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By Jenna Sundel
News Reporter
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Elon Musk said his wealth increases only by producing more products and services after he became the first person ever worth $700 billion earlier this month, according to Forbes.
“My Tesla and SpaceX shares, which are almost all my 'wealth', only go up in value as a function of how much useful product those companies produce and service,” Musk said on X on Tuesday. “This means my 'wealth' can only increase due to producing more products and services for the public. Moreover, anyone else who is a shareholder in Tesla and SpaceX, which incudes employees, participates in the upside of stock appreciation.”
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Why It Matters
Musk, the CEO of Tesla, is currently the richest person in the world. The next-richest person, Google co-founder Larry Page, is worth about $258 billion, according to Forbes.
Musk's latest milestone comes amid a growing wealth gap in the U.S., with some prominent individuals advocating for billionaires to donate their money to charitable causes.
At the WSJ. Magazine Innovator Awards in October, singer Billie Eilish said: “I'd say if you have money, it would be great to use it for good things and maybe give it to some people that need it. Love you all, but there’s a few people in here who have a lot more money than me. And if you're a billionaire, why are you a billionaire? No hate, but yeah, give your money away.”
What To Know
Just four days after Musk became the first person ever worth $600 billion, the Delaware Supreme Court overturned a lower-court ruling that voided an award of Tesla stock options now worth $139 billion to Musk, Forbes reported. The outlet estimated that his worth stood at a record $749 billion after Musk’s successful appeal.
Musk called himself a “maker” on X on Tuesday, “not a taker like the Bernie Sanders type politicians of the world.”
Sanders, an independent Vermont senator who caucuses with Democrats, said on X on Tuesday that the function of artificial intelligence should not be increasing the wealth of Musk and other billionaires.
What People Are Saying
Elon Musk, on X on Tuesday: “That is because I am a maker, not a taker like the Bernie Sanders type politicians of the world. They take and they’re on the take, because they cannot or will not make.”
Senator Bernie Sanders of Vermont, on X on Tuesday: “The function of AI must not be to make the wealthiest people on Earth — Musk, Bezos, Ellison, Zuckerberg, Gates — even richer. This revolutionary technology must benefit ALL of humanity, not just the privileged few who own it.”
What Happens Next
Musk is closer to becoming the world’s first trillionaire than losing the title of the world’s richest person, according to Forbes.
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