Elon Musk?s net worth hit $500.1 billion, driven by Tesla?s rebound and rising valuations of SpaceX and xAI.

Elon Musk on Wednesday became the first person ever to achieve a net worth of nearly $500 billion, propelled by a rebound in Tesla shares and surging valuations of his other startups this year, Forbes reported.

His fortune stood at $500.1 billion as of 4:15 p.m. ET, according to Forbes? billionaires index. Musk?s wealth is closely tied to Tesla, where he held more than a 12.4% stake as of September 15. The stock has risen over 14% this year and closed 3.3% higher on Wednesday, adding more than $6 billion to Musk?s net worth.

After a turbulent start to 2025, Tesla shares have trended upward as investor confidence returned with Musk renewing focus on his companies. Tesla board chair Robyn Denholm said last month Musk was back ?front and center? at the company after several months at the White House. Days later, Musk disclosed he had purchased about $1 billion worth of Tesla shares in what was seen as a huge vote of confidence in the firm?s future as it transitions from an automaker to an AI and robotics powerhouse.

Despite the gains, Tesla continues to struggle with sagging car sales and margin pressures, making it one of the weakest performers in the ?Magnificent Seven? group of mega-cap tech stocks. Last month, the Tesla board proposed a $1 trillion compensation plan for Musk, tying lofty financial and operational targets to his demand for a bigger stake in the company.

Musk?s other ventures have also fuelled his soaring wealth. His AI startup xAI was valued at $75 billion in July, according to PitchBook, with reports that it could seek a valuation of $200 billion. Musk denied any fundraising plans at the time. Meanwhile, Bloomberg reported in July that SpaceX was considering raising money and selling insider shares in a deal valuing the company at about $400 billion.

Oracle founder Larry Ellison followed Musk as the world?s second-richest person on Forbes? list, with a net worth of about $350.7 billion as of Wednesday. (ARISE NEWS)

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