Despite being an occasionally controversial figure, Elon Musk has consistently added to his enormous wealth. The journey that began with Zip2 back in 1999 built a legacy that is continued by Tesla.
Although not everything Musk touches turn into gold, it is reported that he will become the world’s first trillionaire by 2024. However, it hasn’t been a swift ride, his recent attempt to purchase Twitter didn’t go as planned.
His famous car company, Tesla, consistently took shock hits due to his reckless tweets. He also faces backlash from other investors like Bill Gates, who are shorting his company’s stock. Recently, he has also been slammed with sexual harassment allegations.
Elon Musk currently has a net worth of $263 billion (19/01/22). Since 2017, Elon’s fortune has seen an average annual rise of around 129%, meaning he can enter the trillion-dollar club in only two years. Reports suggest that he could acquire a staggering $1.38 trillion net worth by 2024.
The famous quote goes, “you need to spend money to make money”. Musk invested the remuneration from the sale of PayPal, valued at around $180 million, into his new companies, SpaceX and Tesla.
Tesla, the famous electric cars company, contributes immensely to Musk’s astonishing wealth as he holds a 23% stake in the company. SpaceX is also responsible for generating massive income by charging commercial and governmental clients to send different things into space, including ISS supplies, satellites, and astronauts.
The two companies are solely responsible for contributing a huge chunk to Elon’s wealth as his fortune increased from $25 billion in 2020 to $263 billion in 2022.
Approve’s study, “The Trillion Dollar Club,” does suggest that Elon Musk is set to become the world’s first trillionaire considering his current growth and projected income.
However, a lot can still go wrong, and his affairs can take a drastic turn like his Twitter deal fails to materialize. Tesla may also have to recall cars under governmental investigation due to problems with the autopilot mode.
Hence, under the ideal conditions, he could rise to the top, but the journey is still away and filled with surprises.