AUSTIN, Texas: Tesla CEO Elon Musk this week became the first person in history to amass a net worth of US$500 billion, according to Forbes, fueled by a rebound in Tesla shares and soaring valuations of his other ventures this year.

Forbes' billionaires index pegged Musk's wealth at $500.1 billion as of 4:15 p.m. ET, putting him well ahead of the world's most affluent peers. Oracle founder Larry Ellison was the second-richest on the list, with a fortune of $350.7 billion.

Musk's wealth is tied largely to Tesla, where he held a 12.4 percent stake as of mid-September. Tesla shares have climbed more than 14 percent this year, including a 3.3 percent gain that added over $6 billion to Musk's personal fortune.

The surge comes after Tesla's rocky start to 2025, when slowing car sales and shrinking margins weighed heavily on the stock, leaving it one of the weakest performers among the "Magnificent Seven" group of mega-cap technology companies. Investor sentiment began improving in late summer as Musk renewed his focus on his companies after months spent in Washington.

Tesla board chair Robyn Denholm said in September that Musk was once again "front and center" at the company. Days later, Musk disclosed that he had personally purchased about $1 billion worth of Tesla stock, a signal of confidence in its transformation from an automaker into what he has described as an AI and robotics powerhouse.

The board also proposed a $1 trillion compensation plan for Musk, setting steep operational and financial targets while responding to his calls for a larger stake in Tesla.

Musk's other ventures have also driven his historic net worth. SpaceX, his rocket company, has been discussing new fundraising and secondary share sales that could value it at about $400 billion, Bloomberg reported in July. His AI startup xAI has rapidly gained attention since its launch last year, with a valuation of $75 billion as of July, according to PitchBook. Reports in September suggested xAI could seek to raise funds at a valuation of $200 billion, though Musk has publicly denied any current fundraising.