Pakistan, Oct. 3 -- Elon Musk has become the world's first individual to reach a net worth of $500 billion. The sharp rise came after Tesla's stock value increased and his other companies gained more worth. His wealth hit this figure briefly on Wednesday before dropping slightly. Forbes reported that his net worth settled at $499.1 billion. This moment highlights Musk's position as the richest person alive.

Musk owns nearly 12% of Tesla, which remains the most valuable car company in the world. Tesla's shares have risen by 14% so far this year. A major reason is a new $1 trillion compensation package proposed for Musk. The company's stock jumped over 35% since the package was revealed. Investors believe this deal will keep Musk focused o...