Due to the recovery in the EV manufacturer's stock and the skyrocketing values of his other businesses, billionaire and Tesla CEO Elon Musk became the first individual to reach a net worth of $500 billion on Wednesday (local time). Musk's net worth was $499.5 billion as of 3:55 p.m. Eastern Time, according to

Musk's net worth was $499.5 billion as of 3:55 p.m. Eastern Time, according to Forbes' Billionaire Index. As investors continued to cheer on the prospects of a more focused Musk, Tesla shares increased by about 4% and contributed an estimated $9.3 billion to Musk's wealth.

Following Musk's announcement during the business's April earnings call that he will resign from his position as head of the Department of Government Efficiency (DOGE) under US President Donald Trump's administration in order to concentrate more on his electric vehicle company, Tesla's stock price has nearly quadrupled. Musk's 12 percent ownership in the company is worth $191 billion, with the market capitalization of the company currently within 10 percent of its all-time high from December.

If Tesla meets "Mars-shot" performance goals, such as increasing its market capitalization more than eightfold over the next ten years, Musk may receive additional stock worth up to $1 trillion, according to a new, record-breaking compensation package adopted by the company's board earlier in September.

Musk's Fortune of Half a Trillion Dollars

There are other businesses that have contributed to Musk's half-trillion-dollar fortune besides Tesla. According to a private tender offer in August, SpaceX, which was founded in 2002, is currently valued at $400 billion, up from $350 billion in December. Musk is projected to control $168 billion, or 42%, of the rocket manufacturer.

Another of Musk's businesses, xAI Holdings, has also helped reach this milestone. The company was founded in March of this year and was valued at $113 billion when he combined his artificial intelligence business, xAI, with X, the social media platform that was once known as Twitter and was purchased in 2022. Musk is projected to own a $60 billion, or 53%, stake in xAI Holdings.

Musk's Chronology of Net Worth Milestones

• March 2020: $24.6 billion in net worth

• August 2020: Becomes the fifth individual to reach the $100 billion milestone.

• January 2021: With around $190 billion, he becomes the richest person in the world for the first time.

• September 2021 – Crosses $200 billion, after Jeff Bezos and Bernard Arnault

• Reaching $300 billion in November 2021

• $400 billion is reached in December 2024.

• October 2025: The first person in history to reach $500 billion in net worth​

The Top Ten Billionaires

The wealthiest individuals in the world, as determined by Forbes' index, are:

• Tesla: $499.1 billion

• $350.7 billion for Larry Ellison

• Zuckerberg, Mark: $245.8B

• Bezos, Jeff: $233.5 million

• Larry Page: $203.7 billion

• Brin, Sergey: $189 billion

• Huang Jensen: $162.6 billion

• Bernard Arnault: $160.6%

• $156.4 billion, according to Steve Ballmer

• Buffett, Warren: $148.5 billion