By Frank Ulom
NEW YORK (CONVERSEER) – Tesla boss Elon Musk has briefly become the first individual in history to reach a personal net worth exceeding half a trillion dollars, following a sharp rise in the electric carmaker’s stock.
According to market reports, Musk’s wealth stood at $500.1 billion during trading in New York on Wednesday before easing back to $499 billion later in the day. The surge came as Tesla’s share price, in which Musk owns more than 12 percent, rose strongly on the back of renewed investor confidence.
Tesla’s stock has gained more than 20 percent since the start of the year, overcoming a turbulent beginning that saw criticism of Musk’s ties with US President Donald Trump. The company’s growth has been supported by continued expansion in the clean energy market and sustained demand for electric vehicles.
Musk’s other ventures, including space exploration firm SpaceX and artificial intelligence company xAI, have also seen an upswing in valuations, further bolstering his overall fortune.
The billionaire has consistently topped the global rich list, although he was briefly overtaken last month by Oracle founder Larry Ellison, whose net worth surged after a 43 percent rally in Oracle shares fuelled by rising cloud computing demand.
Meanwhile, Tesla’s board has proposed a one trillion dollar compensation package for Musk, conditional on the company achieving a market value of more than $8.5 trillion over the next decade. This would be more than eight times Tesla’s current worth, setting one of the most ambitious corporate targets in history.
