Musk set to become world's first trillionaire
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The billionaire is the co-founder of six companies, including the social media platform X, electric car company Tesla, and spacecraft manufacturer SpaceX.
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Elon Musk, CEO of SpaceX and Tesla and owner of X attends a US Senate bipartisan Artificial Intelligence (AI) Insight Forum at the US Capitol in Washington, D.C., on September 13, 2023. (AFP)
Elon Musk is expected to become the world's first trillionaire by 2027, according to a report published by Informa Connect Academy, a global education firm.
The report was released on Friday, and it illustrated that Musk's path to obtaining trillionaire status is based on his average annual wealth growth rate of 109.88%.
The tech entrepreneur is the richest man with a net worth of $237 billion, according to the Bloomberg Billionaires Index.
Musk has co-founded six companies, including SpaceX, a spacecraft manufacturer with a market capitalization of $669.28 billion, and is expected to be a trillion-dollar company next year.
The billionaire also founded the electric automotive company Tesla and acquired the social media platform Twitter. He rebranded the social networking service as X, pledging more transparency and less censorship.
The battle for first
Musk initially appeared on the Forbes billionaire list in 2012 with a $2 billion net worth. In 2021, he succeeded Amazon founder Jeff Bezos as the world's wealthiest man, losing the status to Arnault in December 2022 due to the collapse of Tesla's stocks. However, the billionaire topped the list six months later.
India’s richest man Gautam Adani, Nvidia CEO Jensen Huang, and Indonesian mogul Prajogo Pangestu are three multi-billionaires expected to join Musk in the Trillionaires' Club by 2028, the report indicated.
Bernard Arnault, French business and chair of luxury conglomerate LVMH, is likely to become a trillionaire by 2030.
Musk to lead US Efficiency Commission if Trump re-elected
In the latest on Musk, Republican presidential candidate Donald Trump said he would establish a government efficiency commission headed by billionaire Elon Musk if he is re-elected in the upcoming elections in November.
Trump spoke on Thursday at the New York Economic Club, laying out his economic plans and reforms for the country if he re-assumes office.
Sources aware of Trump's economic visions told Reuters he has been discussing the idea of implementing an efficiency commission with aides for weeks. The Republican finally addressed the idea of the commission for the first time during his speech, revealing the X founder as its head.
Trump did not provide additional information concerning the operation of the commission, simply stating it would develop a plan to combat "fraud and improper payments" within six months of its establishment.
"I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government," Trump told an audience composed of his former Treasury Secretary, Steve Mnuchin, and financiers Scott Bessent and John Paulson.
It was "great to have him as an ally. He's a terrific businessman, and I think the government could become much, much more efficient," Paulson told Reuters concerning Musk's potential role.
