New York, October 2, 2025 – Tesla boss Elon Musk has officially become the first individual in history to reach a net worth of more than $500 billion, according to Forbes’ billionaires index.
His fortune briefly hit $500.1 billion on Wednesday afternoon before dipping slightly to just above $499 billion later in the day.
The landmark moment cements Musk’s position as the world’s richest person, leaving rivals in the global tech sector trailing far behind.
Musk’s wealth is closely tied to his 12% stake in Tesla, which has seen shares climb more than 20% this year, including a 3.3% gain on Wednesday. Investors have responded positively to signs that Musk is devoting more attention to Tesla and his other companies, rather than politics.
But Tesla is not the only driver. Musk’s rocket company SpaceX and his artificial intelligence startup xAI have seen valuations soar in recent months, further boosting his net worth.
Forbes lists Oracle founder Larry Ellison as the world’s second-richest man with $350.7 billion, more than $150 billion behind Musk. Ellison briefly overtook Musk last month after Oracle shares surged by over 40% on strong AI-related growth in its cloud business.
But Tesla’s continued rally has since restored Musk’s commanding lead.
In a show of faith, Musk personally purchased $1 billion worth of Tesla shares last month, a move many interpreted as a strong vote of confidence in the company’s future.
Tesla’s board has also laid out a staggering $1 trillion pay package for Musk if he achieves a list of audacious targets over the next decade. To unlock it, Musk would need to:
- Boost Tesla’s value eightfold
- Sell one million humanoid AI robots
- Deliver 12 million Tesla cars
- Meet additional performance milestones
Tesla Chair Robyn Denholm recently declared Musk was now “front and centre” at the company, reassuring investors after months of political controversy surrounding his work with the Trump administration’s Department of Government Efficiency (DOGE).
Despite the historic milestone, Tesla faces fierce competition in the electric vehicle market, particularly from China’s BYD, which has rapidly expanded its global presence.
Tesla is also undergoing a strategic transformation, pivoting from a pure electric car manufacturer into a broader AI and robotics company. Analysts say this diversification could prove risky but also holds enormous potential if Musk delivers on his ambitious vision.
Beyond Tesla and SpaceX, Musk owns X (formerly Twitter) and has remained an outspoken voice on political and cultural debates, often drawing both criticism and praise. His public stances on immigration and diversity, equity, and inclusion (DEI) programs have added to his polarising profile.
Nonetheless, his extraordinary accumulation of wealth underscores how his ventures—spanning cars, rockets, social media, and artificial intelligence—have reshaped global industries.
Musk’s $500 billion milestone is more than just a personal achievement—it represents a historic shift in global wealth concentration. Never before has a single individual accumulated half a trillion dollars in personal fortune.
For admirers, Musk embodies innovation and risk-taking at its boldest. For critics, his fortune illustrates the widening gap between billionaire wealth and ordinary livelihoods.
Either way, the South African-born entrepreneur now stands alone as the first—and so far, only—member of the $500 billion club.
