Elon Musk May Become A Trillionaire By 2024

Printed from: https://newbostonpost.com/2022/06/21/elon-musk-may-become-a-trillionaire-by-2024/

By Bethany Blankley
The Center Square Contributor

The world’s first trillionaires could be from Texas, according to a new analysis of the 30 richest people in the world.

A new report published by the software company Tipalti Approve estimates that a newly relocated Texas resident, Tesla chief executive officer and billionaire Elon Musk, could become the world’s first trillionaire by 2024. Houston native and Dell Technologies chief executive officer Michael Dell could become a trillionaire by 2033.

If they were to reach trillionaire status today, they’d have a net worth of 1.17 percent of the global Gross Domestic Product, which is currently $84.75 trillion, according to the World Bank.

In 2022, “there are nine centibillionaires with fortunes greater than $100 billion,” according to Tipalti’s analysis.

In order to identify who could become the first trillionaire, Tipalti Approve compared the annual net worth of the top 30 richest people from 2017 through today, calculating the year-after-year annual growth rate of each of their net worths.

Tipalti Approve estimates that Musk’s wealth will reach $1 trillion by 2024 by calculating the year-over-year growth of his current net worth of $263 billion.

Musk, fed up with Democratic policies in California in 2020, moved to Texas, citing a friendlier business environment. He also announced this year he was no longer voting for Democrats and would vote for Republicans instead.

Texas Governor Greg Abbott, a Republican running for his third term, has welcomed Musk to Texas and expressed appreciation for Musk’s intention to vote for Republicans. He’s also encouraged Musk to move Twitter to Texas if he completes his purchase of the social media company.

SpaceX, one of Musk’s companies, has been operating for years in Boca Chica, Texas, outside of Brownsville. And in Austin, his new Tesla Gigafactory, which was recently completed near the airport, isn’t far from The Boring Company, another company he created, which seeks to build safe, low-cost transportation, utility, and freight tunnels.

With Musk’s pending $44 billion purchase of Twitter still on the table, a Texas farmer and businessman offered Musk 100 acres to move the social media company’s headquarters from San Francisco to the Austin area.

“Elon Musk, move Twitter to Schwertner, TX,” Jim Schwertner, president and chief executive officer of Schwertner Farms, tweeted April 26. “38 miles North of Austin in Williamson County, and we will give you 100 Acres for FREE.”

If Musk were to move Twitter, it wouldn’t be far from other companies in Silicon Valley that have set up shop in downtown Austin, including Google, Apple, Meta, and TikTok.

While Musk is currently the richest person in the world, he is not the only one within of 13-figure net worth. Of the 30 richest people in the world, 21 “realistically have a chance” to become a trillionaire, the Tipalti analysis says.

The report lists potential trillionaires and the year it expects them to reach the trillionaire club. It includes, among others, Adani Group chairman Guatam Adani by 2025; Zhang Zhang Yiming, founder and chairman of ByteDance Technology Company, which owns TikTok, by 2026; Louis Vuitton chief executive officer Mukesh Ambani by 2029; Amazon chief executive officer Jeff Bezos by 2030; Google co-founder Larry Page by 2032; L.A. Clippers owner and former Microsoft chief executive officer Steve Balmer by 2032; Facebook chief executive officer Mark Zuckerberg by 2034; Oracle chief executive officer m Larry Ellison by 2036; and Microsoft co-founder Bill Gates by 2044.


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