In addition to world’s richest person, who has $251bn, report names others on track to receive trillionaire status

Elon Musk is on pace to become the world’s first trillionaire by 2027, according to a new report from a group that tracks wealth.

Informa Connect Academy’s finding about the boss of electric carmaker Tesla, private rocket company SpaceX and social media platform X (formerly Twitter) stems from the fact that Musk’s wealth has been growing at an average annual rate of 110%. He was also the world’s richest person, with $251bn, according to the Bloomberg Billionaires Index, as the academy’s 2024 Trillion Dollar Club report began circulating Friday.

The academy’s analysis suggested business conglomerate founder Gautam Adani of India would become the second to achieve trillionaire status. That would reportedly happen in 2028 if his annual growth rate remains at 123%.

  • chonglibloodsport@lemmy.worldEnglish
    1·
    4 months ago

    Putting a huge percentage of a company up for sale on the open market is going to tank the price no matter what the fundamentals are. It’s simple supply and demand: you’re putting a huge glut of supply on the market and not putting similar demand. All those sell orders will begin expiring as the offers drop in price.

    The largest owner of shares putting everything on the market at once is strong signal that the stock is overpriced and so buyers will react accordingly.

    By the way, TSLA has a P/E ratio in the 60’s so it’s not exactly a great deal anyway.

    I’m neither defending nor attacking capitalism. I’m just pointing out that putting heavy taxes on illiquid assets leads to huge disruptions.

    The increase in value of shares above book is called unrealized gains. They can be here today and gone tomorrow. Taxing makes no sense unless you’re going to reimburse the taxes if the shares drop in price.

    • CanadaPlus@lemmy.sdf.orgEnglish
      1·
      4 months ago

      It’s not like you can buy too much of an earning stock. I’m pretty sure elasticity approaches zero quickly if someone is dumping a well-known, profitable company. It might induce some paranoia, but big investors don’t get to where they are by panicking often.

      By the way, TSLA has a P/E ratio in the 60’s so it’s not exactly a great deal anyway.

      Depends. Amazon doesn’t even have one; tech stocks are often driven by future potential. I wouldn’t buy a car from them though.