Tesla owner Elon Musk has become the first person to reach a net worth of nearly USD 500 billion, and the credit for that goes to a strong rebound in Tesla’s stock and soaring valuations of his other companies.

According to Forbes’ billionaire index, Musk’s total wealth touched USD 500.1 billion as of 4:15 PM ET on Wednesday. This makes Musk the richest individual in the world, far ahead of other business leaders.

His fortune remains closely tied to Tesla, where he owns a stake of more than 12.4 per cent as of mid-September. The electric carmaker’s shares have gained more than 14 per cent this year, despite facing challenges in sales. On Wednesday alone, Tesla stock closed 3.3 per cent higher, adding more than USD 6 billion to Musk’s wealth.

While Tesla’s shares saw a stumble earlier th

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