Tesla shares surge lifts Musk to $500bn fortune, cementing status as world’s richest man

Elon Musk has become the first person in history to amass a fortune worth more than half a trillion dollars, cementing his position as the richest individual in the world and raising the prospect of him one day becoming the first trillionaire.

According to the Forbes billionaires index, Musk’s net worth surged to $500bn (£370.9bn) this week, largely driven by a 20% rise in Tesla’s share price over the past year. The electric carmaker remains the cornerstone of his wealth, with Musk holding a 12% stake valued in the hundreds of billions.

Tesla’s growth trajectory remains central to Musk’s future fortune. The company has set ambitious long-term targets, including the sale of 12 million vehicles annually, an expansion into humanoid AI robots, and an eight-fold increase in market value. If those goals are met, Musk stands to receive an unprecedented payout package — potentially propelling him into trillionaire territory.

The milestone comes during a period of renewed investor confidence in Musk, who has been criticised in recent years for spending too much time on politics and social media. His involvement with Donald Trump’s Department of Government Efficiency (DOGE), a body charged with cutting government jobs and spending, drew particular controversy earlier this year.

But Tesla chair Robyn Denholm told investors that Musk is now “front and centre” in the business once again, reassuring markets that his attention is back on the company’s operations and innovation pipeline.

Musk’s empire extends well beyond Tesla. His private spaceflight venture, SpaceX, continues to dominate the commercial launch sector while developing ambitious projects such as Starship, a next-generation rocket designed for missions to Mars. His AI startup, xAI, has also gained traction in the crowded artificial intelligence market, as companies race to develop alternatives to OpenAI’s ChatGPT and Google’s Gemini.

While Musk’s wealth has soared, it has also generated intense scrutiny. His personal life has frequently been entangled with his business reputation. Last year, one of his daughters, Vivian Wilson — who legally changed her name and gender in 2022 — said she had “no desire” to inherit or participate in her father’s fortune. Musk responded by blaming what he called the “woke mind virus” for estranging them, despite having initially expressed support for her transition.

Such episodes highlight the polarising nature of Musk’s persona. Admired by many for his visionary entrepreneurship, he is equally criticised for his confrontational style, political commentary, and erratic online presence.

For now, however, markets are focused on results. Tesla’s improved performance has reassured investors who had been concerned about competition from Chinese EV makers and questions over global demand. Meanwhile, Musk’s personal wealth continues to climb at a pace unseen in modern times.

With a fortune now above $500bn, Musk is worth more than the GDP of many medium-sized countries — a level of concentration of wealth that has reignited debate about inequality, taxation, and the outsized influence of billionaire entrepreneurs.

The question for investors and observers alike is not whether Musk can maintain his position as the world’s richest person, but whether he can make the leap to become the first trillionaire in history. With Tesla, SpaceX, and xAI all scaling simultaneously, that possibility no longer looks like science fiction.