Elon Musk has experienced a tumultuous week, and even reaching a major financial milestone might not improve his spirits.
On September 26, the CEO of Tesla was mentioned in the latest Epstein files release. This list also included PayPal co-founder Peter Thiel and Steve Bannon, the former strategist for President Donald Trump.
It’s important to clarify that being named in these files does not imply any misconduct, and Musk firmly denies any claims of visiting Epstein’s island.
This week, the founder of SpaceX reportedly achieved a significant achievement by entering the $500 billion net worth category, a feat no one else has accomplished.
Forbes reports that Musk’s wealth, derived from his ventures in Tesla, SpaceX, PayPal, and xAI, surged by approximately $10 billion.
He is now ahead by a substantial $150 billion compared to his closest ‘competitor,’ Larry Ellison, the co-founder of Oracle, making him the second wealthiest person globally.
Despite surpassing $500 billion earlier in the week, Forbes’ ‘real-time billionaire list’ currently estimates Musk’s net worth at $499.1 billion, whereas Ellison stands at $350.7 billion.
In contrast, Bloomberg estimates Musk’s net worth at $470 billion, with Ellison at $349 billion.
The gap between the first and second richest individuals hasn’t always been this wide.
The title of the world’s richest person can shift rapidly, as demonstrated in September when Larry Ellison briefly surpassed Musk.
Ellison’s net worth soared to $393 billion, outstripping Musk’s $385 billion, according to the Bloomberg Billionaires Index.
Oracle’s stock saw a remarkable 40 percent increase, enhancing Ellison’s substantial wealth, with the company being a significant portion of the 81-year-old’s fortune.
Ellison’s wealth reportedly surged by $101 billion after Oracle announced quarterly results exceeding expectations, enabling him to overtake Musk.
In August, Musk entered the $400 billion club, and within two months, his net worth has grown by $100 billion.
This increase was partly attributed to a substantial compensation package he received from the electric car manufacturer he runs.
This was termed a ‘good faith’ payment to Musk after a previous $56 billion bonus deal from 2018 was nullified in December 2024 by Delaware Chancery Judge Kathaleen McCormick.
Further updates to come.