Elon Musk has made history by becoming the first individual to reach a net worth of $500 billion, according to reports. This remarkable milestone was achieved on a Wednesday afternoon around 3:30 p.m. ET, placing him approximately $150 billion ahead of Larry Ellison, the co-founder of Oracle and the second-richest person in the world.
Elon Musk’s Rapid Wealth Growth
Musk’s wealth trajectory has been extraordinary. His net worth jumped from $24.6 billion in March 2020 to several significant milestones:
- $100 billion by late 2020
- $200 billion in 2021
- $400 billion in 2024
- $500 billion in 2023
If his current growth continues, Musk could potentially become the world’s first trillionaire by 2033, coinciding with Tesla’s proposed $1 trillion compensation plan starting to vest.
Tesla’s Significant Compensation Plan
Recently, Tesla’s board of directors put forth a compensation proposal for Musk that could amount to a staggering $1 trillion. This package ranks as the most substantial salary offer ever for an executive. The plan would grant Musk up to 12% of Tesla’s stock, contingent on the company achieving ambitious targets, including a market capitalization of $8.5 trillion over a decade.
Musk’s Position in the Tech Industry
Musk’s financial success is closely tied to Tesla and SpaceX. Tesla’s stock saw a nearly 4% increase on the day he reached this net worth milestone, adding approximately $9.3 billion to his fortune. Tesla’s current market cap is nearing its all-time high, bolstered by Musk’s 12% stake valued at around $191 billion.
- SpaceX: Valued at $400 billion, contributing about $168 billion to Musk’s wealth.
- xAI Holdings: Controlled by Musk and valued at approximately $60 billion.
As Musk continues to focus on his ventures, including Tesla, he enhances his influence over the company. He expressed concerns about future control in a recent post, stating, “It’s not about ‘compensation,’ but about me having enough influence over Tesla to ensure safety if we build millions of robots.”
Elon Musk’s financial journey reflects significant achievements and ongoing ambitions in the tech and automotive sectors. His future will likely continue to shape the industry landscape as he strives for unprecedented goals.
