Austin, TX

Austin, TX CEO on track to be world's first trillionaire


Update: At the time this article was written, Elon Musk, CEO of Tesla and SpaceX earned the title of becoming the wealthiest man in the world. Musk is an Austin, Texas resident.

Elon dethroned Amazon mogul, Jeff Bezos, to become the wealthiest person in the world.

However, now analysts project that Musk could also be the world's first trillionaire as soon as 2024. The Tesla entrepreneur has seen massive growth in his wealth portfolio thanks to his new firm SpaceX and the absolute success of Tesla.

The firm that projects that Musk will eventually be the world's first trillionaire, Tipalti Approve, released the following statement, "Since 2017, Musk's fortune has shown an annual average increase of 129 percent, 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."

Musk isn't alone in the race to become a trillionaire. Zhang Yiming, TikTok's founder, is projected to reach a $1 trillion net worth by 2026 at 42 years old as well.

Original Story:

Every year a new group of billionaires emerges. This year, the world's richest person is none other than Tesla CEO and SpaceX founder, Elon Musk. He's worth an astonishing $246 billion dollars.

Musk was born in South Africa to a Canadian mother and a South African father. He eventually migrated to Canada and then transferred to the University of Pennsylvania. After receiving acceptance for Stanford University's doctoral program for a Doctor of Philosophy (Ph.D.), he dropped out after two days.

The rest is history as they say, and one-day Musk's journey would make him the richest man in the world.

Early Career

One of Musk's first start-ups was alongside his brother, Kimbal. Their company would go on to become Zip2 which was a geographical guide for newspapers. Musk said during his time building the enterprise, "We showered at the YMCA and we were so hard-up that we only had one computer." After successfully building the company with investors, he sold it for $300 million and had a payout of $22 million for a 7% stake in the company.

Shortly after the sale of Zip2, he started which was one of the first federally insured online banks. The company become PayPal which eBay acquired for more than $1 billion in stock.

SpaceX and Tesla, Inc.

Elon Musk is now the CEO of SpaceX which is an American aerospace manufacturer, a provider of space transportation services, and a communications corporation headquartered in Hawthorne, California. Musk's goal is to reduce space transportation costs to enable the colonization of Mars.

SpaceX purports that through reusable and sustainable rockets, a reduced cost of space transportation can be realized.

Another one of Musk's companies is Tesla, Inc., based in Austin, TX.

"As the co-founder and CEO of Tesla, Elon leads all product design, engineering and global manufacturing of the company's electric vehicles, battery products and solar energy products."

A part of Tesla's mission is to accelerate the world's access to energy-efficient transportation.

Forbes lists Musk's age as 50 years old and reports that he has 7 children.

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