Elon Musk has become the first individual estimated to reach a net worth of $500 billion, according to Forbes, with the majority of his wealth tied to shares in electric carmaker Tesla and aerospace company SpaceX.
Forbes initially calculated Musk’s wealth at roughly $150 billion more than Oracle co-founder Larry Ellison, before revising the estimate slightly to $499.1 billion. Musk’s fortune is notoriously difficult to track because many of his companies are privately held.
Musk first crossed the $400 billion milestone in December 2024 amid speculation that Tesla would benefit from his connections to then-newly elected U.S. President Donald Trump. He visited the White House frequently early in Trump’s term, though relations later soured, with Trump threatening to cut federal support to Musk’s firms.
Tesla sales softened during this period, partly because some buyers were deterred by Musk’s political views and his involvement in Trump-era federal layoffs and cost-cutting measures.
Tesla’s stock has since rebounded, driven by investor optimism about growth in robotics and robotaxis, as well as a potential surge in sales ahead of the expiration of federal electric vehicle incentives in late September.
Musk’s portfolio also includes social media platform X, AI developer xAI, and neural implant company Neuralink, though Tesla remains central to his fortune. The company is offering a compensation plan potentially worth $1 trillion, contingent on achieving an eightfold increase in market value, retaining Musk as CEO, and meeting other performance benchmarks.
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