Elon Musk 1st person ever to reach net worth of $500 billion

New Delhi:  Tesla and SpaceX CEO Elon Musk has become the world’s first person ever to reach a net worth of $500 billion, followed by Oracle’s Larry Ellison at a distant second.

According to Forbes’ billionaires index, Musk’s net worth stood at $500.1 billion as of 4.15 pm ET (1:45 am Thursday India time).

His feat came as Tesla shares rose over 14 per cent so far this year, closing 3.3 per cent higher on Wednesday (US time), adding more than $6 billion to Musk’s wealth.

Musk’s AI startup xAI was valued at $75 billion (as of July). xAI was targeting a $200 billion valuation after a fundraise, although Musk said the company was not raising capital at that time.

Oracle Founder Ellison was the second-richest person on Forbes’ list, with a net worth of about $350.7 billion.

Last month, Ellison briefly become the world’s richest person, overtaking Musk, following a significant increase in his wealth due to the price surge of his company’s shares.

For 300 days, Musk was at the top of the global wealth rankings. Musk, who first became the world’s richest person in 2021, regained the title last year after briefly losing it to Amazon founder Jeff Bezos and LVMH’s Bernard Arnault.

Meanwhile, Tesla has started delivering standard Model Y to its customers in India, while the delivery of the Long Range variant is going to commence soon.

The electric vehicle maker has announced that the new Model Y owners will be provided with a complimentary Wall Connector, allowing convenient installation in their parking space for easy home charging.

The Wall Connector can be installed at customers’ homes or workplaces, enabling them to start each day with a fully charged Tesla, reducing costs per mile and eliminating trips to fuel stations. Customers can also charge at Tesla Charging Stations in Mumbai and Delhi.

The Model Y is available at a starting price tag of Rs 59.89 lakh.

In August, Tesla inaugurated its first showroom in the National Capital Region (NCR) at the Worldmark 3 complex in Aerocity, marking the electric carmaker’s second retail location in India (after Mumbai).

–IANS