Elon Musk has officially become the first person in history to achieve a net worth of more than $500 billion, according to Forbes’ billionaires index.
The Tesla boss and owner of social media platform X saw his businesses surge in value yesterday afternoon, with his fortune reaching £370.9 billion.
World’s Richest Person
The majority of Musk’s wealth is tied to his 12% stake in Tesla. Shares in the carmaker have risen by more than 20% in the past year, further cementing his position as the world’s richest.
Analysts say he could become the first-ever trillionaire if Tesla meets a set of ambitious performance targets.
Trillionaire Targets
The milestones include selling a million AI robots, producing another 12 million Tesla vehicles, and increasing the company’s valuation eightfold.
If achieved, Musk would be due to receive a massive payout under Tesla’s performance-linked compensation plan.
Investor Confidence
Investors have welcomed the renewed focus on his businesses. In recent months, he has dedicated more time to Tesla, his artificial intelligence start-up xAI, and rocket company SpaceX.
This marks a shift away from political controversies, including collaboration earlier this year with Donald Trump’s Department of Government Efficiency (DOGE), a team set up to cut spending and jobs.
Tesla chair Robyn Denholm said he is now “front and centre” at the company, reassuring shareholders about its direction.
Family Rift
Despite his record-breaking wealth, Musk’s personal life has faced public strains. Last month, his daughter Vivian Wilson revealed she has “no desire” to be super-rich.
Vivian, who petitioned for a name and gender change in 2022, has cut ties with her father.
Although he initially voiced support for her transition, later defending her right to privacy, he later declared that she had been “killed by the woke mind virus.”
The rift has underlined the personal challenges facing the billionaire even as his wealth reaches unprecedented levels.
