Elon Musk Set To Become The World's First Trillionaire By 2024
Elon Musk is on the brink of becoming the world's first and founding member of the trillionaire's club.
So far, he's only banked a paltry wealth of around $200 billion (AU $288bn, £164bn).
But, Tipalti Approve has forecast that he's on track to achieve trillionaire status by 2024.
Using historical data provided by Forbes, Approve crunched some numbers - some very big numbers, we might add - to determine Musk's fortune is only going to skyrocket upward.
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"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."
Now that is incredible - and, no, he hasn't figured out the real life cheat code to money à la The Sims.
That being said: Musk, if you are reading this and you do have a 'motherlode' hack or something similar, please do share. We won't tell anyone, we promise.
Approve then went into a bit of detail about how he has amassed such an impressive level of wealth.
"As the saying goes, you need to spend money to make money," Approve's report reads.
"Musk sank the funds from his sale of PayPal, roughly $180 million (AU $258 million, £147 million) into his new companies Tesla and SpaceX.
"Tesla manufactures and sells electric cars, and with a 23 percent stake in the company, contributes significantly to Musk’s immense wealth."
The report also explained how Musk's wealth was sent into overdrive by his spacecraft engineering company.
"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 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."
Approve calculated Musk's average yearly growth rate by percentage and then extrapolated that data to give predictions over the next three decades.
But he has a few other billionaire bros snapping at his heels.
Approve also projects Indian industrialist and philanthropist Gautam Adani to achieve trillionaire status by 2025, followed by TikTok investor Zhang Yiming in 2026.
That being said, Musk lost more money this year than most people will make in their lives.
So this race to the trillion dollar mark is certainly one to watch.
Rachel Lang