Elon Musk, CEO of American electric vehicle giant Tesla, on Wednesday became the world’s first billionaire whose net worth surpassed $500 billion (2.1 trillion ringgit).
According to the Forbes Billionaires List, as of 4:15 p.m. Eastern Time on the 1st, Musk’s net worth stood at $501 billion (2.1 trillion ringgit). The second richest person is Oracle co-founder Larry Ellison, with a net worth of $350.7 billion (1.47 trillion ringgit).
Foreign media reports indicate that Musk’s wealth is closely tied to Tesla. As of September 15, he held over 12.4% of the company’s shares. So far this year, Tesla’s stock price has risen more than 14%, closing up another 3.3% on Wednesday at $459.46 per share (1,935 ringgit), which increased Musk’s net worth by more than $6 billion (25.263 billion ringgit).
Tesla’s stock price experienced volatility at the beginning of the year. As Musk refocused his attention on the company, investor sentiment improved and the share price gradually rebounded. Last month, Tesla chair Robyn Denholm stated that after spending several months at the White House, Musk has “returned to the front lines and core” of the company.
Since September, Tesla’s stock price has soared over 37%. At the same time, the valuations of Musk’s AI startup xAI and American space exploration company SpaceX have also risen this year.