Elon Musk becomes first person with net worth of $500bn

Tesla owner’s wealth temporarily crosses half-trillion-dollar mark before retreating to $499bn

Elon Musk's wealth is tied closely to his stake in Tesla.

Elon Musk on Wednesday became the first person to surpass $500bn (€427.3bn) 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 $400bn (€341.8bn) and underscores his lead as the world's richest person.