Tesla CEO Elon Musk on Wednesday became the first individual to reach a net worth of nearly $500 billion, driven by a rebound in the EV maker’s stock and soaring valuations of his other ventures this year.

As of 4:15 p.m. eastern time, Forbes’ billionaires index put his wealth at $500.1 billion.

Musk’s wealth remains closely linked to Tesla, where he owned more than a 12.4 per cent stake as of September 15.

The stock has climbed over 14 per cent this year and gained 3.3 per cent on Wednesday alone, boosting his fortune by more than $6 billion.

Following a rocky start to the year, Tesla shares have rebounded as investor confidence grew with Musk shifting his attention back to his companies.

Tesla board chair Robyn Denholm noted last month that Musk was once again “front and center” at the automaker after spending several months engaged at the White House.

Just days later, Musk revealed he had bought roughly $1 billion worth of Tesla shares, signaling a strong vote of confidence in the company’s future as it pushes to evolve from a carmaker into an AI and robotics leader.

Last month, Tesla’s board put forward a $1 trillion compensation package for Musk, tying the payout to ambitious financial and operational milestones while also responding to his push for a larger ownership stake in the company.

Meanwhile, Musk’s other ventures have seen sharp gains in valuation this year.

His AI firm xAI was valued at $75 billion in July, according to PitchBook.

CNBC reported in September that the company was targeting a $200 billion valuation in a potential fundraising, though Musk denied it was seeking new capital at the time. His space company SpaceX has also continued to scale in value.