Elon Musk Becomes World's First Half-Trillionaire
Elon Musk has become the first person to reach a net worth of half a trillion dollars, according to Forbes. The Tesla CEO's wealth briefly touched $500 billion before closing at $499.1 billion. Meanwhile, Larry Ellison, CEO of Oracle, held the title of the second richest man in the world before Musk's meteoric rise.
Musk's fortune has skyrocketed due to the astronomical rise in Tesla's stock price. The electric vehicle manufacturer reached an all-time peak, driving Musk's net worth to unprecedented heights. On Sept. 10, Ellison briefly surpassed Musk's wealth when Oracle's stock soared. However, Musk quickly reclaimed the top spot.
The Tesla board has proposed a pay package worth nearly $1 trillion for Musk, pending shareholder approval. This comes as Musk's other companies, including SpaceX, have also seen significant growth. Musk's investment of about $1 billion through a trust in Tesla caused share prices to jump by $30 in a single day.
Elon Musk's net worth stands at $499.1 billion, making him the wealthiest person in the world. Larry Ellison follows with a net worth of around $351 billion. Musk's fortune is expected to continue growing as Tesla and his other ventures continue to thrive.
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