Elon Musk on Wednesday became the first person to surpass $500 billion in net worth, powered by a rebound in Tesla's share price this year and swelling valuations of his other tech ventures.
The milestone comes just under a year after Musk's net worth crossed $400 billion and underscores his lead as the world's richest person.
Musk's fortune briefly hit $500 billion on Wednesday, before settling at $499.1 billion at 5 p.m. ET, according to Forbes' billionaires index.
His wealth is tied closely to his about 12% stake in Tesla, the world's most valuable automaker. The electric-vehicle maker's stock has climbed about 14% so far this year after a choppy start.
Musk purchases $1 billion worth of Tesla shares in vote of confidence
Musk last month disclosed his purchase of about $1 billion worth of Tesla shares, in what was seen as a vote of confidence as the company races to transition from an automaker to an AI and robotics powerhouse.
The carmaker's board last month proposed a $1 trillion compensation plan for Musk, setting out lofty financial and operational targets for the CEO while also addressing his demands for a bigger stake in the company.
The package is the largest ever offered to a corporate executive and investors expect the pay plan to deepen Musk's focus on Tesla at a time when he has juggled commitments across multiple ventures.
The stock has risen 35.7% since the package was disclosed on September 5.