(qlmbusinessnews.com . Thu 2nd Oct, 2025) London, UK —
Oracle's Larry Ellison Trails Behind as Elon Musk's Fortune Hits Record-Breaking $500Bn
Tesla's chief, Elon Musk, has set a new record by becoming the first individual to amass a net worth exceeding $500bn (£370.9bn), driven by a surge in the value of the electric car firm and his other ventures this year.
Musk's fortune momentarily touched $500.1bn during Wednesday afternoon in New York, before a minor retreat left it hovering above $499bn later that day, according to the Forbes billionaires' index.
The increase in valuations is not limited to Tesla; Musk's additional ventures, such as the AI firm xAI and the aerospace manufacturer SpaceX, have seen notable growth in recent months.
This achievement propels Musk further ahead as the wealthiest individual globally, surpassing other influential figures in the tech industry.
Close behind Musk, according to the Forbes billionaires' index, is Oracle's Larry Ellison, sitting on a wealth of approximately $350.7bn.
Ellison had momentarily eclipsed Musk as the world's richest following a 40% surge in Oracle's share price, spurred by positive forecasts for its cloud infrastructure segment and AI contracts.
Musk's considerable wealth is largely anchored to his ownership of over 12% in Tesla, which has enjoyed a notable upswing in its share price this year.
By Wednesday's close in New York, Tesla's shares had ascended by more than 3.3%, contributing to a yearly increase of over 20%.
The firm's upward trajectory in recent months is attributed to the market's positive reaction to Musk dedicating more time to his business ventures rather than political engagements.
Earlier in the year, Musk faced scrutiny for his involvement with the Trump administration's Department of Government Efficiency, which aims at reducing government expenditure and job cuts.
In addition, Musk, who also controls the X social media platform, has openly expressed his stance on subjects like immigration and diversity, equity, and inclusion initiatives.
Tesla's board chair, Robyn Denholm, remarked in September that Musk is now taking a more central role at the company.
Moreover, the board has proposed a compensation plan for Musk that could surpass $1tn, provided he meets a series of ambitious objectives over the forthcoming decade. These include significantly increasing Tesla's market value, selling a million AI robots, delivering an additional 12 million Tesla vehicles, among other targets.
Musk also demonstrated his confidence in Tesla by purchasing approximately $1bn worth of its shares last month, a move perceived by many as a strong endorsement of the company's prospects.
Despite facing stiff competition from other electric vehicle manufacturers like BYD from China and transitioning towards an AI and robotics entity, Tesla continues to navigate through challenges under Musk's leadership.
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