing political views on X, the social media platform he owns, have also damaged Tesla sales, according to analysts.