Elon Musk, CEO of Tesla and SpaceX, has become the first person to achieve a net worth of $500 billion, according to Forbes. This milestone is attributed to the recent surge in Tesla shares and the soaring valuations of his private firms. Musk’s fortune has been boosted by a 4% jump in Tesla stock, adding $9.3 billion to his net worth, which now stands at $500.1 billion.

Musk’s 12% stake in Tesla is valued at $191 billion, and his space venture SpaceX was valued at $400 billion in an August tender offer. He also owns 53% of xAI Holdings, which is currently valued at $113 billion. Analysts credit the recent increase in Musk’s wealth to his renewed focus on business, following his decision to step down from his post as head of the US Department of Government Efficiency to devote more time to his business interests.

Tesla’s board chair, Robyn Denholm, stated that Musk is once again “front and center” after months of distraction. This renewed focus has led to a significant increase in Tesla shares, which have nearly doubled since April. Musk has also signaled confidence in the company’s expansion into AI and robotics by buying nearly $1 billion worth of Tesla stock.

Musk’s net worth has consistently broken records, first topping Forbes’ list in January 2021 at $190 billion, then hitting $300 billion in November of the same year, and crossing $400 billion in December 2024. He currently outpaces Oracle founder Larry Ellison, the second-richest person, by $150 billion.

The Bloomberg Billionaires Index, which uses a different method to track wealth, estimates Musk’s fortune to be slightly lower at $470 billion, but still the highest among the world’s top 500. Musk’s achievement reinforces his position as one of the most successful entrepreneurs in the world, with his businesses continuing to drive innovation and growth in the tech and space industries.