Tesla CEO Elon Musk has become the first individual to reach a net worth of around $500 billion (RM2.11 trillion), driven by the rise in Tesla shares and the valuation of other technology companies.
According to the Forbes Billionaire Index, his net worth was $500.1 billion as of 4.15pm ET.
Musk also owns more than 12.4% of the company as of September 15.
Tesla shares are up more than 14% so far this year and closed 3.3% higher yesterday, adding more than $6 billion to Musk's net worth.
In addition to Tesla, Musk has also seen valuation increases this year through his technology companies such as OpenAI, xAI and SpaceX.
After facing an uncertain start to the year, Tesla shares have started to rise as investors regain confidence in Musk, who is now fully focused on the company.
Tesla Board Chair Robyn Denholm said last month that Musk is back in the spotlight after spending several months in the White House.
Musk revealed a stock buyback worth about $1 billion in a sign of confidence in Tesla's future, as the company seeks to transition from an electric vehicle (EV) carmaker to a leader in artificial intelligence (AI) and robotics.
Tesla last month proposed a $1 trillion compensation plan for Musk, with high financial and operational targets, while also meeting his demands for a larger stake in the company.
