Elon Musk has officially become the first person in history to reach a $500 billion net worth, according to Forbes. At around 3:30 p.m. ET on Wednesday, the SpaceX and Tesla CEO crossed the half-trillion mark. He now sits almost $150 billion ahead of Oracle co-founder Larry Ellison, the world’s second-richest person.
Musk’s rise has been staggering. In March 2020, his net worth was $24.6 billion. By late 2020, it hit $100 billion. In 2021, he crossed $200 billion, then reached $400 billion in 2024, before soaring to $500 billion this week.
Forbes reports that if Musk maintains this trajectory, he could become the first trillionaire in history by 2033, when Tesla’s $1 trillion compensation package starts to vest.
On Wednesday alone, Musk’s wealth grew by $9.3 billion as Tesla shares rose nearly 4%. Since April, when Musk announced he would refocus on Tesla and step down as head of President Trump’s Department of Government Efficiency (DOGE), the company’s stock has almost doubled.
Musk’s 12% stake in Tesla is worth $191 billion, while SpaceX contributes about $168 billion of his wealth. He also owns most of xAI Holdings, valued at $60 billion.
Tesla’s board recently proposed a record-breaking new compensation plan for Musk. The package, worth up to $1 trillion, would give him as much as 12% of Tesla’s stock if the company hits targets.
These include achieving an $8.5 trillion market valuation and meeting several ambitious operational goals over the next decade.
