Elon Musk may soon be renouncing his billionaire title to become the world’s first trillionaire, given the rate at which his net worth has grown year after year (and by as early as 2024). The forecast was recently released in research by Tipalti Approve, a software business that crunched the statistics using previous data given by Forbes.
Tesla and SpaceX CEO Elon Musk’s fortune has grown by 129 percent per year since 2017. COVID-19 underwent the most substantial changes during its early days. Elon Musk has a net worth of US$26.6 billion / AU$38.3 billion at the start of 2020. Not only has that sum risen to almost US$215 billion / AU$310 billion now, but he is now the world’s richest man.
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Reportedly, Tipalti Approve’s explanation states, “As the adage goes, you have to spend money to make money.” “Musk invested the $180 million he received from the sale of PayPal into his new enterprises Tesla and SpaceX. Tesla makes and sells electric automobiles, and Musk owns a 23 percent share in the firm, which adds considerably to his enormous wealth.”
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“SpaceX makes a lot of money by charging governmental and commercial clients to transport various items into space, including satellites, supplies for the International Space Station, and people. Musk’s fortune soared from $25 billion in 2020 to $263 billion in 2022 as a result of these two enterprises.”
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The quest for four commas, on the other hand, isn’t exactly unchallenged. Between now and the eventual minting of the world’s first trillionaire, the standings are unlikely to remain steady (Elon Musk or otherwise). “After two of his firms went public in Hong Kong in 2020, Zhong Shanshan — the head of bottled water company Nongfu Spring – saw his net worth rise from barely $2 billion in 2020 to $71 billion in 2022,” Tipalti Approve added.