Elon Musk Achieves Landmark $500 Billion Net Worth
On October 1, 2023, Elon Musk made history by becoming the first individual to attain a net worth nearing $500 billion. The milestone was achieved during a period of rising valuations in both Tesla and his other ventures, notably SpaceX and xAI.
Elon Musk’s Historic Net Worth
As of 4:15 p.m. E.T., Musk’s net worth was recorded at $500.1 billion, according to the Forbes billionaires index. His financial trajectory is primarily linked to his significant stake in Tesla, which stood at over 12.4% as of September 15, 2023.
Tesla’s Stock Performance
- Tesla shares have increased by more than 14% in 2023.
- On the day of Musk’s achievement, the stock closed up by 3.3%, adding over $6 billion to his net worth.
- Despite these increases, Tesla faced challenges with declining car sales and margin pressure.
In the past few months, investor sentiment improved, partly due to Musk’s increased presence at Tesla. Robyn Denholm, Tesla’s board chair, noted that Musk was back “front and center” after a period of time spent at the White House.
Significant Investments and Future Prospects
In a significant move, Musk recently purchased approximately $1 billion worth of Tesla shares, signaling confidence in the company’s future. This bold step comes as Tesla transitions from a traditional automotive manufacturer to a leader in artificial intelligence and robotics.
Compensation and Valuations of Musk’s Ventures
- The Tesla board proposed a $1 trillion compensation plan for Musk with ambitious targets.
- xAI is valued at around $75 billion as of July 2023.
- SpaceX’s discussion of fundraising reportedly places its value near $400 billion.
Elon Musk’s wealth places him significantly ahead of other billionaires, including Larry Ellison, who is the second-richest person with a net worth of approximately $350.7 billion.
