Elon Musk is set to quadruple his wealth and become the world’s first trillionaire, according to a new report from a group that tracks wealth.
The 53-year-old, who owns a number of companies including X and Tesla, currently has a net worth of $251billion (£191bn). He is already the richest person in the world, according to Bloomberg’s Billionaires Index.
Yet he is set to get even wealthier, with his net worth growing at a rate of 110 per cent a year, a report from Informa Connect Academy has revealed.
This means that Musk, also founder of SpaceX, could reach the trillionaire mark within the next three years, the 2024 Trillion Dollar Club report has stated.
Elon Musk is on track to become the world's first trillionaire ReutersMusk owns six companies and his highest earner is Tesla, which the report puts at a whopping value of $669.3bn (£509.7bn).
Its growth rate is also skyrocketing, and by next year, it could exceed $1trillion (£760bn).
However, Musk is not alone in pioneering the trillionaire club. The academy has suggested that business conglomerate founder Gautam Adani of India will likely become the second to achieve trillionaire status, with a date of 2028 predicted.
Jensen Huang, the CEO of the tech firm Nvidia, and Prajogo Pangestu, the Indonesian business magnate, could also become trillionaires in 2028 if their success continues.
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Tesla's value could exceed $1trillion by next year
GETTYMusk’s first significant business venture was when he founded Zip2, a software company that provided maps and information to newspapers. He sold it four years later for $307million.
In 2022, he purchased Twitter for $44bn, rebranding it as X which sparked a backlash from some users and advertisers.
More recently, he has been caught up in an ongoing dispute between Brazil’s highest court over demands that certain X accounts, mostly believed to be associated with far-right users, should be shut down in the nation.
Alexandre de Moraes, a Supreme Court judge, last month banned the social media app in the country.
Musk won his takeover battle for X, previously Twitter, in 2022 GettyHe also received backlash from the UK Government after he began posting about the Summer 2024 UK riots, including a comment stating that “civil war is inevitable”, following the Southport stabbings.
Sir Keir Starmer said that there is "no justification for comments like that" and "anyone who is whipping up violence online will face the full force of the law". A tense war of words between the two then followed.
Just days before he was tipped to become the world’s first trillionaire, a post he made on X about Tucker Carlson’s interview with Daryl Cooper was slammed.
Cooper, a right-wing personality, made false claims about the Holocaust, saying the Nazis didn't intend to murder 6 million people and instead suggested they didn't have the resources to care for them. Musk said the interview was “very interesting. Worth watching”.
The White House condemned the interview as “disgusting” and Musk later deleted the post.
