New Delhi: Tesla and SpaceX CEO Elon Musk has become the world’s first individual to reach a net worth of $500 billion, according to Forbes’ billionaire index.
As of 4:15 pm ET (1:45 am Thursday India time), Musk’s wealth stood at $500.1 billion, placing him far ahead of Oracle founder Larry Ellison, who ranks second with a net worth of $350.7 billion.
Musk’s milestone comes amid a strong performance by Tesla shares, which have risen over 14 per cent so far this year.
On Wednesday (US time), Tesla closed 3.3 per cent higher, adding more than $6 billion to Musk’s fortune.
His AI venture, xAI, was valued at $75 billion in July, with initial targets of reaching a $200 billion valuation, though Musk later clarified that the company was not actively raising funds at the time.
Ellison briefly became the world’s richest person last month after a surge in Oracle’s share price, but Musk, who first topped the global wealth list in 2021, regained the position last year following short stints behind Amazon’s Jeff Bezos and LVMH’s Bernard Arnault.
Musk has now maintained the top rank for around 300 days cumulatively.
Meanwhile, Tesla continues to expand in India.
The company has started delivering the standard Model Y to customers, with deliveries of the Long Range variant expected to begin soon.
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New Model Y owners will receive a complimentary Wall Connector, allowing convenient home or workplace charging, reducing per-mile costs and minimising trips to fuel stations.
Customers can also use Tesla charging stations in Mumbai and Delhi.
The Model Y is priced from Rs 59.89 lakh.
In August, Tesla inaugurated its first showroom in the National Capital Region at the Worldmark 3 complex in Aerocity, marking the company’s second retail presence in India after Mumbai.
