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| Musk becomes first person ever to see wealth top $500bn | Musk becomes first person ever to see wealth top $500bn |
| (about 13 hours later) | |
| Tesla boss Elon Musk has become the first person ever to achieve a net worth of more than $500bn (£370.9bn), as the value of the electric car company and his other businesses have risen this year. | Tesla boss Elon Musk has become the first person ever to achieve a net worth of more than $500bn (£370.9bn), as the value of the electric car company and his other businesses have risen this year. |
| The tech magnate's net worth briefly reached $500.1bn on Wednesday afternoon New York time, before dipping slightly to just over $499bn later in the day, the Forbes billionaires index reported. | |
| Alongside Tesla, valuations of his other ventures, including the artificial intelligence start-up xAI and rocket company SpaceX, have also reportedly climbed in recent months. | |
| The milestone further cements Musk's status as the world's richest person, well ahead of rivals in the global tech sector. | The milestone further cements Musk's status as the world's richest person, well ahead of rivals in the global tech sector. |
| According to Forbes' billionaires index, Oracle founder Larry Ellison is the world's second richest person, with a fortune of about $350.7bn. | According to Forbes' billionaires index, Oracle founder Larry Ellison is the world's second richest person, with a fortune of about $350.7bn. |
| Mr Ellison briefly overtook Musk last month after shares in Oracle soared by more than 40%, boosted by the firm's surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals. | Mr Ellison briefly overtook Musk last month after shares in Oracle soared by more than 40%, boosted by the firm's surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals. |
| Musk's huge wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year. | Musk's huge wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year. |
| Tesla shares were more than 3.3% higher at the end of New York trading on Wednesday and have now risen by over 20% this year. | Tesla shares were more than 3.3% higher at the end of New York trading on Wednesday and have now risen by over 20% this year. |
| The company's shares have been making gains in recent months as investors welcome Musk focusing more time on his companies rather than politics. | The company's shares have been making gains in recent months as investors welcome Musk focusing more time on his companies rather than politics. |
| He faced criticism earlier this year over his work with the Trump administration's Department of Government Efficiency (DOGE), the body tasked with reducing US government spending and cutting jobs. | He faced criticism earlier this year over his work with the Trump administration's Department of Government Efficiency (DOGE), the body tasked with reducing US government spending and cutting jobs. |
| Musk, who also owns the X social media platform, has also been vocal about his views on issues such as immigration and diversity, equity, and inclusion (DEI) programmes. | Musk, who also owns the X social media platform, has also been vocal about his views on issues such as immigration and diversity, equity, and inclusion (DEI) programmes. |
| The chair of Tesla's board, Robyn Denholm, said in September that Musk was now "front and centre" at the carmaker. | The chair of Tesla's board, Robyn Denholm, said in September that Musk was now "front and centre" at the carmaker. |
| The company's board also said Musk could receive a pay package worth over $1tn if he hits a list of ambitious targets over the next decade. | The company's board also said Musk could receive a pay package worth over $1tn if he hits a list of ambitious targets over the next decade. |
| To get the package he would need to boost Tesla's value eightfold, sell a million AI robots, sell another 12 million Tesla cars, and hit several other goals. | To get the package he would need to boost Tesla's value eightfold, sell a million AI robots, sell another 12 million Tesla cars, and hit several other goals. |
| Also last month, Musk announced that he had bought about $1bn worth of Tesla shares in what has been seen by some investors as a vote of confidence in the firm. | Also last month, Musk announced that he had bought about $1bn worth of Tesla shares in what has been seen by some investors as a vote of confidence in the firm. |
| Tesla has faced a number of challenges in recent years, including tough competition from rival electric car makers such as China's BYD. | Tesla has faced a number of challenges in recent years, including tough competition from rival electric car makers such as China's BYD. |
| The company is also in the process of transitioning into an AI and robotics business. | The company is also in the process of transitioning into an AI and robotics business. |