Elon Musk on Wednesday reportedly became the first person in history with a net worth of $500 billion.
The Tesla and SpaceX CEO’s fortune crossed the half-trillion mark around 3:30 p.m. Eastern Time, putting him about $150 billion ahead of Oracle co-founder Larry Ellison, the world’s second-richest person, Forbes reported.
Musk’s wealth has skyrocketed from $24.6 billion in March 2020 to a series of milestones: $100 billion by late 2020, $200 billion in 2021, $400 billion in 2024, before reaching $500 billion this week. At his current pace, Musk could become the world’s first trillionaire by 2033, when Tesla’s proposed $1 trillion compensation package begins vesting, Forbes reported.
Elon Musk speaks during a town hall in Green Bay, Wisconsin, on March 30, 2025. (ROBIN LEGRAND/AFP via Getty Images / Getty Images)
"It’s not about ‘compensation’, but about me having enough influence over Tesla to ensure safety if we build millions of robots," Musk said in an X post in September. "If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future."
Tesla stock rose nearly 4% Wednesday, adding about $9.3 billion to Musk’s fortune. The stock has nearly doubled since April, when Musk announced he would step back from his role leading President Trump’s Department of Government Efficiency (DOGE) to refocus on the EV maker, Forbes reported.
Tesla vehicles are pictured on display at a Tesla store in Palo Alto, California. (Yichuan Cao/NurPhoto via Getty Images / Getty Images)
Tesla’s market cap is now within 10% of its all-time high, with Musk’s 12% stake valued at $191 billion. SpaceX, valued at $400 billion, contributes an estimated $168 billion to Musk’s net worth. Musk also controls a majority stake in xAI Holdings, valued at roughly $60 billion, according to Forbes.
Last month, Tesla's board of directors proposed a new compensation plan for Musk worth a potential $1 trillion, marking what would be the largest pay package for an executive in history.
Larry Ellison listens as U.S. President Donald Trump speaks to reporters in the Oval Office of the White House on February 3, 2025, in Washington, DC. (Anna Moneymaker/Getty Images / Getty Images)
The board's proposal would give Musk up to 12% of Tesla's stock, worth about $1 trillion, if the automaker hits aggressive targets such as a market capitalization of $8.5 trillion as well as other operational milestones over a 10-year period.
Tesla did not immediately respond to FOX Business' request for comment.
FOX Business' Daniella Genovese contributed to this report.