Elon Musk sparks outrage after he breaks new record with eye-watering net worth
Elon Musk has sparked a seriously heated discussion online after he broke a new record with his latest reported eye-watering net worth.
The 54-year-old businessman is the wealthiest person in the world, and earlier this month he became the world's first half trillionaire, with a net worth of over $500 billion.
His wealth has taken a minor tumble since then. Forbes' Real Time Billionaire List states that he's currently worth $490.7 billion.
In September, he was briefly overtaken by Larry Ellison, who was temporarily the richest man in the world. But Musk can rest easy, as currently Ellison trails him by around $173 billion.
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It's been a rocky year at times for Musk - his time working alongside Donald Trump in the US government reportedly led him to lose an eye-watering $53 billion, and came to an end with an embarrassing public mudslinging match with the POTUS.
But it's fair to say he's bounced back.
Why is Elon Musk so rich?
His extortionate amounts of money come from his co-founding of seven companies, including rocket producer SpaceX and artificial intelligence startup xAI.
He owns about 12 percent of electric car manufacturer Tesla, which he first backed in 2004, and which he's led as CEO since 2008.
SpaceX, founded in 2002, is worth around $400 billion. Musk owns an estimated 42 percent stake.
Explaining his vast wealth to the Babylon Bee in 2021, he said: "I built these two companies [Tesla and SpaceX] and it was extremely difficult to build them. Rewarding, too, but massively difficult ... and I didn't sell the stock in the companies."
Musk also bought Twitter, which is now X, in a $44 billion deal in 2022. He merged it with xAI in March in a deal valuing the combined company at $113 billion, including debt.
Musk also founded tunnelling startup The Boring Company and brain implant outfit Neuralink. The two startups have raised around $2 billion from private investors combined.
'No ethical billionaires'
After catching light of Musk's latest net worth figures, fans and critics alike rushed to social media to share their thoughts with many calling out the issue that there are 'no ethical billionaires'.
One X user penned: "I like Elon, but his wealth does not impress me."
A second declared: "There are no ethical billionaires. Wealth that vast can't exist without exploitation or structural inequality. Musk's $400B fortune (Reuters, 2024) exists while millions lack food, housing, and healthcare (ThePittNews, 2022)."
A third chimed in: "That's like, a tad too much."
Another hit out: "That is crazy."
Not everyone was a critic, however, with one X user writing: "It’s satisfying to know that the richest person on earth is someone which such good intentions and willpower. Kind of increases my fate in humanity a little bit."
Such criticism mirrors previous backlash after Musk was named the 'world’s richest person' once again by Forbes back in April.
"It’s a shame they can’t have a true ranking on kind, generous, caring people," one Facebook user commented.
"Rich in dollars but morally bankrupt," declared a second, while a third piped up: "Who cares he is definitely displaying a lack of moral conscience for those less fortunate."
And a final social media user added: "Maybe we should stop doing this and make a list of the world’s most philanthropic people.
"Let’s emphasise caring for others over hoarding wealth."
Topics: Elon Musk, Politics, US News, Money, Social Media
Rhiannon Ingle