Elon Musk is on track to become the world's first trillionaire

Tesla has become the world's most valuable auto company with a reported price tag of $710 billion.

According to reports, Tesla CEO Elon Musk took over the title of "the richest person in the world" earlier this year. However, Musk's amassment of wealth isn't stopping anytime soon, with the Tesla CEO now on track to become the world's first trillionaire.

As per reports, Elon Musk's net worth is expected to hit $1 trillion by 2027. Informa Connect Academy - an organisation that tracks the net worth of individuals, stated that Musk's wealth is growing at a rapid pace of 110% per year. Tesla CEO's current net worth is estimated to be around $250 billion.

The rapid growth of Musk's net worth is in part due to Tesla, which has become the world's most valuable auto company with a reported price tag of $710 billion. This is even higher than Coca-Cola, Bank of America, and Boeing combined. Musk owns around 13% stake in the company worth $93 billion. He also has another 303 million stop options thanks to his controversially massive compensation package.

Reports state that whether Musk will become the world's first trillionaire will depend in large part on the success of Tesla in the near future. Since, apart from Musk, Indian billionaire Gautam Adani is also reportedly on track to become a trillionaire a year later in 2028.

Source: CNN