While Tesla and SpaceX CEO Elon Musk is outspoken and can rub many people the wrong way on a regular basis, there's no doubt he's achieved extreme success. That said, he's arguably just beginning his interesting journey, with grand plans for an epic future. According to a new study, Musk could become the first trillionaire as soon as 2024.
Predictions such as this are hard to make, and they should remain as predictions until they actually come true, if ever. However, years ago, there were predictions that Tesla would eventually become a trillion-dollar company. Back in 2018, Musk himself told CNBC:
“I actually see the potential for Tesla to become a trillion-dollar company within a 10-year period.”
Of course, many people pushed back against the prediction, with some predicting that Tesla would be bankrupt much sooner. Interestingly, Musk's prediction of Tesla becoming a trillion-dollar company by 2028 was right and wrong. This is because, it happened in 2021, seven years ahead of the prediction, though he did say, "within a 10-year period." Musk responded to the news with just two "words."
As Tesla grows and its stock rises, Musk becomes more wealthy. However, despite his global public appearances and private jet trips across the globe, people who are close to him have shared that he doesn't really put an emphasis on wealth or make a point to live in luxury. The CEO sold his expensive homes in California and now lives in a small home in Texas.
Musk's ex-girlfriend Grimes, with which he now has two children, has said that he "lives at times below the poverty line." She even added that he wouldn't buy a new mattress when she found that it had a hole in it. Instead, he suggested that she go get her own mattress from her house and bring it over to replace the one with the hole. Grimes said in an interview with Vanity Fair:
"Bro does not live like a billionaire. Bro lives at times below the poverty line. To the point where I was like, can we not live in a very insecure $40,000 house? Where the neighbors, like, film us, and there's no security, and I'm eating peanut butter for eight days in a row?"
Musk is known for keeping most of his money tied up in Tesla's stock, and when he does have cash on hand, he often reinvests it in his companies while also giving to charity.
With all of that said, according to a new study published by Tipalti Approve, crunching the numbers reveals that Musk could become the world's first trillionaire as soon as 2024. Our friend at Teslarati cited Forbes' Real Time Billionaires list stating that Musk's current net worth is estimated at over $260 billion.
The information from the study was published by Yahoo! Finance. The Approve report claims:
“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. SpaceX generates massive incomes by charging governmental and commercial clients to send various things into space, including satellites, ISS supplies, and people.”
There are certainly other billionaires who are expected to eventually become trillionaires. However, based on the numbers and current trajectory, Musk will likely get the honor ahead of his peers.
We encourage you to get out your crystal ball and let us know when and if you think Musk will actually become a trillionaire. Will he be the first? Start a conversation in the comment section below.