Elon Musk has marked a significant achievement by becoming the first individual in history to reach a net worth of $500 billion. This milestone highlights Musk’s substantial connection to Tesla, whose stock has risen considerably this year, contributing to his financial ascent.
Details of the Historic Milestone
On a Wednesday afternoon, specifically around 3:30 p.m., Musk’s net worth officially hit the remarkable $500 billion mark, as reported by Forbes’ billionaire index. By the following morning, his wealth adjusted to approximately $499.1 billion but surged again to around $502.9 billion later that day.
Factors Influencing Musk’s Wealth
- Significant rise in Tesla stock, which increased by about 4% on Wednesday.
- Musk’s wealth attributed to his substantial ownership stake in Tesla.
- Increase of roughly $9.3 billion in his net worth due to Tesla’s stock performance.
Additionally, Tesla’s impressive third-quarter deliveries, which approached 500,000 vehicles, contributed to the stock’s performance. This surge was partly fueled by buyers eager to capitalize on a $7,500 electric vehicle tax credit in the U.S. before its September 30 expiration.
Current Market Position
Despite facing a tough environment in the electric vehicle sector and public scrutiny related to Musk’s political actions, Tesla’s stock has risen approximately 13% year-to-date. The company reported strong earnings, which were well-received by investors.
At one point in early September, Oracle chairman Larry Ellison surpassed Musk as the world’s wealthiest person. However, as of Thursday, Musk’s wealth exceeded Ellison’s by a staggering $149 billion.
Potential for Future Growth
There is speculation that a recent compensation package from Tesla could pave the way for Musk to join the ranks of trillionaires, contingent upon the package’s approval and Musk achieving various ambitious goals. Furthermore, Musk’s wealth is not just tied to Tesla; he also has significant interests in SpaceX and xAI, two of his private ventures that significantly contribute to his net worth.
This unprecedented achievement by Elon Musk underscores his pivotal role in the tech and automotive industries and positions him as a central figure in the emerging trillionaire conversation.
