Elon Musk Becomes First Person To Achieve $500 Billion Net Worth

During Wednesday’s New York stock market session, Musk’s wealth momentarily reached $500.1 billion as Tesla shares climbed, though it subsequently declined to $499 billion by the close of trading. The technology entrepreneur holds over 12 percent ownership in the electric vehicle and renewable energy corporation.

Since the beginning of the year, Tesla’s share price has surged more than 20 percent, weathering initial turbulence stemming from criticism related to Musk’s connections with President Trump.

The value of Musk’s additional ventures has also increased, including aerospace firm SpaceX and AI company xAI.

Related: Elon Musk Refutes Drug Use Claims Following Recent Report

Musk has maintained his position atop global wealth rankings for an extended period. Oracle’s co-founder Larry Ellison temporarily overtook him the previous month when Oracle’s stock jumped 43 percent, driven by strong demand for the company’s cloud computing offerings.

In the previous month, Tesla’s board put forward a compensation plan worth one trillion dollars for Musk, contingent on the company reaching a target valuation exceeding $8.5 trillion—more than eight times its present value—within the coming ten years.