Musk becomes the first person to ever see the wealth of $ 500 billion

Tesla’s head Elon Musk became the first person to reach a net value of more than $ 500 billion ($ 370.9 billion) as the value of the company for electric cars and its other businesses has risen this year.

Tech Magnate’s net value briefly reached $ 500.1 billion on Wednesday afternoon in New York, before sinking slightly to just over $ 499 billion later during the day, the FORBES billionaires reported.

Along with Tesla, the assessments of his other endeavors, including the launch of the XAI and Rocket Company SpaceX artificial intelligence, have also climbed in recent months.

The main stone further cites the status of Musk as the most rich man in the world, much more than rivals in the global technology sector.

According to the forbes billionaire index, Oracle founder Larry Ellison is the second most rich man in the world, with a wealth of about $ 350.7 billion.

Musk’s huge wealth is closely linked to more than 12% in Tesla, which saw that his actions are rising sharply this year.

Tesla’s shares were more than 3.3% higher at the end of New York trade on Wednesday and has now increased by over 14% this year.

The company’s shares have received profits in recent months as investors welcome Musk, focusing more on its companies, not politics.

He has been confronted with criticism this year for his work with the Ministry of Government of the Trump Administration (Doge), the authority charged with reducing the costs of the US government and reducing jobs.

The chairman of the Tesla, Robin Denholm, said in September that Musk is already “Front and Center” at the car manufacturer.

Also last month, Musk announced that he had bought about $ 1 billion in Tesla shares in what was regarded by some investors as a vote of confidence in the company.

Tesla has faced a number of challenges in recent years, including strong competition from competing electric car manufacturers such as China’s Byd.

The company is also in the process of switching to artificial intelligence (AI) and robotics.