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Experts said Mr Musk - who is currently ranked as the world’s richest person with an estimated fortune of $241bn - could reach the milestone thanks to his space exploration business SpaceX.
It is thought the business “may eventually be the most highly valued company in the world - in any industry”, according to experts.
Adam Jonas, an analyst at the investment bank Morgan Stanley, remarked SpaceX was “challenging any preconceived notion of what was possible and the timeframe possible, in terms of rockets, launch vehicles and supporting infrastructure”.
He told The Guardian: “More than one client has told us if Elon Musk were to become the first trillionaire... It won’t be because of Tesla. Others have said SpaceX may eventually be the most highly valued company in the world – in any industry.”
Mr Jonas, head of Morgan Stanley’s auto and space research, said SpaceX could revolutionise the space industry forever.
He added: “As one client put it, ‘talking about space before Starship is like talking about the internet before Google.’”
Of Mr Musk’s $241.4 billion net worth, SpaceX makes up less than 17 per cent - according to the Bloomberg Billionaires Index.
Mr Musk recently became the world’s richest person due to Tesla stock gains. He beat Amazon founder Jeff Bezos to the number one spot.
However, in his personal life, the SpaceX boss has had little luck with love.
At the time, he told Page Six: “We are semi-separated but still love each other, see each other frequently and are on great terms.
“It’s mostly that my work at SpaceX and Tesla requires me to be primarily in Texas or traveling overseas and her work is primarily in LA. She’s staying with me now and Baby X is in the adjacent room.”
They welcomed their son into the world in May last year.
Their romance first was on the showbiz radar in May 2018.