The director of Tesla, Elon Musk, has become the first person in history to reach a net worth of more than 500 billion dollars, thanks to the rise in value of the electric car company and his other businesses during this year.<\/p>\n\n\n\n
The value of Musk\u2019s fortune briefly reached 500.1 billion dollars on Wednesday afternoon New York time, before slightly dropping to just over 499 billion dollars later in the day.<\/p>\n\n\n\n
According to Forbes, aside from Tesla, the value of Musk\u2019s other ventures, including the artificial intelligence startup xAI and the company SpaceX, has also reportedly risen significantly in recent months.<\/p>\n\n\n\n
This milestone further cements Musk\u2019s status as the richest person in the world, far ahead of his rivals in the global technology sector.<\/p>\n\n\n\n
According to the Forbes Billionaires Index, Oracle founder Larry Ellison is the second richest person in the world, with a fortune of around 350.7 billion dollars.<\/p>\n\n\n\n
Ellison briefly overtook Musk last month after Oracle\u2019s shares jumped more than 40 percent, driven by unexpectedly positive prospects for the company\u2019s cloud infrastructure business and contracts related to artificial intelligence.<\/p>\n\n\n\n
Musk\u2019s enormous wealth is closely tied to his stake of over 12 percent in Tesla, whose shares have risen significantly this year.<\/p>\n\n\n\n
Tesla shares were up more than 3.3 at Wednesday\u2019s closing in New York and have so far risen more than 20 percent this year.<\/p>\n\n\n\n
The company\u2019s stock has been gaining in recent months as investors welcomed Musk devoting more time to his companies and less to politics.<\/p>\n\n\n\n
Earlier this year, he faced criticism for his work with the Department of Government Efficiency in Donald Trump\u2019s administration, which was tasked with cutting U.S. government spending and eliminating jobs.<\/p>\n\n\n\n
Musk, who also owns the social network X, openly voices his views on issues such as immigration and diversity, equity, and inclusion (DEI) programs.<\/p>\n\n\n\n
The company\u2019s board also stated that Musk could receive a compensation package worth over one trillion dollars if he meets a list of ambitious goals in the next decade.<\/p>\n\n\n\n
To obtain that package, he would have to increase Tesla\u2019s value eightfold, sell one million VI robots, another 12 million cars, and meet several other goals.<\/p>\n\n\n\n
Also last month, Musk announced that he had purchased Tesla shares worth about one billion dollars, which some investors interpreted as a sign of confidence in the company.<\/p>\n\n\n\n
Tesla has in recent years faced numerous challenges, including fierce competition from rivals among electric car manufacturers, such as China\u2019s BYD.<\/p>\n\n\n\n
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