Elon Musk’s net worth soars, now more than double his closest rival’s as Tesla stock continues to surge

Elon Musk’s net worth is now doubling the next closest billionaire in the rankings of the world’s wealthiest people amid a surge in Tesla stock.

The Forbes Real-Time Billionaires List showed that as of Thursday afternoon, Musk’s net worth is about $681 billion as the Tesla CEO and entrepreneur expanded his lead as the world’s wealthiest person.

That’s more than double the next closest billionaire on the list, Google co-founder Larry Page, whose wealth totaled $249 billion on Thursday.

Rounding out the top five are Amazon founder Jeff Bezos at $239 billion, Google co-founder Sergey Brin at $229.9 billion, and Oracle co-founder Larry Ellison at $229.6 billion.

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Earlier this week, Tesla stock hit its first new record closing high since Dec. 17, 2024, when its last record close was recorded.

The stock was boosted after Musk said on Monday that the electric vehicle (EV) maker was testing its robotaxis without safety monitors in the front passenger seat.

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Tesla shares were also boosted by an announcement that the California Department of Motor Vehicles will pause the 30-day sales suspension it imposed after regulators determined Tesla’s marketing of its self-driving tech using the brand names Autopilot and Full Self-Driving was misleading, as the tech requires supervision and isn’t autonomous.

The California DMV delayed the suspension by 90 days to give Tesla an opportunity to remedy the situation. A separate suspension of its manufacturing license for 30 days was put on hold indefinitely.

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DMV Director Steve Gordon told reporters on Tuesday that the regulator’s concern is now focused on the term Autopilot, as Tesla took steps to address concerns around the term Full-Self Driving.

Tesla’s Autopilot feature helps Tesla vehicles accelerate, brake and stay in lanes on highways, while its Full-Self Driving feature gives vehicles the ability to change lanes and obey traffic signals on city streets.

The company is now including the term “Supervised” in describing FSD in passenger vehicles. It uses an unsupervised version of the software when moving cars from assembly lines to deliver lots at some of its factories. It also uses FSD for a robotaxi service in Austin, Texas, with human safety monitors in front passenger seats and remote support.

Reuters contributed to this report.