Tesla CEO Elon Musk has become the first person whose net worth reached 500 billion dollars. According to reports, his wealth grew this year due to the rising value of Tesla and his other companies.
Musk’s wealth is mainly tied to his 12 percent stake in Tesla. Tesla shares have risen more than 20 percent since the start of the year, and investors are pleased that Musk is focusing more on his companies.
The world’s second richest person is Oracle founder Larry Ellison, whose fortune is around 350 billion dollars. The competition between Musk and Ellison continues amid stock fluctuations.
Tesla’s board says Musk is now at the center of the company’s activities, and if he meets the set goals, he could receive a pay package worth over 1 trillion dollars.
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