Elon Musk on Wednesday became the first individual in history to achieve a net worth of nearly $500 billion, according to Forbes.
Musk’s fortune was estimated at $500.1 billion as of 4:15 p.m. ET on Wednesday, driven by a rebound in Tesla’s share price and rising valuations of his other companies. He holds a 12.4% stake in Tesla, which has gained more than 14% this year. The stock rose 3.3% on Wednesday alone, adding over $6 billion to his wealth.
Investor confidence in Tesla has improved in recent months as Musk renewed focus on the company after spending much of early 2025 at the White House. Last month, Tesla chair Robyn Denholm said Musk was back “front and center,” while Musk himself bought about $1 billion in Tesla shares in a move viewed as a strong signal of confidence in the automaker’s future pivot toward artificial intelligence and robotics.
Tesla continues to face challenges with declining car sales and shrinking margins, leaving it among the weaker performers in the “Magnificent Seven” group of major tech stocks. In response, the board has proposed a $1 trillion compensation package for Musk tied to ambitious performance targets and his push for a larger ownership stake.
Beyond Tesla, Musk’s wealth has been boosted by his other ventures. His AI company xAI was valued at $75 billion in July, with reports suggesting it could target a valuation of $200 billion, though Musk denied fundraising plans. SpaceX, meanwhile, was reported by Bloomberg to be considering a secondary share sale that would value the company at about $400 billion.
Oracle co-founder Larry Ellison ranked second on Forbes’ billionaires index, with a net worth of $350.7 billion as of Wednesday.
