Elon Musk, CEO of Tesla, became the richest person in the world on Wednesday afternoon, and the first businessman in history to surpass $500 billion in wealth, according to the Forbes Billionaires Index.

The American billionaire’s net worth reached $500.1 billion before slightly dropping to just over $499 billion later the same day.

With this achievement, Musk solidified his position at the top of the world’s richest list, far ahead of his competitors in the technology sector, led by Oracle founder Larry Ellison, who ranked second with an estimated net worth of about $350.7 billion.

Ellison had temporarily overtaken Musk last month after a more than 40% surge in Oracle shares, driven by optimistic expectations for the company’s cloud infrastructure and AI deals.

Musk’s investments are not limited to Tesla; he also owns the social media platform X, the emerging AI company xAI, and the space company SpaceX.

The majority of his wealth depends on his stake exceeding 12% in Tesla shares, which rose 3.3% at the close of New York trading on Wednesday, marking an increase of over 20% since the beginning of the year.

Despite recent challenges Tesla faced, including fierce competition from Chinese electric vehicle companies led by BYD, Musk continues to push the company towards becoming a major player in AI and robotics.

Last month, he announced the purchase of nearly $1 billion worth of Tesla shares, a move some investors interpreted as a vote of confidence in the company’s future.

Regarding his role within the company, Tesla’s Chairwoman Robyn Denholm confirmed last September that “Elon is fully at the forefront.” The board also revealed that Tesla’s CEO could receive a historic compensation package exceeding $1 trillion if he achieves a set of ambitious goals over the next ten years, including an eightfold increase in the company’s value, selling one million smart robots, and 12 million new cars.

Nevertheless, the American billionaire’s career remains controversial. Since the beginning of the year, he has faced widespread criticism for his political involvement and for heading the “Department of Government Efficiency” (DOGE) under President Donald Trump’s administration, a body tasked with reducing government spending and cutting jobs, before leaving the White House after sharp disagreements with the Republican leader.

The businessman is also known for his anti-immigration stance and opposition to Diversity, Equity, and Inclusion (DEI) programs, maintaining a prominent media presence through his platform X, keeping him constantly in the spotlight among supporters and critics alike.