<p>(Reuters) -Elon Musk on Wednesday became the first person to surpass $500 billion in net worth, powered by a rebound in Tesla&#8217;s share price this year and swelling valuations of his other tech ventures.</p>
<p>The milestone comes just under a year after Musk&#8217;s net worth crossed $400 billion and underscores his lead as the world&#8217;s richest person.</p>
<p>Musk&#8217;s fortune briefly hit $500 billion on Wednesday, before settling at $499.1 billion at 5 p.m. ET, according to Forbes&#8217; billionaires index.</p>
<p>His wealth is tied closely to his about 12% stake in Tesla, the world&#8217;s most valuable automaker. The electric-vehicle maker&#8217;s stock has climbed about 14% so far this year after a choppy start.</p>
<p>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 company races to transition from an automaker to an AI and robotics powerhouse.</p>
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<p>The carmaker&#8217;s board last month proposed a $1 trillion compensation plan for Musk, setting out lofty financial and operational targets for the CEO while also addressing his demands for a bigger stake in the company.</p>
<p>The package is the largest ever offered to a corporate executive and investors expect the pay plan to deepen Musk&#8217;s focus on Tesla at a time when he has juggled commitments across multiple ventures.</p>
<p>The stock has risen 35.7% since the package was disclosed on September 5.</p>
<p><strong>FROM AUTOS TO AEROSPACE TO AI</strong></p>
<p>His ventures, over the years, have given Musk an outsized sway over technology industries, from electric cars and clean energy to satellite communications and artificial intelligence.</p>
<p>Musk&#8217;s AI startup xAI and rocket company SpaceX have also scaled their valuations this year and are reportedly raising funds at $200 billion and $400 billion valuations, respectively.</p>
<p>The AI startup, valued at $75 billion in July, is expanding a supercomputer, dubbed &#8220;Colossus&#8221;, to train large-scale models as its Grok chatbot seeks to rival established players such as OpenAI&#8217;s ChatGPT and Google&#8217;s Gemini.</p>
<p>SpaceX has cemented its dominance in the commercial space sector, operating the world&#8217;s largest satellite network through Starlink while capturing the bulk of U.S. launch contracts.</p>
<p>The company also consistently launches the most rockets in the world, regularly serving the International Space Station and carrying satellites for rival networks.</p>
<p>Oracle founder Larry Ellison follows Musk as the second-richest person on Forbes&#8217; list, with a net worth of about $350.7 billion as of Wednesday.</p>
<p>(Reporting by Deborah Sophia and Akash Sriram in Bengaluru; Editing by Devika Syamnath and Sriraj Kalluvila)</p>

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Elon Musk Hits $500 Billion Net Worth, First In History