Elon Musk has become the first person to amass a net worth of $500bn (£372bn), putting the Tesla chief executive halfway to trillionaire status.His wealth briefly crossed the half-trillion mark on Wednesday before retreating to $499bn, according to the Forbes billionaires list. Musk owns 12% of Tesla, valued at over $1.5tn, with his fortune buoyed this year by a surge in the electric carmaker’s stock price.
Tesla exceeded expectations on Thursday by reporting vehicle deliveries of 497,099 for the July–September quarter, as buyers rushed to benefit from a US tax credit on electric vehicles before it expired. Beyond Tesla, Musk’s business empire includes SpaceX—reportedly eyeing a $400bn valuation—with Musk holding a 42% stake, and xAI, his artificial intelligence company valued at $75bn as of July, according to Pitchbook.
Earlier in the year, Tesla’s shares dipped amid growing competition from Chinese automakers, declining sales, and concerns about Musk’s focus as he juggled his other ventures and political controversies, including vocal support for Donald Trump. Analysts said this weighed on Tesla’s sales.
However, investor sentiment has since rebounded. Tesla shares are up 13% since January, with board chair Robyn Denholm recently noting Musk’s renewed commitment to the company. Days later, Musk bought about $1bn worth of Tesla stock, signaling confidence in its future as it pivots towards AI and robotics. The board has also proposed a $1tn compensation package for Musk, tying it to ambitious financial and operational goals while addressing his push for greater ownership.
Despite his record-setting wealth, Musk’s spot at the top of the global rich list has faced brief challenges. In September, Oracle co-founder Larry Ellison temporarily overtook him, according to Bloomberg’s index. Bloomberg now places Musk ahead again, valuing his fortune at $470bn compared with Ellison’s $349bn.
Source: https://www.theguardian.com/
