Elon Musk could be on his way to becoming the first trillionaire by the end of the decade, as two of his private companies soar in value, while his public company, Tesla, recently surpassed a trillion dollars in market capitalization.
A new report from the Financial Times cites people familiar with the discussions, stating that Musk's SpaceX—the world leader in rocket launches and high-speed space internet (via Starlink)—is preparing to launch a tender offer in December to sell existing shares at $135 each. This indicates that the rocket company's valuation has surged by another $40 billion, reaching $250 billion, up from $210 billion earlier this year.
Starship rocket booster caught by tower pic.twitter.com/aOQmSkt6YE
— Elon Musk (@elonmusk) October 13, 2024
The people said Musk's artificial intelligence startup xAI recently raised $5 billion at a valuation of $45 billion, doubling in just a few short months. Soaring values in Musk's private companies have added to his overall net worth.
Musk's cozy relationship with the Trump administration will likely result in Tesla winning the multi-year EV price war. A Reuters report from Thursday detailed how Donald Trump was planning to eliminate the $7,500 consumer tax credit for EVs. In return, this would destroy Musk's competition, such as Rivian, Luicid, and legacy automakers.
As we previously noted, "Musk's strategy to win the EV price war: Build the largest EV business with taxpayer dollars, popularize EVs, allow other startups and OEMs to enter the market, and then support politicians who want to end EV subsidies, crushing the competition and leaving Tesla reigning supreme."
Meanwhile, 'the Trump bump' in equity markets sent Tesla shares over the trillion-dollar market cap level this past week.
According to the Bloomberg Billionaires Index, Musk's net worth has risen to $306.5 billion, up $77.5 billion on the year - primarily because of the latest Tesla price surge.
In September, wealth-tracking website Informa Connect published a report forecasting Musk could become the world's first trillionaire by 2027. This news is likely disheartening for struggling WeWork co-founder Adam Neumann, who famously said in 2019 that he wanted to live forever and become the first trillionaire.
Musk's dominance in space, EVs, AI, and media—with no other billionaire even close to his level of success, and more importantly, to his contributions to the nation's success in this global technology race—has only infuriated far-left, anti-American Democrats...
If you’re wondering how bitter the Left is at @elonmusk for trying to save America, Maddow is straight up demanding the Kamala administration (not gonna happen!) cancel all SpaceX govt contracts. Because “national security.” pic.twitter.com/kihdzhkAZS
— Buck Sexton (@BuckSexton) November 5, 2024
... who are now calling for the dismantling of Musk's companies.