Elon Musk has become the first person in the world to be worth more than $500 billion. This huge milestone makes him the richest person on the planet by a very wide margin.
His amazing wealth comes mainly from his ownership in Tesla. The electric car company’s stock price has jumped this year, rising more than 20%. This week alone, shares climbed over 3%, briefly pushing his total net worth past the $500 billion mark.
Investors are feeling more confident as Musk spends more time on his companies. He had been involved in politics and shared strong opinions on social issues. Now, Tesla’s board chair says Musk is “front and center” at the car company again. He also recently bought $1 billion of Tesla stock, showing his belief in the company’s future.
But Tesla isn’t his only success. His rocket company, SpaceX, and his new artificial intelligence startup, xAI, have also grown in value. Together, these businesses have helped build his enormous fortune.
What’s next? Musk could earn an even bigger pay package. Tesla’s board has offered him a deal that could be worth more than $1 trillion if he hits huge goals. He would need to make Tesla worth eight times more than it is today and sell millions of AI robots and electric cars.
Tesla still faces tough competition from other car companies like China’s BYD. The company is also working to become more of an AI and robotics business. But for now, Musk’s record-breaking wealth shows that many investors still strongly believe in his big ideas.
By
