(MENAFN) Tesla and SpaceX CEO Elon Musk has reportedly become the world’s first individual with a net worth of $500 billion, driven by surging Tesla shares and rising valuations of his private ventures.

Tesla stock climbed nearly 4% on Wednesday, adding $9.3 billion to Musk’s fortune and bringing it to $500.1 billion, according to reports. His 12% stake in the automaker is valued at $191 billion. Analysts attribute the wealth increase to Musk’s renewed focus on his business ventures.

Tesla shares have nearly doubled since April, when Musk announced during an earnings call that he would step down from his post at the US President’s Department of Government Efficiency (DOGE) to devote more time to Tesla and other enterprises. Musk left the agency after a disagreement over a major tax-and-spending bill.

Tesla board chair Robyn Denholm noted last month that Musk was again “front and center” after months of distraction. Shortly afterward, he purchased nearly $1 billion in Tesla shares, signaling confidence as the company expands into AI and robotics.

Beyond Tesla, Musk’s space company SpaceX was valued at $400 billion in an August tender offer, up from $350 billion in December, with his 42% stake worth $168 billion. He also holds 53% of xAI Holdings, formed by merging his AI startup with X; currently valued at $113 billion, reports suggest it could target $200 billion.

Musk has repeatedly set new net worth milestones. He first topped the billionaire rankings in January 2021 at $190 billion, reached $300 billion in November that year, and surpassed $400 billion in December 2024. He now leads Oracle founder Larry Ellison, the second-richest individual, by $150 billion.

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