Elon Musk is now richer than any American ever — and it’s not even close

SpaceX founder Elon Musk quickly rose to trillionaire status, only to see his wealth plummet in just three days. Despite dropping to $987 billion, Musk remains the world's richest individual by a margin of $600 billion. However, the entrepreneur insists that his wealth is contingent upon the success of his companies. In an interview with entrepreneur Peter Diamandis, Musk explained that his $1.05 trillion net worth is tied to his ownership stakes in profitable ventures and is not held in a bank account.

Following SpaceX's IPO in June, Musk became a trillionaire, but his net worth began to decline within days, falling to $987 billion by Thursday. This decline was largely due to SpaceX's shares dropping 3.5%, trading under $162, and Tesla's shares falling over 2%. Musk's net worth plummeted by $21 billion on Wednesday alone after SpaceX announced plans to raise $40 billion to acquire Nvidia chips.

Musk's vast fortune is constantly at the mercy of his companies' performance and the stock market. Larry Ellison, founder of Oracle, briefly overtook Musk as the richest person in the world after his company's earnings report sent shares soaring 36%. However, Ellison's wealth plummeted by $34 billion just two days later, while Musk regained his trillionaire status.

Despite his massive wealth, Musk remains skeptical about the value of money in the future. He predicts that AI and robotics advancements will render money irrelevant by 2036, as they would take over most human work and render traditional jobs obsolete. In the meantime, Musk believes that monetary wealth will be less significant than it appears, given the current state of the world.