Elon Musk becomes the world's first $500 billion man

"Around 3:30 p.m. on Wednesday, Musk's net worth hit the $500 billion milestone, according to Forbes' billionaire index, making him the first person to ever reach the benchmark. By early Thursday, his net worth had settled around $499.1 billion, but was up to $502.9 billion by mid-morning, according to Forbes' list. Much of Musk's wealth is connected to his stake in Tesla, and the company's stock rose about 4% on Wednesday, which added an estimated $9.3 billion to his net worth, per the wealth index."

"On Thursday, Tesla reported better-than-expected third-quarter deliveries of nearly 500,000 vehicles, as car buyers rushed to take advantage of the $7,500 EV tax credit in the US ahead of its September 30 expiration. Tesla's stock jumped in premarket trading on Thursday following the deliveries release before paring the gains and trading down around 1% as of 10:25 a.m. in New York. Tesla's stock is up around 13% since the beginning of the yeardespite a challenging EV market and backlash tied to Musk's political actions."

"In early September, Oracle chairman Larry Ellison briefly dethroned Musk as the world's richest person. On Thursday, however, Musk was worth $149 billion more than Ellison, according to Forbes' index. A compensation package that Tesla proposed last month could eventually make Musk the first trillionaire, if it's approved and the CEO delivers on a series of highly ambitious targets. Musk's wealth is also linked to his private companies, such as SpaceX, one of the world's most valuable startups, and xAI."

Elon Musk's net worth reached $500 billion on Wednesday, later fluctuating between approximately $499.1 billion and $502.9 billion according to Forbes' index. Much of the increase came from Tesla stock, which rose about 4% on Wednesday and has gained roughly 13% year-to-date despite market challenges and backlash tied to Musk's political actions. Tesla reported nearly 500,000 third-quarter deliveries as buyers rushed to claim a $7,500 U.S. EV tax credit prior to its September 30 expiration. Oracle chairman Larry Ellison briefly surpassed Musk in early September, but Musk remained $149 billion ahead on Thursday. A proposed Tesla compensation package and stakes in companies like SpaceX and xAI further link to Musk's wealth.

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