Elon Musk, the head of Tesla, briefly became the first person in history worth $500 bn (£370bn), according to Bloomberg’s Billionaires Index. But only a few hours later, his wealth dropped back to $470 bn (£348bn).
The rise came as Tesla’s stock gained more than 3% on Wednesday and continued to climb in early trading on Thursday. The rally followed news that Musk bought 2.5 mln Tesla shares worth $1 bn (£744m), his first open-market purchase since 2020.
Tesla shares have jumped nearly 80% over the past year, even though the company has faced slower sales, stronger competition, and criticism of Musk’s political activity.
Musk still owns about 13% of Tesla but is seeking greater control. A new pay plan could give him up to 12% more of the company if performance targets are met, potentially worth $1 trillion (£744bn).
Analysts say Tesla is positioned to benefit from big opportunities in artificial intelligence, automation, and robotaxis. Musk’s other companies, SpaceX and xAI, have also seen valuations soar this year.
Some experts believe Musk could become the world’s first trillionaire by 2033 if his wealth continues to grow at the same pace.
