Elon Musk on Wednesday became the first person to surpass $500 billion in net worth, powered by a rebound in Tesla's share price this year and swelling valuations of his other tech ventures.

The milestone comes just under a year after Musk's net worth crossed $400 billion and underscores his lead as the world's richest person.

Musk's fortune briefly hit $500 billion on Wednesday, before settling at $499.1 billion at 5 p.m. ET, according to Forbes' billionaires index.

His wealth is tied closely to his about 12% stake in Tesla, the world's most valuable automaker. The electric-vehicle maker's stock has climbed about 14% so far this year after a choppy start.

Musk last month disclosed his purchase of about $1 billion worth of Tesla shares, in what was seen as a vote of confidence as the

See Full Page