Elon Musk tops $500bn net worth, setting historic record

Elon Musk has become the first individual in history to see his net worth exceed $500 billion, according to Forbes’ billionaires index.

The Tesla chief executive’s wealth briefly hit $500.1 billion on Wednesday afternoon in New York before dipping slightly to just over $499 billion later in the day.

The surge reflects rising valuations of Musk’s companies, including Tesla, the rocket firm SpaceX, and his artificial intelligence start-up xAI.

The achievement cements Musk’s position as the world’s richest man, far ahead of competitors in the technology sector.

Oracle founder Larry Ellison, who currently ranks second, holds an estimated fortune of $350.7 billion.

Ellison briefly overtook Musk last month after Oracle shares soared more than 40% on optimism surrounding its cloud infrastructure business and artificial intelligence deals.

Much of Musk’s wealth is tied to his more than 12% stake in Tesla, which has seen its shares climb sharply in 2025.

On Wednesday, Tesla stock ended the New York session more than 3.3% higher, bringing its year-to-date gain to over 20%. Analysts suggest investors have grown more confident as Musk devotes more time to his companies rather than political engagements.

Earlier this year, Musk came under fire for his work with the Trump administration’s Department of Government Efficiency (DOGE), a body charged with cutting government spending and jobs.

He has also attracted attention for outspoken views on immigration and diversity, equity and inclusion (DEI) programs.

Despite the controversies, Tesla’s board has voiced strong support. Chair Robyn Denholm said in September that Musk was now “front and centre” at the carmaker. The board has also outlined an extraordinary pay package potentially worth over $1 trillion if he meets ambitious goals.

These include boosting Tesla’s valuation eightfold, selling one million AI robots, and producing an additional 12 million vehicles.

Last month, Musk reinforced investor confidence by purchasing $1 billion worth of Tesla shares, a move seen as a personal vote of faith in the firm.

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Tesla continues to face competition, particularly from China’s BYD, but Musk has signalled a strategic pivot, repositioning the company as not just a carmaker but also an AI and robotics leader.