Elon Musk, CEO of Tesla, became the first person in history to reach a net worth of $500 billion (approximately NT$15.1 trillion) on October 1, far surpassing other global billionaires. His wealth surge is largely fueled by Tesla’s stock rebound and the soaring valuations of his other ventures this year.
According to the Forbes Billionaires Index and reports from Reuters, as of 4:15 p.m. Eastern Time on October 1, Musk’s net worth reached $500.1 billion, setting a new record. This puts him roughly $150 billion ahead of Oracle co-founder Larry Ellison, whose net worth is $350.7 billion, marking the largest gap between top billionaires in recent years.
Wealth Growth Over the Years
Musk’s wealth trajectory has been extraordinary: starting at $24.6 billion in March 2020, surpassing $100 billion by the end of 2020, crossing $200 billion in 2021, reaching $400 billion in 2024, and now exceeding $500 billion.
Tesla stock has been the primary driver of Musk’s fortune. This year alone, Tesla shares have climbed more than 14%, with a nearly 4% jump in a single day last Wednesday, boosting Musk’s net worth by over $7 billion. After early-year turbulence, improved investor confidence and Musk’s renewed focus on his companies have helped the stock rise steadily. Tesla Chair Robyn Denholm noted last month that Musk had returned to the “core of the company” after spending time in the White House. Shortly after, Musk revealed he had purchased around $1 billion in Tesla shares, signaling confidence in the company’s future.
Despite these gains, Tesla faces challenges, including weak auto sales and ongoing margin pressures, making it one of the worst-performing stocks among the “Big Seven” tech giants. Last month, Tesla’s board proposed a $1 trillion compensation plan for Musk, setting ambitious financial and operational targets and addressing his request for additional company shares.
Diversified Sources of Wealth
Beyond Tesla, Musk’s AI startup xAI and rocket company SpaceX have also seen significant valuation growth this year. By July, xAI was valued at around $75 billion. CNBC reported that a future funding round could target a $200 billion valuation, though Musk stated the company was not raising funds at the time.
Bloomberg reported in July that SpaceX is discussing fundraising and selling insider shares, with the transaction implying a company valuation of about $400 billion.
Musk’s rise reflects a combination of Tesla’s stock performance and the growing value of his diverse business ventures, cementing his position as the wealthiest individual in history.
