Musk reached the half-trillion-dollar mark following another rise in Tesla’s share price. According to Bloomberg’s Billionaires Index, which tracks the wealth of the world’s 500 richest individuals, his day-end net worth stood at $470 billion (£348.7 billion), marking a single-day increase of $10.5 billion. For context, 159 of those on Bloomberg’s top 500 list have fortunes below $10 billion.

Tesla shares rose 3.3 per cent on Wednesday, with an additional 0.7 per cent increase in pre-market trading, suggesting Musk’s net worth could climb further when the US stock markets open. He currently owns roughly 12–13 per cent of Tesla, although his future pay packages could increase his stake significantly, potentially putting him on track to become the world’s first trillionaire if certain performance milestones are met.

Beyond Tesla, Musk owns other ventures including SpaceX, The Boring Company, and xAI, some of which have seen higher valuations this year.

Tesla shares have surged more than 70 per cent over the past six months, bouncing back from a low point between March and April, though they remain slightly below their record high from December 2024. This growth comes despite challenges in European sales and growing competition from Chinese electric vehicle manufacturers.