Musk reaches $500 billion net worth, first person to achieve this - Forbes
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Tesla CEO Elon Musk became the first person ever to reach a net worth of nearly $500 billion on Wednesday, driven by a rebound in the EV company's stock and the soaring valuations of his other startups this year.
His net worth stood at $500.1 billion as of 4:15 p.m. E.T., according to Forbes' billionaires index, News.Az reports citing Reuters.
Musk's fortunes are tied closely to Tesla, where he held a more than 12.4% stake as of September 15. The stock has risen more than 14% so far this year and closed 3.3% higher on Wednesday, adding more than $6 billion to Musk's net worth.
After a turbulent start to the year, Tesla shares have trended higher as investor sentiment improved on Musk bringing his focus back to his companies. Tesla board chair Robyn Denholm said last month Musk was back "front and center" at the company after several months at the White House.
Just days later, Musk disclosed his purchase of about $1 billion 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.
Still, sagging car sales and persistent margin pressures have hurt the stock, making it one of the worst performers in the "Magnificent Seven" group of megacap tech stocks.
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