Elon Musk has officially joined an unprecedented league of wealth holders, becoming the first person ever to see his fortune valued at $500 billion, Forbes revealed on Thursday. The achievement, largely fueled by his ownership stakes in Tesla and SpaceX, cements Musk’s dominance as the richest individual in the world.
The U.S. magazine estimated his wealth at $500 billion, which places him roughly $150 billion ahead of Oracle’s co-founder Larry Ellison. However, Forbes later made a minor revision, adjusting the estimate slightly to $499.1 billion.
Musk’s wealth is particularly challenging to measure compared to other billionaires, as many of his business ventures remain privately held and are not subjected to daily market valuations.
The Tesla and SpaceX founder had earlier crossed the $400 billion mark in December 2024, amid a surge of investor optimism tied to his proximity to then-incoming U.S. President Donald Trump. Musk was a regular presence at the White House during the opening months of Trump’s presidency. However, relations later deteriorated when Trump threatened to withdraw federal funding from Musk’s enterprises.
Tesla also experienced a slowdown in sales during that period, attributed partly to backlash against Musk’s political associations and his role in Trump’s workforce reduction measures.
More recently, Tesla’s performance has rebounded strongly. Market experts attribute this recovery to excitement around the company’s robotics and AI initiatives, coupled with increased demand ahead of the expiration of federal electric vehicle incentives in September.
Alongside Tesla and SpaceX, Musk controls several other ventures, including social media giant X, AI development company xAI, and neural technology startup Neuralink. Despite these projects, Tesla remains the cornerstone of his immense wealth.
Tesla has also announced an ambitious executive pay package for Musk that could be valued at up to $1 trillion if the automaker achieves an eightfold increase in market capitalization, while Musk continues to serve as CEO and meets demanding performance conditions.
