Synopsis
Elon Musk’s net worth surged to $500 billion, making him the first person in history to reach this milestone.
This was primarily driven by a rebound in Tesla’s shares and the increasing valuations of his AI startup xAI and rocket company SpaceX.
The Tesla board also proposed a $1 trillion compensation plan for Musk.
AgenciesElon Musk
After a rocky start to the year, Tesla shares have gained as investor sentiment improved, with Musk refocusing on his companies.
Tesla board chair Robyn Denholm said last month that Musk was back “front and center” at Tesla after months at the White House.
Shortly after, Musk revealed a purchase of about $1 billion worth of Tesla shares, signalling strong confidence in the company’s future as it transitions from an automaker to an AI and robotics leader.
Challenges remain for Tesla
Despite gains, sagging car sales and persistent margin pressures have weighed on Tesla’s stock, making it one of the weakest performers among the “Magnificent Seven” megacap tech stocks.
Last month, the Tesla board proposed a $1 trillion compensation plan for Musk, setting ambitious operational and financial goals while addressing his request for a larger stake in the company.
Other ventures boost Musk’s wealth
Musk’s AI startup xAI and space company SpaceX have seen their valuations climb this year.
xAI was valued at $75 billion as of July, per Pitchbook data.
CNBC reported in September that xAI was targeting a $200 billion valuation after a fundraise, though Musk said the company was not raising capital at that time.
In July, Bloomberg News reported that SpaceX was planning to raise funds and sell insider shares in a deal valuing the firm at about $400 billion.
Larry Ellison ranks second
Oracle founder Larry Ellison is the second-richest person on Forbes’ list, with a net worth of about $350.7 billion as of Wednesday.
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