Elon Musk hits $500 billion mark - becomes first person in history to reach this level of wealth
Tesla CEO Elon Musk has become the first person ever to reach a net worth of nearly $500 billion, thanks to the electric car company's soaring stock price and the high valuations of the tech startups he owns.
According to Forbes' billionaires index, Musk's fortune reached $500.1 billion as of Wednesday afternoon. The bulk of his fortune is tied to Tesla, where Musk owned more than 12.4% of the stock as of Sept. 15. The company's shares have risen more than 14% this year and were up 3.3% on Wednesday alone, adding more than $6 billion to his fortune.
After a volatile start to the year, Tesla's stock has begun to recover. Investors have been encouraged by Musk's return to his companies after months of White House engagements. The Tesla CEO announced that he had bought about $1 billion in shares of the company, a sign of confidence in its future. The firm is trying to transform itself from a carmaker into a new powerhouse in the fields of artificial intelligence and robotics.
However, falling car sales and pressure on profit margins have hurt Tesla's shares, making it one of the worst-performing companies in the "Magnificent Seven" group of tech giants.
Last month, the board proposed a $1 trillion compensation package for Musk, including major financial and operational targets, as well as responding to his request for a greater stake in the company.
Meanwhile, Musk's other startups have also seen significant increases in valuation. xAI, his artificial intelligence company, had a valuation of $75 billion in July, according to PitchBook data. In September, CNBC reported that the startup was aiming for a $200 billion valuation, though Musk denied that he was seeking funding at the time.
Also, Bloomberg News reported that SpaceX, his rocket company, was considering a new round of investment and internal stock sales that would value the company at about $400 billion.
After Musk, the second richest person in the world according to Forbes is Oracle founder Larry Ellison, with a fortune of around $350.7 billion.
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