Tesla boss Elon Musk has become the first person ever to achieve a net worth of more than $500bn (£370.9bn), as the value of the electric car company and his other businesses have risen this year.
The tech magnate's net worth briefly reached $500.1bn on Wednesday afternoon New York time, before dipping slightly to just over $499bn later in the day, according to Forbes billionaires index.
In addition to Tesla, valuations of his other ventures, including the artificial intelligence start-up xAI and rocket company SpaceX, have also reportedly climbed in recent months.
This milestone further cements Musk's status as the world's richest person, well ahead of rivals in the global tech sector.
According to Forbes' billionaires index, Oracle founder Larry Ellison is the world's second richest person, with a fortune of about $350.7bn.
Musk's huge wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year. Tesla shares were more than 3.3% higher at the end of New York trading on Wednesday and have risen over 20% this year as investors welcome Musk's focus on his companies rather than politics.
He has faced criticism earlier this year over his work with the Trump administration's Department of Government Efficiency (DOGE), which is tasked with reducing US government spending. Nevertheless, the chair of Tesla's board, Robyn Denholm, noted that Musk is now 'front and centre' at the carmaker.
The company's board also mentioned that Musk could receive a pay package worth over $1tn if he meets ambitious targets over the next decade.
Despite challenges from competitors in the electric car sector like China's BYD, Tesla is transitioning into an AI and robotics business.
