Elon Musk has become even richer: ‘He is putting his plans into action’

This article was last updated on December 13, 2024

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Elon Musk has become even richer: ‘He is putting his plans into action’

Elon Musk was already the richest person on earth and his wealth has only continued to grow. According to the American news agency Bloomberg, the tech and space entrepreneur now has a fortune of more than $400 billion. It is the first time that someone has so much money.

According to the Bloomberg Billionaires Index, a list of billionaires that is updated daily, Musk has a fortune of $447 billion, or about 420 billion euros. Number two on the list is Amazon entrepreneur Jeff Bezos, whose net worth is estimated at $249 billion.

According to Martijn Rozemuller, CEO at asset manager VanEck, it is commendable that Musk has earned a large part of his wealth himself. “He proves that wealth is created through entrepreneurship, and not through, for example, an inheritance.”

The brand ‘Elon Musk’

Rozemuller appreciates Musk’s vision on innovation. “He is probably not the only one with good ideas, but he knows how to translate his plans into action.” What distinguishes Musk from other entrepreneurs in the top 10 richest people is that he has several successful companies, Rozemuller thinks.

The growth of Musk’s wealth is mainly because the companies he heads are doing well. For example, Tesla’s shares have risen sharply since the American presidential elections. Musk invested millions in the campaign of election winner Donald Trump.

The fact that he is regularly in the news also plays a role. “He knows how to promote the ‘Elon Musk’ brand well by often being in the news and generating attention. That certainly works to his advantage,” Rozemuller concludes.

Hype about space travel

In addition to Tesla, one of his other companies is also doing well: space company SpaceX. That company is now said to be the most valuable company in the world that is not publicly traded, with a value of approximately $350 billion.

Yet Musk still has to fulfill his promises regarding that company, says Rozemuller. “The fact that SpaceX’s value is now so high is certainly due to the hype surrounding space travel, but if you are very realistic, the sector is actually still in its infancy.”

He also emphasizes that not all of Musk’s investments are a success. This is how the social media platform X lies after the takeover by him regularly under fire.

Rozemuller emphasizes that knowledge comes with power. That is why, according to him, there is also a danger in the growing fortune of the multi-billionaire. “You have to be very strong not to believe in yourself too much. Then there is a risk that you will succumb to your own success.”