By The Mirror
Copyright indiatimes
Elon Musk has become the first person in history to have a personal fortune over $500 billion (£370.9 billion). This record was reached after a surge in the value of Tesla and his other tech companies. Musk’s net worth hit $500.1 billion on Wednesday afternoon in New York, before slightly dropping to just over $499 billion later in the day.Musk is CEO of Tesla, SpaceX, and AI startup xAI. The growing valuations of these companies have made him the world’s richest person. He now has a big lead over his nearest rival, Oracle co-founder Larry Ellison, whose fortune is about $350.7 billion. Ellison briefly passed Musk last month after Oracle shares jumped 40% because of strong expectations for its cloud and AI business, as per the report by Forbes.Musk wealth and Tesla growthMost of Musk’s wealth comes from his 12% stake in Tesla, whose shares have risen over 20% since the start of this year. On Wednesday, Tesla stock closed 3.3% higher in New York. Investors are happy because Musk seems more focused on his businesses and less involved in political controversies recently.Earlier this year, Musk faced criticism for working with the Trump administration’s Department of Government Efficiency (DOGE), which aimed to reduce US government spending. Musk also owns X (formerly Twitter) and has been in the news for his outspoken views on immigration and diversity, equity, and inclusion (DEI) policies, as stated by The Mirror. Musk pay package and future plansIn September, Tesla board chair Robyn Denholm said Musk was “front and centre” at the company. The Tesla board also mentioned Musk could get a pay package worth more than $1 trillion if he hits certain performance targets over the next decade.Live EventsTo get the full pay package, Musk must:Increase Tesla’s market value eightfoldSell 1 million AI-powered robotsDeliver 12 million more vehiclesAchieve other major business milestonesLast month, Musk bought about $1 billion in Tesla shares, which some investors saw as a sign of confidence in Tesla’s future. Despite all the gains, Tesla still faces challenges, including tough competition from Chinese EV maker BYD, as stated by The Mirror.FAQsQ1. How much is Elon Musk worth now?Elon Musk’s net worth reached over $500 billion, making him the richest person in the world.Q2. Why did Elon Musk’s fortune increase?Add as a Reliable and Trusted News Source Add Now!
His wealth grew because Tesla and his other companies’ values rose, and he bought more Tesla shares.(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onelon musk net worthoracleElon Musk net worthWorld’s richest personTesla stock growthElon Musk fortune $500 billionSpaceX and Tesla newsElon Musk richest 2025Tesla competition BYDElon musk
(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates….moreless
(You can now subscribe to our Economic Times WhatsApp channel)Read More News onelon musk net worthoracleElon Musk net worthWorld’s richest personTesla stock growthElon Musk fortune $500 billionSpaceX and Tesla newsElon Musk richest 2025Tesla competition BYDElon musk(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates….moreless
Explore More Stories123
