No one has ever had as much money as he does. Musk's wealth has reached a level never before reached.

Tesla CEO Elon Musk on October 1 became the first person in history to be valued at nearly half a trillion dollars net worth.

Musk returns to the top of the Forbes list. The richest man in the world.

Musk owes this result to the rebound of the electric vehicle sector and the rising valuations of the entrepreneur's startups, Reuters reported.

Musk's fortune is tied to Tesla, in which he held a stake of over 12.4% as of September 15. The company's shares have risen over 14% this year and were up another 3.3% on October 1, netting Musk over $6 billion.

As the agency notes, Tesla shares are on the rise after a turbulent start to the year. Investor sentiment improved after Musk refocused on his companies .

Still, falling car sales and persistent margin pressure have hurt Tesla shares, making it one of the worst-performing among Musk's "magnificent seven" tech companies.

Tesla's board last month offered Musk $1 trillion in compensation, setting ambitious financial and operational goals for him to achieve while addressing his demands for a larger stake in the company.

Musk's AI startup xAI and space company SpaceX have also raised their valuations this year. According to Pitchbook data, xAI was worth $75 billion in July, and in September, CNBC reported that the company was targeting a market cap of $200 billion.

Bloomberg News reported in July that SpaceX was discussing plans to raise money and sell shares in a deal valued at about $400 billion.

The second richest person on Forbes' list after Musk is Oracle co-founder and technology visionary Larry Ellison, with a net worth of $350.7 billion .