Tesla stock is rising, Elon Musk could be the first trillionaire

The report's predictions are based on an individual's average annual wealth growth rate. If Musk's wealth continues to grow at an annual rate of 110%, the report predicts he will be the first person to achieve trillionaire status by 2027.

Key points:

1. Elon Musk is expected to reach trillionaire status by 2027, according to a report from Informa Connect Academy.
2. The forecast is based on the annual growth rate of his wealth.
3. Musk’s fortune, largely tied to his Tesla holdings, has experienced considerable fluctuations in recent years.

Elon Musk is now the world's richest person

The Tesla CEO, Elon Musk, currently the world's richest person with a fortune of $237 billion according to Bloomberg’s Billionaires Index, is on track to be the first person to reach trillionaire status. If his wealth continues growing at an annual rate of 110%, Musk could achieve this milestone by 2027.

While several companies, including Apple and Microsoft, have reached trillion-dollar valuations, no individual has ever done so.

Other billionaires like Nvidia’s Jensen Huang, Adani Group’s Gautam Adani, and Barito Pacific’s Prajogo Pangestu could also reach trillionaire status shortly after Musk if their current growth rates persist. Mark Zuckerberg of Meta is expected to hit the mark by 2030, according to the same report.

Despite adding $7.73 billion to his wealth over the past year, Musk's current fortune is still below his 2021 peak, when his net worth was estimated at $340 billion.

Tesla shares are fluctuating

Musk's wealth, largely dependent on his 20.5% stake in Tesla, has fluctuated dramatically. Tesla shares dropped 7% earlier this year following weaker-than-expected vehicle deliveries, wiping out billions from Musk’s net worth—though he regained much of it following a successful visit to China in April.

Tesla shares closed up 2.6% at $216.27 while the S&P 500 and Dow Jones Industrial Average both added about 1.2%.

The Wall Street Journal reported that Tesla had discussed paying Elon Musk’s xAI for some of its artificial intelligence technology. Payments flowing from one company Musk leads to another probably wouldn’t make Tesla shareholders all that happy; Musk called the article inaccurate in a Saturday tweet.

Musk also laid out plans for Mars exploration led by SpaceX. He sees SpaceX launching two uncrewed ships to Mars around 2026, with crewed ships leaving as early as 2028.

Value of X has fallen 71%

According to the mutual fund Fidelity, the social media platform X has lost 71% of its value since being acquired by Elon Musk. Fidelity, which holds a stake in X Holdings, revealed in a disclosure obtained by Axios that it had reduced the value of its shares by 71.5% since Musk’s purchase.

Musk bought Twitter for $44 billion in October 2022 and rebranded it as X in July 2023. Based on Fidelity's assessment, X's current value is estimated at around $12.5 billion. Additionally, the platform has seen a 15% drop in monthly users during the first year of Musk’s ownership, amid growing concerns about an increase in hate speech.

Musk has also faced challenges with his other ventures, including the social media platform X. The platform has struggled to regain advertisers after some of Musk's more controversial moves and cost-cutting measures.

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