Worth $500 Billion now, Musk could become world's first trillionaire
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Washington: Tesla CEO Elon Musk has emerged now as the first person in history to amass nearly half a trillion dollars, according to Forbes' Real-Time Billionaires tracker.
US President Donald Trump, according to the report, is not a small fry among billionaires being the first person ever worth $400 billion or more in December.
Musk’s wealth is based mostly on his electric vehicle manufacturing company, Tesla.
With Musk holding a 12.4 per cent stake as of September 15, the company's stock has risen to more than 14 per cent this year.
Adding a whopping $9.3 billion to Musk's fortune, its stocks climbed by nearly 4 per cent on Wednesday.
When Musk announced decision to end his role as head of President Trump's Department of Government Efficiency (DOGE), investor sentiment improved in favour of Tesla with shares marking upward trend.
Boosting his company’s confidence as it seeks to transform from automaker to a leader in AI and robotics, Musk reportedly purchased nearly $1 billion worth of shares.
Addressing his demands for bigger stake in the company, Tesla board proposed a $1 trillion compensation plan for Musk last month alongside laying out higher financial and operational targets for the CEO.
Musk's half-trillion-dollar fortune comes partly from his AI startup xAI and rocket company SpaceX too.
The Forbes reported that Musk could become the world's first trillionaire before March 2033 if his fortunes keep growing at the current pace.