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Elon Musk becomes first person to hit $500 billion in net worth: All you need to know
Tesla CEO Elon Musk on Wednesday became the first person ever to achieve a net worth of $500 billion, thanks to a rebound in Tesla shares and soaring valuations of his other ventures this year.
According to Forbes' billionaires index, Musk's net worth stood at $500.1 billion as of 4:15 p.m. ET. Oracle chief Larry Ellison was next at $350.7 billion, followed by Meta CEO Mark Zuckerberg at $245.8 billion.
Tesla shares rose nearly 4% by 3:30 pm ET on Wednesday, boosting Musk's net worth by an estimated $9.3 billion, as investors cheered his renewed focus on the company.
Since Musk announced on April's earnings call that he would step back from leading the Department of Government Efficiency (DOGE) to concentrate on Tesla, the stock has nearly doubled. With the market cap now within 10% of its December record, Musk's 12% stake is valued at $191 billion.
In May, Musk stepped back from his high-profile political activities, including his controversial leadership of DOGE, to refocus on his business empire: Tesla, SpaceX, X, and xAI.
Here's a look at these ventures:
Tesla splurged to retain its CEO
Tesla granted its chief executive, Musk, shares worth more than $29 billion in “good faith”. With the latest stock award, the value of Musk's holding in Tesla stands at around $157 billion.
Musk joined Tesla in 2004 as chairman of the board after leading Tesla's first major investment round, injecting $6.5 million of his own money. He became CEO of Tesla in October 2008.
Also Read: Tesla hunts for Tata Motors' top talent to start its India journey
The package will be effective if Tesla expands its market capitalisation from around $1.1 trillion to $8.5 trillion.
The targets also include delivering 20 million vehicles annually, having one million robotaxis in operation, and producing one million artificial intelligence (AI) humanoid robots within 10 years. Musk must remain CEO for at least 7.5 years for the shares to start vesting and 10 years for full payout.
The move aims to keep Musk the face of the EV maker as it struggles with falling sales in various geographies.
Tesla's new-car sales in Britain plummeted nearly 60% to 987 units in July from a year earlier. In addition, deliveries of its China-made Model 3 and Model Y vehicles, including exports to Europe and other markets, reached 67,886 cars last month, down 5.2% from June, data from the China Passenger Car Association showed on Monday.
Tesla's business is undergoing a transformative shift, as it moves into robotaxis and humanoid robots, positioning the company more as an artificial intelligence (AI) and robotics company than an automaker.
Also Read: Back and forth over Elon Musk's pay cheque: How Tesla splurged to retain its CEO
The xAI chapter
Post his exit from DOGE, Musk-owned xAI laid out plans to raise $5 billion, while Neuralink, also owned by him, raised $650 million.
The focus shifted to expanding the company's footprint in the competitive artificial intelligence space, which is dominated by the likes of Microsoft, OpenAI and Google. Meanwhile, the latter has started clinical trials of its brain implant devices.
Musk's AI startup xAI Corp was looking to sell debt worth $5 billion in June. Morgan Stanley, the bank that advised him on his $44-billion Twitter acquisition, was shopping the debt at a double-digit interest rate.
The debt is linked to XAI Holdings, which includes both xAI and Musk's social media platform X, which were merged in March via an all-stock deal valued at $33 billion. In April, Bloomberg reported that XAI Holdings was in talks to raise around $20 billion from investors.
Also Read: Musk kicks off xAI, Neuralink fundraises after DOGE farewell
One month later, in July, xAI secured up to $12 billion more for its expansion plans, the Wall Street Journal reported.
The AI startup was expected to burn through about $13 billion over the course of 2025, according to media reports.
xAI expects to generate more than $13 billion in annual earnings by 2029, according to numbers revealed by its banker, Morgan Stanley, Bloomberg News reported in June.
The company expects $1 billion in gross revenue by the end of this year and plans to spend $18 billion on investments in data centres.
Also Read: Here's everything you want to know about xAI, Elon Musk's latest gamble with AI
Space X deals
SpaceX, the American aerospace company founded in 2002 by Musk, designs, manufactures, and launches rockets and spacecraft.
SpaceX successfully launched 28 Starlink satellites into low Earth orbit aboard its Falcon 9 rocket, adding to its expanding constellation of internet satellites.
The launch, which took place from Vandenberg Space Force Base in California, marked the company's 16th mission of the month — tying its record set in May for the most launches in a single month.
SpaceX discussed plans to raise funds and sell insider shares, which would have valued Musk's company at about $400 billion, per the report by Reuters in May. This would have set a record for a privately held US company, surpassing SpaceX's December buyback valuation of $350 billion and rivalling ByteDance and OpenAI.
Recently, the company inked a deal worth about $17 billion with EchoStar for spectrum licenses that it will use to beef up its Starlink satellite network.
The deal for EchoStar's AWS-4 and H-block spectrum licenses includes up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock. SpaceX will make approximately $2 billion in cash interest payments on EchoStar debt through November 2027.
Source: EconomicTimes
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