"The tech magnate's net worth briefly reached $500.1bn on Wednesday afternoon New York time, before dipping slightly to just over $499bn later in the day, the Forbes' billionaires index reported. Alongside Tesla, valuations of his other ventures, including the artificial intelligence startup xAI and rocket company SpaceX, have also reportedly climbed in recent months. The milestone further cements Musk's status as the world's richest person, well ahead of rivals in the global tech sector."
"Musk's huge wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year. Tesla shares were more than 3.3% higher at the end of New York trading on Wednesday and have now risen by over 14% this year. The company's shares have been making gains in recent months as investors welcome Musk focusing more time on his companies rather than politics."
"The chair of Tesla's board, Robyn Denholm, said in September that Musk was now "front and centre" at the carmaker. Also last month, Musk announced that he had bought about $1bn worth of Tesla shares in what has been seen by some investors as a vote of confidence in the firm. Tesla has faced a number of challenges in recent years, including tough competition from rival electric car makers such as China's BYD."
Elon Musk's net worth briefly exceeded $500.1 billion before dipping to just over $499 billion, driven by rising valuations at Tesla and his other ventures. Tesla, SpaceX and the artificial intelligence startup xAI have climbed in value in recent months. Musk holds more than a 12% stake in Tesla, whose shares are up over 14% this year and rose 3.3% on the reported day. Investors welcomed Musk refocusing on his companies after political controversies. Robyn Denholm said Musk is now "front and centre" at Tesla. Musk bought about $1 billion of Tesla shares. Tesla faces competition from BYD and is shifting toward AI and robotics.
Read at www.bbc.com
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