As the stock price of American electric car company Tesla continues to rise, the net worth of CEO Elon Musk, the “world’s richest man,” has surpassed $500 billion (approximately 702 trillion won). Forbes, an American business media outlet, reported on the 1st that Musk set a record of owning $500 billion for the first time ever.
According to Forbes, Musk’s net worth surpassed $400 billion for the first time in December of last year and has now surpassed $500 billion in less than a year. Forbes reported that Tesla’s stock price rose about 4% that afternoon, increasing Musk’s net worth by about $9.3 billion (about 13 trillion won). Musk’s 12% stake in Tesla is now worth $191 billion (about 268 trillion won), Forbes explained.
Tesla’s stock price has risen for four consecutive days since the 26th of last month, closing at $459.46 that day. At one point during the trading session, it reached $462.29 (up 3.95%) but then pared back some of the gains to close at 3.31%. Tesla’s stock price has risen over 21% this year, more than doubling since early April, when it hit its lowest point of the year.
Musk is presenting a rosy future to investors by focusing on the development of robo-taxis, artificial intelligence (AI), and humanoid robots. Also, the abolition of the US federal government’s electric vehicle tax credit (subsidy) has cast some shadows on future electric vehicle sales, but Tesla’s third-quarter electric vehicle sales are estimated to have been strong as electric vehicle buyers flocked ahead of the benefit’s expiration at the end of September. In addition to Tesla, Musk owns approximately 42% of the space company SpaceX (worth $168 billion) and approximately 53% of the company, which is a merger of social media company X (formerly Twitter) and AI startup xAI (worth $60 billion).
Forbes predicted that if Musk maintains this pace, he could become the world’s first trillionaire by March 2033.