Tesla CEO Elon Musk has reached a historic milestone, becoming the first individual in history to achieve a net worth of more than $500 billion (Ksh65 trillion). According to the Forbes billionaires index, Musk’s wealth briefly peaked at $500.1 billion on Wednesday afternoon in New York before easing slightly to just over $499 billion.
The surge in Musk’s fortune is driven not only by gains in Tesla’s stock but also by rising valuations in his other ventures, including SpaceX and his artificial intelligence startup xAI. The achievement further secures Musk’s position as the world’s richest person, ahead of rivals such as Oracle founder Larry Ellison, whose net worth currently stands at $350.7 billion.
Tesla shares have climbed more than 20% this year, closing Wednesday up over 3.3%. Investor confidence has strengthened as Musk refocuses on his companies, following a period of political controversy earlier this year. Tesla’s board has emphasized that Musk is now “front and centre” at the automaker, with the potential to unlock a record-setting pay package worth over $1 trillion if ambitious long-term goals—including selling millions of cars and AI robots—are achieved.
In a show of personal confidence, Musk also purchased about $1 billion worth of Tesla stock last month. Meanwhile, Tesla continues to face mounting competition from rivals such as China’s BYD while accelerating its transition from an electric vehicle company into a broader AI and robotics powerhouse.
This landmark moment underscores Musk’s unparalleled influence in both technology and finance, setting a new benchmark for personal wealth in the modern era.
