Elon Musk makes history as first person ever to hit $500B net worth milestone: report

Elon Musk on Wednesday reportedly became the first person in history with a net worth of $500 billion.The Tesla and SpaceX CEO’s fortune crossed the half-trillion mark around 3:30 p.m. Eastern Time, putting him about $150 billion ahead of Oracle co-founder Larry Ellison, the world’s second-richest person, Forbes reported.Musk’s wealth has skyrocketed from $24.6 billion in March 2020 to a series of milestones: $100 billion by late 2020, $200 billion in 2021, $400 billion in 2024, before reaching $500 billion this week. At his current pace, Musk could become the world’s first trillionaire by 2033, when Tesla’s proposed $1 trillion compensation package begins vesting, Forbes reported.ELON MUSK PLEDGES RETURN TO '24/7' WORK AT HIS FIRMS AFTER WIDESPREAD X OUTAGE"It’s not about ‘compensation’, but about me having enough influence over Tesla to ensure safety if we build millions of robots," Musk said in an X post in September. "If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future."THESE ARE THE BIGGEST MOVES ELON MUSK MADE WHILE RUNNING DOGETesla stock rose nearly 4% Wednesday, adding about $9.3 billion to Musk’s fortune. The stock has nearly doubled since April, when Musk announced he would step back from his role leading President Trump’s Department of Government Efficiency (DOGE) to refocus on the EV maker, Forbes reported.Tesla’s market cap is now within 10% of its all-time high, with Musk’s 12% stake valued at $191 billion. SpaceX, valued at $400 billion, contributes an estimated $168 billion to Musk’s net worth. Musk also controls a majority stake in xAI Holdings, valued at roughly $60 billion, according to Forbes.TESLA EARNINGS FALL SHORT; ELON MUSK SAYS DOGE TIME WILL 'DROP SIGNIFICANTLY'Last month, Tesla's board of directors proposed a new compensation plan for Musk worth a potential $1 trillion, marking what would be the largest pay package for an executive in history.The board's proposal would give Musk up to 12% of Tesla's stock, worth about $1 trillion, if the automaker hits aggressive targets such as a market capitalization of $8.5 trillion as well as other operational milestones over a 10-year period.GET FOX BUSINESS ON THE GO BY CLICKING HERETesla did not immediately respond to FOX Business' request for comment. FOX Business' Daniella Genovese contributed to this report.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business