Musk's Major Milestone: Elon Makes History as First Person to Hit $500Billion Net Worth as Tesla Stocks Continue to Climb

Elon Musk, the wealthiest man on the planet, has become the first person in history to have a net worth of $500billion, RadarOnline.com can reveal.

According to a report, the Tesla boss's bank account crossed the half-trillion mark on Wednesday, October 1, putting him about $150billion ahead of the world's second-richest person, Oracle co-founder Larry Ellison.

The 54-year-old's wealth has continued to increase over the years, as it was $ 25billion in March 2020, but now appears to be approaching half a trillion dollars. Musk is already on his way to becoming the world’s first trillionaire by 2033. The Tesla board of directors recently offered to add $1trillion to the businessman's pockets, making it the biggest pay package for an executive in history.

In the plan, Musk would get up to 12 percent of Tesla's stock, worth about $1trillion, if the company hits its targets, such as a market capitalization of $8.5trillion as well as other milestones over 10 years.

"We believe that Elon's singular vision is vital to navigating this critical inflection point," Tesla Chair Robyn Denholm said in a letter to investors. "We also recognize the formidable nature of this undertaking and, as a result, the importance of having a leader who is not only willing and capable but eager to meet this challenge."

According to Dennholm, "retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history."

"It's not about 'compensation,' but about me having enough influence over Tesla to ensure safety if we build millions of robots," Musk explained in an X post in September. "If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future."

While President Trump's buddy's salary bump is tied to the company's success, the huge number is already shaking up the industry.

Adam Sarhan, chief executive of 50 Park Investments in New York, explained: "While bold compensation tied to performance is nothing new, the sheer scale here sets a new bar for CEO incentives and will dominate boardroom debates everywhere."

Musk's financial success isn't the only reason he's under the spotlight; his possible connection to late pedophile Jeffrey Epstein also has him drowning in backlash.

According to files delivered to the House Oversight and Government Reform Committee and published on September 26, a copy of Epstein's itinerary appears to have Musk's name on it.

Musk, according to the documents, had a tentative trip to Epstein's infamous island on December 6, 2014. A note appended to that plan reads, "Is this still happening?" The sex offender owned a private island in the U.S. Virgin Islands at the time.

Just one day later, Musk responded and claimed on X: "Epstein tried to get me to go to his island and I REFUSED, yet they name me even before Prince Andrew, who did visit."

Musk also called out, "Anyone pushing this false narrative deserves complete contempt.”

Disgraced royal Andrew saw his place in the family crumble after his ties to Epstein resurfaced in 2019.

"What frustrates Andrew most is losing his royal status. Wearing the uniform and having that sense of importance defined him, and without it he feels diminished," a source previously said.