Elon Musk has made history, becoming the first individual to achieve a net worth exceeding $500 billion (£370.9 billion). The remarkable financial milestone for the Tesla CEO is attributed to the substantial increase in the market valuation of his electric car company and other enterprises over the past year.

A prominent tech magnate’s fortune briefly soared past the half-trillion-dollar mark, hitting $500.1 billion on Wednesday afternoon, New York time. However, the figure saw a minor adjustment later in the day, settling just above $499 billion, according to the Forbes billionaires index.

Reports indicate that the market valuations of Elon Musk’s other prominent enterprises, such as the artificial intelligence firm xAI and the aerospace company SpaceX, have also experienced a considerable ascent in recent months, mirroring trends observed with Tesla.

This latest achievement firmly positions Elon Musk as the world’s wealthiest individual, significantly outpacing his competitors across the global technology sector.