Elon Musk on Wednesday became the first individual in history to amass a net worth of $500 billion, according to Forbes, following a resurgence in Tesla’s stock and rising valuations of his other high-profile ventures.

Musk’s fortune was estimated at $500.1 billion as of 4:15 p.m. ET, Forbes’ Billionaires Index reported, placing him far ahead of other ultra-wealthy peers. The bulk of his wealth remains tied to Tesla, where he holds a more than 12.4% stake. The electric carmaker’s stock climbed 3.3% on Wednesday, capping a more than 14% gain for the year and adding over $6 billion to Musk’s total net worth in a single day.

After a volatile start to 2025, Tesla has seen renewed investor optimism, buoyed by Musk’s public return to leadership following several months spent at the White House. Tesla board chair Robyn Denholm recently told investors that Musk is once again “front and center” at the company. The CEO reinforced that confidence with a $1 billion personal investment in Tesla shares, which analysts interpreted as a bullish signal for the automaker’s future in artificial intelligence and robotics.

However, despite the surge in valuation, Tesla still faces headwinds. Weak car sales and shrinking profit margins continue to weigh on the company, making it one of the laggards among the so-called “Magnificent Seven” group of mega-cap tech stocks. In response, Tesla’s board has floated a new $1 trillion pay package for Musk, aimed at aligning his compensation with ambitious growth and innovation targets.

Musk’s expanding fortune also stems from the explosive growth of his other ventures. His AI company, xAI, reached a $75 billion valuation in July, with speculation swirling that it could soon triple to $200 billion. Musk has denied plans to raise additional funds. Meanwhile, SpaceX is reportedly exploring a fundraising round and insider share sale that could value the aerospace firm at $400 billion, according to Bloomberg.

As of Wednesday, Oracle co-founder Larry Ellison ranked as the world’s second-richest person, with a net worth of $350.7 billion.

Musk’s historic financial milestone underscores the immense value placed on frontier technologies—from electric vehicles to space exploration and artificial intelligence—where he remains a dominant and controversial figure.