Report: Musk becomes lst person worth $500bn

Elon Musk on Thursday became the first person estimated to reach a net worth of 500 billion dollars.

This is according to U.S. magazine Forbes, largely held in shares of electric carmaker Tesla and aerospace firm SpaceX.

Forbes calculated Musk’s wealth at roughly 150 billion dollars more than Oracle co-founder Larry Ellison.

The magazine later revised the estimate slightly down to 499.1 billion dollars.

Musk’s wealth is harder to estimate than that of other billionaires because many of his companies are not publicly traded.

Musk surpassed the 400 billion dollars mark in December 2024, amid investor speculation that Tesla would benefit from his connections to then-newly elected U.S. President Donald Trump.

He frequently visited the White House early in Trump’s term, but relations soured later and Trump threatened to cut federal support to Musk’s firms.

Tesla sales also softened, partly because some potential buyers were put off by Musk’s right-leaning political views and his role in Trump’s federal lay-offs and cost-cutting measures.

Tesla’s stock has since rebounded, bolstered by expectations for growth in robot axis and robotics, and possibly by a spike in sales ahead of the expiration of federal electric vehicle incentives in late September.

Musk’s portfolio also includes social media platform X, AI developer xAI and neural implant company Neuralink. Tesla, however, remains central to his fortune.

The electric carmaker is offering a compensation plan potentially worth 1trillion dollars, contingent on achieving eightfold market value growth, maintaining Musk as chief executive and fulfilling other performance conditions.