Tesla CEO Elon Musk, whose recent business ventures include continued negotiations to purchase Twitter for $44 billion and opening a Tesla gigafactory in Austin, could become the world’s first trillionaire as early as 2024.
The prediction is according to a report from software company Tipalti Approve. The company predicted Musk’s wealth will exceed the $1 trillion mark by comparing his current net worth, which is $263 billion, with his year-over-year income growth since 2017.
Musk’s real-time net worth was $215.1 billion USD as of June 2022, according to Forbes.
It’s no surprise that Elon Musk will become a trillionaire as he continues to transform transportation on Earth and beyond with Tesla and SpaceX.
Musk’s SpaceX has a market capitalization of $100 billion following a funding round in December 2021, and his 25% ownership in Tesla is also worth a lot of money.
According to the recent Approve study that analysed the annual net worth of the world’s wealthiest people, Elon Musk will be the first to achieve the trillion-dollar mark.
As the trend for Musk’s success continues to be on the growth trajectory, he is expected to become a trillionaire as quickly as 2024.
The Approve report reads;
Since 2017, Musk’s fortune has shown an annual average increase of 129%, which could potentially see him enter the trillion-dollar club in just two short years, achieving a net worth of $1.38 trillion by 2024 at age 52.
It also discusses which of his projects contribute most to his income stating;
SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, ISS supplies, and people.
Other tech titans like Bill Gates and Jeff Bezos, according to the article, aren’t far behind. Musk’s achievements, though, have propelled him to the head of the trillionaire race, according to the report.