Musk becomes first person with net worth of $500b

Elon Musk has become the first person to reach a net worth of $500bn, bringing the Tesla chief executive halfway to trillionaire status. Musk’s wealth temporarily crossed the half-trillion mark on Wednesday before retreating to $499bn, according to the Forbes billionaires list. Musk owns 12% of Tesla, which is worth more than $1.5tn, and his wealth has been boosted this year by surge in the electric carmaker’s share price. The 54-year-old’s other businesses include the rocket company SpaceX, which was recently reported to be seeking a $400bn valuation, and xAI, an artificial intelligence company that had a valuation of $75bn as of July, according to data from Pitchbook. Musk owns a 42% stake in SpaceX. Tesla shares fell early this...