Business Page Writer
By Nonso Agbodi
Elon Musk, the chief executive officer of Tesla, has officially become the world’s first trillionaire, reaching an unprecedented net worth estimated at over 700 trillion Korean won.
According to Forbes Billionaires Index released on October 2, Musk’s net worth climbed to $500.1 billion (approximately 701 trillion won) as of 4 p.m. the previous day, setting a new global record. This milestone comes just ten months after Musk became the world’s first $400-billion billionaire in December last year.
Musk is now $150 billion ahead of Oracle founder and chairman Larry Ellison, who currently sits in second place on the world’s rich list. Analysts attribute this surge in wealth primarily to Tesla’s strong stock rebound, which has reversed earlier declines caused by concerns over Musk’s political activities and slowing electric vehicle sales.
Investor confidence returned following signs that Musk would focus more on Tesla’s core operations, sending the company’s stock up by approximately 21% this year alone. On October 1, Tesla’s shares closed 3.3% higher, with the increase alone adding more than $6 billion to Musk’s fortune. As of mid-September, Musk still held a 12.4% stake in the electric car giant.
Musk’s other ventures have also contributed to his staggering wealth. His aerospace company SpaceX, now valued at about $400 billion, and his artificial intelligence startup xAI, valued at $113 billion, have both enjoyed significant growth. Together, these ventures have solidified Musk’s position as the most influential and wealthiest entrepreneur of the modern era.
