Elon Musk, the richest person in the world, has reached a milestone level of wealth which only one other individual in history has come close to: oil tycoon John D. Rockefeller.
Musk’s staggering net worth of $474 billion at the time of writing, or 1.61% of US GDP, based on third quarter datareminiscent of Rockefeller’s dominance when his fortune peaked at 1.5% of GDP. In other words, Musk’s wealth has risen to levels not seen in modern times, much like Rockefeller’s unparalleled economic influence more than a century ago.
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The recent rise in Tesla stock prices is largely fueling Musk’s fortunes. Tesla’s stock price has risen 86% this year, hitting record highs after Donald Trump won the 2024 election. Experts believe Tesla could perform even better under the Trump administration because of policies that are expected to support self-driving cars and reduce tax breaks that benefit Tesla’s competitors.
According to Bloomberg’s year-end valuation of $229 billionMusk will earn $245 billion by 2024 alone. This is so enormous that it surpasses the combined net worth of all but two other billionaires: Mark Zuckerberg ($221 billion) and Jeff Bezos ($251 billion).
John D. Rockefeller, the founder of Standard Oil, was the original “richest man in the world.” At his death in 1937, his net worth was $1.4 billion, representing 1.5% of total income. US GDP.
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Rockefeller’s wealth came from his near-total control of the oil industry, which fueled the Industrial Revolution. His company, Standard Oil, controlled 90% of U.S. oil refining. However, Standard Oil was split into 34 companies in 1911 due to public outcry and judicial oversight; Several of these companies, such as ExxonMobil and Chevron, still dominate the oil industry today.
While Musk’s income comes from cutting-edge industries like space exploration, electric cars and artificial intelligence, Rockefeller’s fortune came from an indispensable resource – oil – that defined an entire era. Yet both men represent a financial dominance that is difficult to fathom.
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Here’s a comparison to understand how big Musk’s fortune really is. All NFL, NBA, MLB and NHL teams combined are valued at $433.57 billion. In theory, Musk could do that buy any professional sports team in North America and still have over $43 billion left.
Musk’s wealth may continue to grow. That of the Trump administration potential policy Supporting self-driving vehicles and limiting EV tax breaks for competitors could directly benefit Tesla. SpaceX also appears to benefit from future government contracts, especially with Trump nominating Jared Isaacman – a SpaceX investor and friend of Musk – to lead NASA.
However, Musk still faces challenges. A legal battle over his 2018 Tesla pay package could impact his fortunes if the courts uphold the recent ruling against it.
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This article ‘Rockefeller Rich’ – Elon Musk’s wealth reaches ‘Rockefeller Rich’ level, equivalent to a 1.6% share of US GDP originally appeared on Benzinga.com
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