Musk is expected to become the world's first billionaire

Published 10 September 2024 at 16.26

Foreign. According to a new report from Informa Connect, Elon Musk is predicted to become the world's first billionaire by 2027, thanks to his success in the space race and the technology industry.

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Musk, who currently has a fortune of $237 billion according to the Bloomberg Wealth Index, is forecast to quadruple his fortune in the next three years.

The report highlights that if Musk's fortune continues to grow at the same rate, with a annual growth of 110 percent, he will reach billionaire status by 2027.

Musk has built his fortune through companies such as Tesla, the world leader in electric car manufacturing, and SpaceX, one of the most prominent space companies.

SpaceX dominates the space sector with both rocket launches and its global satellite network, Starlink.

Starlink is approaching an IPO, which could further increase Musk's fortune. The company was valued at around $210 billion earlier this year, which shows its potential importance in the future space race.

With these growth opportunities in sight, Musk is singled out as the most likely to reach a trillion dollar fortune before other famous contractors.