Elon Musk has achieved a financial milestone that has never been seen before: he has become the world’s first half-trillionaire. As reported by Forbes magazine on Wednesday, the net worth of Tesla and SpaceX’s CEO soared to an astonishing $US500.1 billion ($755 billion) before slightly retracting to approximately $US499.1 billion, as tracked by the publication’s “Real-Time Billionaires” tracker. This leap showcases the volatile nature of wealth at the pinnacle of the business world, particularly against the backdrop of recent AI-driven market shifts.
This ascent comes in a tumultuous period for wealth rankings, especially since Mr Musk’s reign as the richest person on the planet has witnessed its share of competition. Just last month, he relinquished his crown to Larry Ellison, co-founder of Oracle, whose own fortune surged to $US393 billion ($593 billion) following the company’s blockbuster earnings report. Oracle’s shares skyrocketed by over 40 per cent on the heels of multi-billion-dollar AI contracts with major players like OpenAI, Meta, and Nvidia.
Currently, Ellison’s wealth stands at $US350.7 billion, losing ground to Musk once again. However, the fluctuating fortunes of these tech titans highlight the ever-changing dynamics within the upper echelons of the billionaire club.
Elon Musk, who became the world’s richest person for the first time four years ago, has experienced a rollercoaster of financial highs and lows, marking the tech industry’s rapid growth and subsequent corrections. The South African-born entrepreneur, who graduated from the University of Pennsylvania before briefly attending Stanford University, first tasted financial success in 1999. He sold his online publishing software company, Zip2, to Compaq for upwards of $300 million ($450 million).
Since then, Musk has built empires in various fields, from online banking, which eventually merged with PayPal, to the astronomical ventures of SpaceX, founded in 2002, and his CEO role at Tesla, which he took on in October 2008. His relentless pursuit of innovation in electric vehicles and space exploration has not only made him a household name but contributed vastly to his staggering wealth.
As the competition in the billionaire rankings heats up, it remains to be seen whether Musk will cement his status or if the fast-moving technology landscape will yield new challengers. For now, his achievement as the world’s first half-trillionaire adds a historic chapter to his already extraordinary narrative.