Your Smart Views

'Rockefeller Rich' - Elon Musk's Wealth Hits 'Rockefeller Rich' Levels, Equivalent To A 1.6% Share Of The U.S. GDP

By Adrian Volenik
From Benzinga

'Rockefeller Rich' - Elon Musk's Wealth Hits 'Rockefeller Rich' Levels, Equivalent To A 1.6% Share Of The U.S. GDP

Elon Musk, the richest person in the world, has reached a level of wealth that only one other individual in history has come close to - oil magnate John D. Rockefeller.

Musk's staggering net worth of $474 billion at the time of writing, or 1.61% of the U.S. GDP based on third-quarter data, is reminiscent of Rockefeller's dominance when his fortune peaked at 1.5% of GDP. In other words, Musk's wealth has surged into a realm not seen in contemporary times, much like Rockefeller's unparalleled economic influence more than a century ago.

Don't Miss:

It's no wonder Jeff Bezos holds over $70 million in art -- this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here's how everyday investors are getting started. The global games market is projected to generate $272B by the end of the year -- for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.

'

Tesla's recent stock surge largely fuels Musk's fortune. Tesla's stock price has risen 86% this year, hitting record highs after Donald Trump won the 2024 election. Experts believe Tesla could perform even better under Trump's administration due to policies expected to support self-driving cars and reduce tax credits that benefit Tesla's competitors.

According to Bloomberg's year-end valuation of $229 billion, Musk gained $245 billion in 2024 alone. This is so massive that it exceeds the combined net worth of all but two other billionaires: Mark Zuckerberg ($221 billion) and Jeff Bezos ($251 billion).

John D. Rockefeller, the founder of Standard Oil, was the original "world's richest man." By his death in 1937, his net worth stood at $1.4 billion, representing 1.5% of the U.S. GDP.

See Also: Deloitte's fastest-growing software company partnered with Amazon, Walmart & Target announces the deadline to invest this year is 12/20. - Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!

Rockefeller's wealth came from his near-total control of the oil industry, which powered the Industrial Revolution. His company, Standard Oil, controlled 90% of U.S. oil refining. Standard Oil, however, was split up into 34 companies in 1911 due to public outcry and judicial scrutiny; several of these businesses, like ExxonMobil and Chevron, continue to dominate the oil industry today.

While Musk's income comes from cutting-edge industries like space exploration, electric cars, and artificial intelligence, Rockefeller's fortune came from an indispensable resource - oil - that characterized an entire era. Yet, both men represent a financial dominance that's hard to fathom.

Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing -- you can become an investor for $0.80 per share today.

Here's a comparison to grasp how large Musk's fortune really is. All NFL, NBA, MLB, and NHL teams combined are valued at $433.57 billion. Musk could theoretically buy every professional sports team in North America and still have over $43 billion left over.

Musk's wealth may keep growing. The Trump administration's potential policies supporting self-driving vehicles and limiting EV tax credits for competitors could directly benefit Tesla. SpaceX also seems to be gaining from future government contracts, especially with Trump nominating Jared Isaacman - a SpaceX investor and friend of Musk - to lead NASA.

However, Musk still faces challenges. A legal battle over his 2018 Tesla pay package could impact his fortune if courts uphold the recent ruling against it.

Read Next:

'Scrolling To UBI' -- Deloitte's #1 fastest-growing software company allows users to earn money on their phones. The deadline to invest and receive your shares this year is 12/20. Join 30,000+ shareholders and invest at $0.26/share today. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Market News and Data brought to you by Benzinga APIs

Previous articleNext article

POPULAR CATEGORY

corporate

8178

miscellaneous

10773

wellbeing

8202

fitness

10845