Elon Musk has become the first ever person in the world to reach a net worth of more than $500 billion.

 

The Tesla boss and X owner saw the value of his businesses rise to £370.9 billion yesterday afternoon, October 1, the Forbes’ billionaires index reported.

 

This further cements his status as the world’s richest person, with most of his wealth tied closely to his 12% stake in Tesla.

 

The value of the car company shares has risen by more than 20% over the last year.

 

Musk is also in sight of becoming the world’s first trillionaire, as he will receive a huge payout if Tesla reached its list of ambitious targets.

 

These include selling a million AI robots, another 12 million Tesla cars and boosting the company’s value eight-fold.

 

Investors have welcomed Musk focusing more time on his businesses, which also includes artificial intelligence startup xAI and rocket company spaceX, rather than politics.

 

He came under fire this year after working with Donald Trump’s Department of Government Efficiency (DOGE), which was tasked with cutting jobs and spending.

 

But he is back “front and centre” of Tesla according to the company chair

Robyn Denholm.