World’s first half-trillionaire: Elon Musk hits $500 billion fortune

Elon Musk has become the first person in history to reach a net worth of $500 billion, briefly crossing $500.1 billion according to Forbes’ billionaires index. This milestone reflects the rising valuations of his key ventures, notably Tesla, which remains central to his fortune due to his 12% stake. Tesla’s stock performance in 2024, with a yearly gain exceeding 20%, has been critical in boosting Musk’s wealth, despite challenges such as slowing car sales, competition from Chinese EV maker BYD, and profit margin pressures. Musk’s renewed focus on Tesla, underscored by his recent $1 billion share purchase and increased involvement after a period of political engagement, has been positively received by investors. Musk’s wealth lead remains substantial compared to rivals like Oracle founder Larry Ellison, whose net worth stands at $350.7 billion. Ellison briefly surpassed Musk last month due to Oracle’s strong stock performance driven by cloud computing and AI optimism, but Musk quickly regained the