SpaceX Could Make Elon Musk World’s First Trillionaire

SpaceX Could Make Elon Musk World's First Trillionaire

PlusMarkets Analysis25/10/2021

Elon Musk could be the world’s first trillionaire thanks to his start-up space exploration business called SpaceX. Tesla has made Elon Musk a very wealthy man throughout the years with a net value of $850 billion. However, SpaceX seems to be topping that with its great success.

SpaceX was founded in 2002 with its main ambition of reducing the overall cost of space travel in order for people to travel to Mars.

SpaceX has celebrated many milestones this year, including launching and landing a starship rocket for the first time. Additionally, SpaceX sent a first all-civilian crew into orbit last month.

Elon Musk is becoming the world’s first trillionaire

SpaceX could make Elon Musk the world’s first trillionaire. In January this year, Elon Musk’s fortune overtook Jeff Bezos in becoming the world’s richest person. A few months after that, Musk lost his title temporarily to the Amazon mogul. Only to gain the world’s richest title again once a SpaceX project was approved for funding.

Musk has a net worth of $252 billion. Followed by Bezos, who is currently the second richest man globally with a net worth of $197 billion. In addition to Bezos and Musk, Bernard Arnault follows with a net worth of $163 billion, Bill Gates with a net worth of $133 billion, and Facebook’s Mark Zuckerberg with a net worth of $127 billion.

So far this year, Musk’s fortune has increased by $72 billion, a massive 42.4% from last year.

SpaceX’s journey

SpaceX’s journey began in 2002 with the ambition of reducing the cost of space travel to Mars. Russian spacecraft Soyuz charged $80 million per seat. Musk attempted to purchase refurbished Russian ballistic measures to begin the process. This resulted in being costly and challenging working with Russian officials.

SpaceX Falcon 1 (expendable launch system) tried to reach orbit three times before managing to succeed in a fourth attempt. This, however, made SpaceX run out of funding for this project, resulting Musk in reconsidering everything. Luckily NASA saw all the work and efforts that Elon Musk put into SpaceX and decided to join up with them and work on the project together.

In 2008 NASA announced that SpaceX had been rewarded a $1.6 billion contract to fly supplies to the International Space Station, a program called Commercial Resupply Services. NASA director Phil McAlister expressed he was thrilled with “helping them with their development, both financially and technically”.

Moving on, it looks like the partnership with NASA paid off. Musk managed to reduce the seat cost down from $80 million to $58 million on SpaceX rockets.

 Final Thoughts

Most recently, SpaceX launched its first all-civilian crew into orbit. For three days, a physician’s assistant, an engineer, a professor, and a billionaire circled the Earth in a rocket called Inspiration4.

SpaceX’s net worth is on the rise as the aerospace industry is booming. The use of earth observation, space exploration, and infrastructure could be used by many sectors moving forward.

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