Tesla owner Elon Musk has set a new record, becoming the first person ever to build a fortune of almost $500 billion. The surge comes on the back of a rebound in Tesla’s stock and soaring valuations of his other ventures, including SpaceX and xAI.Forbes’ billionaires index put Musk’s net worth at $500.1 billion as of 4:15 PM ET on Wednesday. Much of that wealth is tied to Tesla, where he holds more than a 12.4% stake, Reuters reported. The electric carmaker’s stock has climbed over 14% this year and rose 3.3% on Wednesday alone, adding more than $6 billion to his fortune.Tesla shares have bounced back after a shaky start to the year, with investors encouraged by Musk’s renewed attention to his companies. Tesla chair Robyn Denholm noted last month that Musk was now back “front and center” at the firm after several months spent at the White House.Musk showed his commitment days later by buying about $1 billion worth of Tesla shares, a move seen as a strong show of faith in the company’s future as it pushes beyond cars towards AI and robotics.Still, challenges remain. Weak car sales and pressure on profit margins have left Tesla lagging behind its peers in the so-called “Magnificent Seven” group of tech giants. Even so, the company’s board has proposed a $1 trillion pay package for Musk, tying the deal to ambitious growth and operational goals while also addressing his demands for a larger stake, according to Reuters.Beyond Tesla, Musk’s other firms have been on the rise. His AI startup xAI was last valued at $75 billion in July, according to Pitchbook. Earlier in September, CNBC reported that it could seek a $200 billion valuation in future fundraising, though Musk insisted it was not raising money at the time. His rocket company SpaceX has also been in talks to sell insider shares, with Bloomberg reporting a potential valuation of around $400 billion.Oracle founder Larry Ellison trails Musk as the world’s second-richest person, with a fortune estimated at $350.7 billion as of Wednesday.