Elon Musk Briefly Becomes First Person Worth $500 Billion Before Dip

Tesla CEO Elon Musk made history on Wednesday as the first individual ever to surpass a net worth of $500 billion (£370 billion), though his fortune fell below that threshold within hours.

The milestone came after another surge in Tesla’s share price. According to Bloomberg’s Billionaires Index, which tracks the net worth of the world’s 500 richest people, Musk’s day-end net worth was $470 billion (£348.7 billion), a $10.5 billion increase in a single day. For perspective, 159 of the world’s top 500 billionaires have net worths below $10 billion.

Tesla shares climbed 3.3 per cent on Wednesday and were up an additional 0.7 per cent in pre-market trading, suggesting Musk’s wealth could rise further once US markets open. He currently holds about a 12–13 per cent stake in Tesla, and future pay packages could see him acquire more shares, potentially positioning him to become the world’s first trillionaire if key company milestones are reached.

In addition to Tesla, Musk owns private companies such as SpaceX, The Boring Company, and xAI, some of which have seen increased valuations this year.

Tesla shares have risen more than 70 per cent over the past six months, recovering from a slump in March and April, though they remain slightly below the record high reached in December 2024. The company continues to face challenges, including slower sales in Europe and rising competition from Chinese electric vehicle makers.