According to a report from the charity Oxfam, the wealth of the five richest people on the planet soared to 869 billion USD in November 2023, an increase of 114% compared to 2020. That is equivalent to every hour, Their assets increased by an average of 14 million USD.
Elon Musk’s net worth has increased more than 700% in just three years, despite recent fluctuations in Tesla’s stock price. Photo: Slate
In particular, billionaire Elon Musk’s assets increased to 245.5 billion USD by the end of November 2023, an increase of 737% compared to March 2020. However, there was a slight decrease in January 2024, when Musk’s net worth was estimated by Forbes at $243.46 billion. The reason is said to be because of Tesla.
Elon Musk’s assets depend largely on Tesla
Tesla contributes most of Elon Musk’s assets. About 80% of his net worth comes from this electric vehicle company.
Tesla’s stock price has undergone major fluctuations, from a peak of $1,200/share in November 2021 to $400/share in January 2024. In just the first two weeks of 2024, Tesla lost more than $94 billion in market value. This is said to be due to the race to reduce prices in China, rising labor costs, along with the slowdown in electric vehicle demand, especially in the US market.
Tesla’s erratic ups and downs greatly affect Elon Musk’s asset value. Photo: NYT
It took 673 years to spend all the money
Because it is based on the company’s value, Elon Musk’s net worth fluctuates with the market and investor psychology. But basically, he still holds the position of the richest person in the world, with assets surpassing the GDP of many countries (according to IMF estimates in 2023) such as Hungary (222.2 billion USD), Algeria (239 billion USD). .21 billion USD)…
According to calculations, if Elon Musk spent 1 million USD every day, it would take him 673 years to spend all his current assets. This is a number 6 times the average human lifespan. But with current spending, the actual time may be longer than that.
Elon Musk does not tend to spend money on luxuries, but instead, he lets money grow by continuously investing.
Elon Musk also has some spending on luxury items, but the money is mainly spent on investments. Photo: New Scientist
He used to own expensive real estate but later sold them to invest. He currently lives in a compact prefabricated house called Boxabl Casita, the price of which is only equivalent to a Mercedes-Benz C-Class (according to the selling price in the US).
Musk’s largest investments include Tesla, SpaceX, Twitter and The Boring Company. These investments, especially Tesla, have greatly increased his wealth.
In addition, Musk sometimes spends money on unique items such as a James Bond submarine or a flamethrower for his special personal hobbies. The most invested means of transportation is private aircraft. He also has some expensive cars like the McLaren F1 (800,000 USD to 1 million USD), but his main use is still the “homegrown” Tesla Model S (price from 75,000 USD or 1.8 billion VND).
