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Elon Musk has set another financial milestone, becoming the first individual in history to cross the $500 billion mark in personal net worth, according to Forbes' billionaires index. The record was reached on Wednesday as Tesla's stock surged and valuations of his other companies climbed higher.

 

At day's end, Musk's fortune briefly touched $500 billion before closing at $499.1 billion, reinforcing his position as the world's richest person by a wide margin. The milestone comes less than a year after his wealth exceeded $400 billion, signaling the rapid growth tied to his sprawling empire.

Much of Musk's wealth is linked to his 12% stake in Tesla, the world's most valuable automaker. Shares of the electric-vehicle giant are up about 14% this year, helped by renewed investor optimism. The stock has also gained more than 35% since September 5, when Tesla's board revealed a proposed $1 trillion compensation package for its CEO. The deal, the largest ever offered to an executive, outlines ambitious performance targets and is seen as reinforcing Musk's commitment to Tesla as it transitions from carmaking to robotics and AI.

Musk himself fueled confidence last month by purchasing roughly $1 billion worth of Tesla stock, a move viewed as a personal bet on the company's next phase of growth.

Beyond Tesla, Musk's influence stretches across aerospace, energy, and artificial intelligence. His rocket firm SpaceX, valued at roughly $400 billion, continues to dominate commercial space launches and operates Starlink, the largest satellite internet constellation in the world. Meanwhile, his AI company xAI is pushing ahead with its Grok chatbot and building a massive supercomputer named "Colossus" to compete with OpenAI and Google. Reports suggest xAI is raising funds at a $200 billion valuation, more than doubling its worth since July.

Together, these ventures highlight Musk's outsized role in industries ranging from electric cars to artificial intelligence and space exploration. On Forbes' list, Oracle co-founder Larry Ellison ranks second with an estimated net worth of $350.7 billion, underscoring the gap between Musk and his closest rival.