Elon Musk Breaks Record as First to Hit $500 Billion Net Worth
Elon Musk has once again rewritten the rulebook of wealth. The Tesla and SpaceX boss has become the first person in history to see his fortune soar past the half-trillion-dollar mark, according to Forbes.
As of Wednesday afternoon, Musk’s net worth stood at a staggering $500.1 billion
. A milestone fuelled by Tesla’s share rally and the soaring valuations of his sprawling empire, from rockets to AI.
Tesla shares jumped 3.3% on Wednesday alone, instantly adding more than $6 billion to Musk’s wealth. Despite turbulent months in the automotive sector, the stock has risen over 14% this year.
Elon Musk has become the first person to achieve a net worth exceeding $500 billion, driven by the growth of Tesla, SpaceX, and xAI. His wealth surged to $500.1 billion, surpassing Oracle’s Larry Ellison, who has a net worth of $350.7 billion. Musk owns 12% of Tesla, which has… pic.twitter.com/gyPJfQfFEj
— anreads (@newyorktaxcon) October 2, 2025
Musk still holds more than 12.4% of Tesla, cementing the carmaker as the cornerstone of his fortune.
But Tesla’s road hasn’t been smooth. Declining car sales and shrinking profit margins have left it trailing behind the so-called Magnificent Seven of tech stocks.
In a bold move, Tesla’s board last month floated a colossal $1 trillion compensation package for Musk, a plan aimed at keeping him firmly tethered to the company’s future.
Tesla chair Robyn Denholm underscored the shift in Musk’s focus: he is now “front and center” again at the company after a spell in Washington.
Soon after, Musk snapped up $1 billion worth of Tesla shares, reassuring investors he was steering the ship once more.
The Tesla founder’s riches are not confined to cars. His space venture, SpaceX, is now valued close to $400 billion and is exploring new funding opportunities, according to Bloomberg.
Meanwhile, his AI outfit xAI has reached a $75 billion valuation in less than a year. Add to that his controversial social platform, X (formerly Twitter), and Musk’s footprint stretches across industries, shaping the future.
Yet, Musk’s crown as the world’s richest man is not uncontested. Oracle co-founder Larry Ellison is rapidly closing the gap. Forbes ranks him at $350.7 billion, second only to Musk.
Not long ago, Ellison briefly leapfrogged Musk after Oracle’s shares rocketed on the back of blockbuster cloud contracts with the likes of OpenAI, Nvidia, Meta, and even Musk’s own xAI. At one point, just $1 billion separated the two moguls.
The race between Musk and Ellison symbolises more than just extreme wealth. It highlights the shifting centre of gravity in global tech, from traditional software empires to electric cars, AI, and space exploration.
For now, Musk has etched his name into the financial history books as the first person to crack the $500 billion barrier. Whether he stays ahead is another question entirely
