Elon Musk Becomes First Person to Reach $500 Billion Net Worth
Tesla chief executive Elon Musk has crossed a historic milestone by becoming the first individual in the world to amass a net worth of $500 billion. Data from the Forbes Billionaires Index placed his wealth at $500.1 billion as of 4:15 p.m. ET on October 1. The surge was fueled by a recovery in Tesla’s stock price along with rising valuations of Musk’s other business ventures.
Oracle co-founder Larry Ellison trails Musk as the second-richest person globally, with an estimated fortune of $350.7 billion.
Musk adds to Tesla holdings
In a move that further strengthened his stake in Tesla, Musk acquired nearly $1 billion worth of the company’s shares last month. A filing with the US Securities and Exchange Commission revealed that the billionaire purchased approximately 2.57 million shares on September 12 through a trust. This was Musk’s first major open-market acquisition of Tesla stock since February 2020.