Elon Musk has made history as the first individual in the world to amass a net worth exceeding $500 billion, according to the latest Forbes billionaires index.
The Tesla, SpaceX, and X (formerly Twitter) owner crossed the milestone on October 1 after the value of his businesses surged to £370.9 billion. The bulk of Musk’s fortune comes from his 12% stake in Tesla, whose shares have risen more than 20% in the past year.
The achievement strengthens Musk’s position as the world’s richest person and brings him closer to becoming the first trillionaire, with Tesla’s ambitious targets—including producing millions of cars, selling one million AI robots, and expanding its valuation eightfold—expected to trigger massive payouts.
Tesla chair Robyn Denholm said Musk is now “front and centre” at the company again, after drawing criticism earlier in the year for his collaboration with Donald Trump’s Department of Government Efficiency (DOGE). Investors have also welcomed his renewed focus on his core businesses, including his AI startup, xAI, and space exploration firm, SpaceX.