News 14 June 2022

Elon Musk On Track To Become World’s First Trillionaire By 2024

14 June 2022

Elon Musk is currently on track to become the world’s first trillionaire by 2024, according to a new report.

In a new study by Approve, which compared the annual net worth of the world’s wealthiest people, the statistics estimated that Musk will become a trillionaire in the next two years.

“The world’s richest person, Elon Musk, has an estimated net worth of $263 billion (AU $377 billion, £215 billion), as of January 19 2021, according to Forbes,” Approve’s report reads.

“Since 2017, Musk’s fortune has shown an annual average increase of 129 percent, which could potentially see him enter the trillion dollar club in just two short years, achieving a net worth of $1.38 trillion (AU $1.98 billion, £1.13 trillion) by 2024 at age 52.”

The report also goes on to discuss how SpaceX continues to contribute to the rapid growth of his fortune.

“SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, International Space Station supplies, and people,” Approve said.

“These two companies [SpaceX and Tesla] combined saw Musk’s fortune soar from $25 billion (AU $35.8 billion, £20.5 billion) in 2020 to $263 billion (AU $377 billion, £215 billion) in 2022.”

In 2020 Amazon’s former President and CEO, Jeff Bezos, was predicted to become the world’s first trillionaire but Approve have now predicted he won’t reach the milestone until 2030.

“It was Bezos, not Musk, who a few years ago was expected to become the world’s first trillionaire, and who now isn’t expected to join the club until 2030, some six years after Musk.”

[Image: Nick_ Raille_07 via]