The CEO of Tesla, Elon Musk, became on Wednesday the first person to reach a net worth of almost $ 500 billion, promoted by a rebound in the actions of the EV manufacturer and the growing valuations of their other companies this year.
According to the Forbes billionaire index, Musk’s net assets reached $ 500.1 billion at 4:15 pm et
Musk’s richness is largely linked to Tesla, where he had a participation of more than 12.4% to September 15.
The company’s shares have increased more than 14% this year and gained 3.3% only on Wednesday, which increases Musk’s fortune by more than $ 6 billion.
Tesla’s shares have labeled higher in recent weeks as investors grew up with Musk changing their attention to their companies. The president of the Tesla Board, Robyn Denholm, said last month that Musk returned “in front and the center” in the company after spending several months in the White House.
Shortly after, Musk revealed that he had bought around $ 1 billion in Tesla shares, a movement seen as a great vote of confidence in the future of the company, since he pushes transform himself from a car manufacturer in a leader of area and robotics.
Also read: Elon Musk’s father accused of sexually abusing children, stepsons
Despite recent profits, Tesla continues to face challenges, with sales of cars that fall and margin pressures that weigh on performance. The stock remains one of the weakest in the group of “magnificent group of seven” of Megacap technology firms.
The Tesla Board last month proposed a compensation package of $ 1 billion for Musk, which describes ambitious financial and operational objectives while responding to its calls for a larger participation in the company.
Meanwhile, the other Musk companies have also expanded in value. His XAI startup reached an assessment of $ 75 billion in July, and CNBC then reported that he was looking at $ 200 billion, although Musk denied any collection of active funds. In July, Bloomberg reported that Spacex was arguing an agreement that would value the company in around $ 400 billion.
According to Reuters, the founder of Oracle, Larry Ellison, follows Musk as the second richest person in the world, with a net worth of approximately $ 350.7 billion until Wednesday.
Read too Main stories OF Nigerian tribe
Watch the best Nigerian Tribune TV videos