Elon Musk poised to become world's first trillionaire by 2027

Elon Musk is on his way to potentially become the world's first trillionaire, with an empire that consists of everything from electric vehicles and social media to space rockets and miniature brain implants.

The 53-year-old tech billionaire is already the richest person on the planet, worth nearly $250 billion and could now become the world's first trillionaire by 2027, according to Informa Connect Academy.

Informa notes that Musk’s net worth has been growing rapidly at an average rate of 110% per year, making him the "clear favourite" to hit the $1 trillion first, CNN reported.

However, he also faces competition and challenges in achieving this title, as it depends largely on the future of Tesla — Musk's biggest asset and the world’s most valuable auto company, at a price tag of about $710 billion.

Musk owns nearly 13% of the electric vehicle maker, a stake worth about $93 billion at current prices.

Musk's competition

Musk may be threatened by the recent rise of Nvidia, a company whose computer chips are powering the world's artificial intelligence boom.

Nvidia could make its CEO and co-founder Jensen Huang a trillionaire in 2028, according to Informa.

Huang has a net worth of $104 billion, according to Bloomberg.

Meanwhile, Indian billionaire Gautam Adani is also on track to become a trillionaire by 2028.

Musk's challenges

Musk's fortune could exceed $1 trillion if Tesla continues to thrive.

“We believe Musk has positioned himself to achieve new heights over the coming years as Tesla capitalises on full self-driving, Robotaxis and the future of EVs,” Dan Ives, senior equity analyst at Wedbush Securities, told CNN in an email.

However, Tesla still faces fierce competition, especially from cheaper rivals in China.

The company has faced challenges, experiencing a significant drop in stock due to lower sales in 2022 and issuing multiple vehicle recalls.

According to Musk, in 2008, Tesla was on the brink of bankruptcy before securing a last-minute loan to keep it afloat.

Tesla CEO's other assets

Other than Tesla, Musk also owns stakes in tunnel construction company, The Boring Company, and AI startup xAI.

He also owns a private spacecraft maker, SpaceX, and a brain chip implant startup, Neuralink, that hopes to help people who are paralysed regain movement.

Some of Musk’s wealth also comes from perhaps his social media platform X (formerly Twitter), which he acquired in 2022 for $44 billion.