It is official. Elon Musk has become the world's first-ever trillionaire following SpaceX's record-shattering $2 trillion debut on the NASDAQ last Friday. With a net worth of $1.4 trillion that continues to grow, Musk is now worth more than the entire economy of Switzerland. He is over 13 times wealthier than Bill Gates and, for the average middle-class person, more than 11 million times richer.
Musk's fortune is so vast that he could purchase every seat for every World Cup match, every ticket for Taylor Swift's Eras Tour, and every Broadway show ticket for the next decade without making a significant dent in his wealth. However, most of his wealth is tied up in equity in his companies, similar to how most Americans' wealth is tied to their homes. Converting all or most of it to cash would tank the value of his companies. Legally, he cannot sell any SpaceX stock for 366 days after the IPO.
Billionaires like Musk typically borrow money for spending rather than selling investments, which also helps avoid taxes. Even without a trillion dollars in cash, Musk has access to an obscene amount of money, enough to outspend any US political campaign or, as he joked, install a volcano lair.
On the eve of becoming a trillionaire, Musk told Peter Diamandis that he no longer believes in money, predicting that AI will make everything freely available and everyone will receive a universal basic income. However, for now, money remains the primary means of exchange, and Musk has more than he could ever spend.
Despite his wealth, Musk is known as a notoriously poor philanthropist. He has given away less than 1% of his wealth to charity, compared to Bill Gates who has given over $100 billion. Musk's charitable foundation has been fined by the IRS for hoarding cash. He has made lofty promises to solve world hunger or fix the Flint water crisis but never followed through.
If Musk truly cares about humanity, here are ten things he could do with his trillion-dollar fortune:
1. Pull hundreds of millions out of extreme poverty
According to analysis, $318 billion annually could end the worst form of poverty worldwide. By using just over a quarter of his net worth, Musk could ensure one-eighth of the world's population has food, shelter, and clean water, still leaving him with about a trillion dollars.
2. Pay off all US medical debt
About one in three Americans has past-due medical debt, totaling roughly $220 billion. Musk could cover this entirely, improving healthcare access and preventing bankruptcies.
3. Bankroll universal preschool
Universal preschool programs would cost about $351 billion over 10 years. Musk could fund over three decades of such a program, benefiting kids and working families.
4. Climate-proof the world
Adapting to climate change for vulnerable countries costs $1.2 trillion annually. Musk's entire net worth could fund this for one year, protecting billions from heat waves, droughts, and rising seas.
5. End world hunger
The UN estimates $93 billion per year could end global hunger by 2030, totaling $465 billion. Musk could cover this with about a third of his wealth.
6. Research cures for diseases
With $993 billion invested in US R&D in 2023, Musk could more than compensate for federal cuts, potentially accelerating breakthroughs in cancer, dementia, and more.
7. Bring clean drinking water to everyone
Over 4 billion people lack safe water at home. The UN estimates $114 billion per year could provide clean water for a decade or more.
8. End homelessness in America
Ending homelessness costs $10-30 billion annually. Musk could also address the housing shortage with $95 billion over five years to build 2 million homes.
9. Wipe out tuberculosis and malaria
Eradicating TB by 2030 would cost $250 billion, and malaria eradication $8.5 billion per year. Musk could fund both with a fraction of his wealth.
10. Give everyone in the world a $146 check
If $1.2 trillion were divided equally among 8.2 billion people, each would receive $146. In countries like Zambia, this could cover months of necessities.
