Online Reporter
SAN FRANSISCO. — For a moment yesterday, a man crossed the benchmark of having a net worth of US$500 billion before Elon Musk’s value retreated to US$499 billion.
The Tesla chief executive became the first man to move within halfway of becoming a trillionaire.
Musk’s wealth temporarily crossed the half-trillion mark yesterday, according to the Forbes billionaires list.
Musk owns 12percent of Tesla, which is worth more than US$1.5tn, and his wealth has been lifted this year by a surge in the electric carmaker’s share price.
Tesla smashed forecasts for deliveries yesterday by reporting quarterly vehicle deliveries of 497,099 for the July-September period, as customers took advantage of a tax credit for buyers of electric vehicles in the US before it expired.
The 54-year-old’s other businesses include the rocket company SpaceX, which was recently reported to be seeking a US$400bn valuation, and xAI, an artificial intelligence company that had a valuation of US$75bn as of July, according to data from Pitchbook. Musk owns a 42% stake in SpaceX.
Tesla shares fell early this year, hit by a combination of the competitive threat from Chinese rivals, falling sales and doubts over Musk’s focus on the company, amid distractions from his other businesses and his tempestuous relationship with Donald Trump.
Musk’s vocal support for Trump and expression of rightwing political views on X, the social media platform he owns, have also damaged Tesla sales, according to analysts.
However, Tesla shares have climbed this year as investor sentiment improved on Musk bringing his focus back to his companies.
They are now 13% higher since the start of 2025.
The Tesla board chair, Robyn Denholm, said last month Musk was back “front and centre” at the company after several months at the White House.
Days later, Musk disclosed his purchase of about $1bn worth of the shares in a huge vote of confidence for the future of Tesla as it races to transition from an automaker to an AI and robotics powerhouse.
The Tesla board last month proposed a US$1 trillion compensation plan for Musk, setting out lofty financial and operational targets for the CEO while also addressing his demands for a bigger stake in the company. -The Guardian
Mathew Masinge