Thanks to a surge in the value of Tesla’s stock this year and rising estimates for his other tech businesses, Elon Musk became the first individual to reach $500 billion in net worth on Wednesday.
The achievement confirms Musk’s position as the richest person in the world and comes less than a year after his net worth surpassed $400 billion.
According to Forbes’ billionaires index, Musk’s wealth surged to $500 billion on Wednesday, but by 5 p.m. ET, it had dropped to $499.1 billion.
His almost 12% ownership in Tesla, the most valuable car company in the world, is directly linked to his riches. After a rocky start to the year, the electric vehicle manufacturer’s stock has increased by almost 14% so far.
