Tesla CEO Elon Musk has reached a historic milestone by becoming the first individual to achieve a net worth of nearly $500 billion. His fortune soared on Wednesday following a rebound in Tesla shares and the rising valuations of his other companies. According to Forbes’ billionaires index, Musk’s wealth stood at $500.1 billion as of 4:15 p.m. ET.

Tesla Shares Push Wealth Higher

Musk’s fortune remains deeply tied to Tesla, where he owns more than 12.4% of the company as of September 15. Tesla’s stock has climbed over 14% this year and rose 3.3% on Wednesday alone, adding more than $6 billion to his wealth in a single day.

Tesla shares had a shaky start earlier this year, but investor confidence improved as Musk shifted more attention back to his companies. Last month, Tesla board chair Robyn Denholm said Musk was back “front and center” after spending months at the White House.

Just days later, Musk showed faith in the company’s future by buying about $1 billion worth of Tesla shares. The move signaled his confidence as Tesla pushes to evolve from an automaker into an AI and robotics leader.

Challenges for Tesla

Despite the optimism, Tesla faces headwinds. Falling car sales and thin profit margins have pressured the stock, making it one of the weakest performers among the “Magnificent Seven” group of mega-cap tech firms.

Last month, Tesla’s board proposed a $1 trillion compensation plan for Musk. The package sets ambitious performance targets while also addressing Musk’s demand for a bigger ownership stake.

Musk’s Other Ventures Boost Valuations

Musk’s other companies also added to his massive wealth. His AI startup xAI was last valued at $75 billion in July, according to Pitchbook. Reports in September suggested the company was targeting a valuation of $200 billion after a potential fundraising, though Musk said no capital was being raised at the time.

Meanwhile, SpaceX, his rocket company, continues to grow. Bloomberg reported in July that SpaceX was exploring a deal to raise funds and sell insider shares at a valuation of around $400 billion.

Billionaire Rankings

Oracle co-founder Larry Ellison currently trails Musk on Forbes’ billionaire list with an estimated net worth of $350.7 billion as of Wednesday.