Elon Musk Hits $500B, Set to Become the World’s First Trillionaire?

Tesla and SpaceX CEO Elon Musk has scripted history yet again. Musk reached a historic milestone in his financial journey. His net worth has surged to an astonishing $500.1 billion, making him the world’s wealthiest person, according to Forbes’ Real-Time Billionaires tracker. He is well on track to become the world’s first trillionaire by March 2033.

Musk was the first person ever to surpass the $400 billion mark in December last year and now holds a fortune that’s $150 billion larger than his closest rival, Oracle co-founder Larry Ellison. Musk’s massive empire spans electric vehicles, space exploration, and artificial intelligence.

Musk’s riches are largely driven by his 12.4% stake in Tesla, which witnessed a 14% rise in stock value this year alone. On Wednesday alone, a significant single-day surge in Tesla’s stock added a staggering $9.3 billion to Musk’s wealth. Thanks to Musk’s return to the electric vehicle business and a shift in investor sentiment, Tesla’s shares began to increase despite a shaky start to 2023.

Following Tesla’s skyrocketing stock value, the company’s board of directors recently proposed a staggering $1 trillion compensation package for Musk. Elon Musk’s AI venture, xAI, registered a whopping $75 billion valuation in July. Apart from Tesla, SpaceX and xAI have significantly contributed to Musk’s half-trillion-dollar wealth.