Elon Musk's Net Worth Is Now Closer to $300 Billion
As Tesla's stock prices continue to rise on so does Elon Musk's personal worth. As the markets closed on Wednesday, the share price of Tesla rose two percent, carrying Elon Musk's wealth closer to $300 billion, Wall Street Journal reported.
We have already reported how Tesla's share prices have meteorically risen since the beginning of 2020 and the company's market cap is now above $1 trillion. As stock prices show no signs of abating, Musk continues to add billions of dollars to his personal wealth on a daily basis, even though it might just be on paper.
The Bloomberg Billionaires Index daily updates the changes in the fortunes of the world's wealthiest as well as on a longer horizon of one year. According to the list, Musk's net worth now stands at $292 billion and he has made $122 billion of it this year alone. Musk's consistent target on social media, Jeff Bezos, whom he recently beat to claim the top spot, is rapidly becoming a distant second. Bezos' net worth has largely remained under the $200 billion mark this year has risen only $6 billion over the past year.
Musk could single-handedly save 42 million from starvation if he donated just two percent of his newly gained wealth. David Beasly, the executive director of the United Nations World Food Program, has asked billionaires to step in to save 42 million people who face a food security 'emergency' that is just a step below famine, Gizmodo reported. The cost of saving these people from starvation is six billion dollars, just one-sixth of what Musk made on Tuesday, roughly two percent of Musk's current net worth.
Even if Musk did not wish to contribute this amount all by himself, he could rally up some of his friends such as Bill Gates, Sergey Brin, Mark Zuckerberg, Larry Ellison, and many others from his new 'Big Tech' Club who have made big gains as millions of Americans lost their jobs.
However, it seems unlikely that Musk will respond to this humanitarian need. Senator Ron Wyden is proposing an 'unrealized capital gains tax' that would be applicable to millionaires and billionaires (of which there are little over 750) in the U.S. According to this proposal, gains made by billionaires, like the one made by Musk this year, would also be subject to taxation, even though they haven't been sold on the market, a requirement as per current tax laws. Musk, who himself, has claimed that he has not paid any tax in 2018 responded to the proposal, thus.
Exactly. Eventually, they run out of other people’s money and then they come for you.— Elon Musk (@elonmusk) October 26, 2021
Even to his own foundation, Musk has donated $257 million, which is 0.001 percent of his current net worth, with Gizmodo calling it a "pittance of a donation." Of this, the foundation has distributed enough to avoid penalties from the IRS.
Replying to a tweet from The Washington Post reporter, Christian Davenport, that claimed that Musk would end up paying as much as $50 billion over the first five years, if the new tax laws were implemented, Musk responded,
My plan is to use the money to get humanity to Mars and preserve the light of consciousness— Elon Musk (@elonmusk) October 28, 2021
So, while Musk aims for the stars and hopes to clean up the planet with his EVs, is it too much to ask to care about global hunger too?