Tesla CEO Elon Musk has become the first individual to reach a net worth of $500 billion, due to a rebound in the company’s shares and the rapid increase in valuation of Musk’s other startups this year.
According to Forbes’ billionaires index, Musk’s net worth stood at $500.1 billion as of 4:15 p.m. E.T. Wednesday.
Musk’s fortunes are tied closely to Tesla, where he held a more than 12.4% stake as of September.
The stock has risen more than 14% so far this year and closed 3.3% higher on Wednesday, adding more than $6 billion to Musk’s net worth.
Following investor backlash, Tesla board chair Robyn Denholm stated last month that Musk was once again “front and center” at the company after spending several months at the White House.
Oracle founder Larry Ellison follows Musk as the second-richest person on Forbes’ list, with a net worth of about $350.7 billion.
Tesla stock rose more than 1% in premarket trading following the announcement.
By CEO NA Editorial Staff
