Elon Musk became the first person to have a net worth surpassing $500 billion, reaching $500.1 billion due to the rising stock prices of Tesla. He owns over 12% of Tesla, which has seen a 20% increase this year.
Musk’s other companies, SpaceX and xAI, have also seen significant increases in value. Although he often ranks as the richest individual, Larry Ellison briefly surpassed him last month after a rise in Oracle’s stock.
Additionally, Tesla’s board proposed a $1 trillion compensation package for Musk if the company’s market valuation exceeds $8.5 trillion in the next ten years.
