Elon Musk to become world’s first trillionaire: Here’s how he reached this position

The tech billionaire Elon Musk, who is currently the world’s richest person, is inching closer to an unprecedented milestone i.e., becoming the planet’s first trillionaire.

According to Forbes, the Tesla and SpaceX CEO briefly hit a net worth of $500.1 billion earlier this week, before dipping slightly to $499.1 billion, putting him nearly halfway to the trillion-dollar mark.

From startups to global giants

Musk’s journey to extreme wealth began in the late 1990s after selling his first company, Zip2, to Compaq for more than $300 million.

His next venture merged into what later became PayPal, cementing his first major success.

That said, it was SpaceX, founded in 2002, and Tesla, where he became chairman in 2004, that propelled him into the ranks of the richest.

The role of Tesla and SpaceX

Tesla’s dominance in the electric vehicle (EV) market has been the major factor behind Musk’s soaring wealth.

With record-breaking deliveries of over 1.3 million vehicles in 2022 and ambitious global expansion plans, Tesla has seen its stock rebound strongly.

Similarly, SpaceX continues to revolutionise the aerospace industry, securing major contracts and pushing forward with projects like the Starship rocket, designed for Mars missions.

All these achievements have significantly inflated Musk’s fortune.

Industries of the future

Musk’s influence extends beyond EVs and rockets. His ventures like Neuralink, focusing on brain-computer interfaces, and "The Boring Company," aimed at transforming transportation, further expand his portfolio.

Analysts believe these industries, coupled with the global shift to renewable energy and space exploration, give Musk a unique edge to outpace every other billionaire.

The competition behind Musk

While Musk leads comfortably, other billionaires are also making history. Oracle co-founder Larry Ellison ranks second with $350.7 billion, while Meta’s Mark Zuckerberg follows with $245.8 billion, according to Forbes.

That said, both trail far behind Musk’s half-trillion mark. 

Forbes highlighted that no individual has yet reached the trillion-dollar threshold.

With his companies at the forefront of some of the fastest-growing industries in the world, Musk stands closer than anyone else to crossing into trillionaire territory.