WASHINGTON (dpa-AFX) - According to Forbes, Elon Musk is now the richest person in the world by a significant margin after becoming the first person in history to reach a net worth of over $500 billion.
Musk's wealth peaked at $500.1 billion, but by the end of the day, it was just over $499 billion.
The milestone is a result of significant increases in the value of Tesla's stock as well as his other businesses, which include the rocket company SpaceX and the artificial intelligence startup xAI.
Investor confidence that Musk is giving the automaker more attention as it shifts toward robotics and artificial intelligence has helped Tesla's stock rise more than 20 percent this year.
With lofty targets like selling a million humanoid robots, building 12 million cars, and increasing Tesla's market value eightfold, the company's board recently suggested a record-breaking $1 trillion compensation package for Musk.
Since the plan was revealed in early September, shares have increased by almost 36 percent.
Musk has a significant impact on a number of industries outside of Tesla. With its frequent launches and Starlink satellite network, SpaceX, which is valued at approximately $400 billion, is the industry leader in commercial space.
As it looks to take on industry titans like OpenAI and Google, xAI is scaling a huge supercomputer to train big AI models.
Musk's fortune puts him far ahead of Larry Ellison, the founder of Oracle, who currently holds the second-highest net worth in the world or $350.7 billion.
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