Elon Musk First Person to Reach $500bn Net Worth
Elon Musk has become the first person in history to achieve a net worth of over $500bn (£371bn). The surge in his wealth is largely attributed to the soaring value of his companies, Tesla and SpaceX, as well as his AI startup, xAI.
Musk's fortune is heavily tied to Tesla, where he owns over 12.4% of the shares. Tesla's shift towards AI and robotics leadership has bolstered investor confidence, leading to a 14% increase in the company's stock year to date. This has added over $6bn (£4.4bn) to Musk's net worth.
SpaceX, Musk's rocket company, is planning to raise funds and sell shares, with a potential valuation of approximately $400bn (£296bn). This year alone, SpaceX's value has increased significantly, reaching an estimated worth of around $400 billion. Musk's AI startup, xAI, has also been scaling up operations, contributing to his overall wealth growth. xAI was valued at $75bn (£55bn) as of July.
Musk's net worth milestone is a testament to the success of his companies. His recent purchase of approximately $1bn (£740m) worth of Tesla shares also signals his confidence in the company's future. Meanwhile, Larry Ellison ranks second on the Forbes rich list, with a net worth of about $350.7bn (£260bn).
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