2020 Has Just Begun But Elon Musk’s Net Worth Has Already Doubled! Here’s How He Did It

Controversial inventor Elon Musk making headlines is not new – from his infamous accusations casually thrown at Twitterverse to the accomplishments of the companies he founded, SpaceX and Tesla.

But of late, you might be seeing his name more often and that’s something to do with the massive increase in his fortune.

According to sources, Elon’s space exploration company is seeking a $250-million funding for $220 per share at a crucial time – this year is critical because of three major projects, Crew Dragon, Starship, and Starlink.

If this pushes through, then SpaceX would have a valuation of $36 billion, which is almost a $3-billion increase from the previous $33.3 billion.

Three Big Projects

Starlink is a set of satellites that will provide high-speed internet anywhere

The first project, Crew Dragon, is the vehicle that will be used by NASA astronauts to reach the International Space Station and which is geared to be the aircraft that will take tourists to outer space.

The government agency has poured in billions since 2014, the year when SpaceX won the contract, while Elon said even his company has also dumped hundreds of millions of dollars for this capsule.

Meanwhile, Starlink, also known as megaconstellation, is the network of 12,000 satellites that aim to provide high-speed internet. While Crew Dragon has yet to see the light of day, SpaceX has been sending 60 satellites into space every week, and now, the total is 300.

Starship will work like a commercial plane

Starship, on the other hand, is the ambitious project of SpaceX – a reusable rocket that can take 100 people to Mars and moon at a time, much like how commercial planes operate. It’s currently in the works in a factory in Texas.

The deal is set to close by the second week of March, people knowledgeable about the matter revealed. Last year, the company managed to secure $1.3 billion in three rounds of funding, which was possible because of how SpaceX has consistently been seen as one of the most valuable companies.

When news about this broke out, Elon’s net worth became $56 billion, or $20 billion more than his value at the start of this year. The outspoken 48-year-old has a 54-percent SpaceX stake, whose value is $19.44 billion, and a 22-percent stake in Tesla, which is worth $37 billion.

Jeff Bezos is still the richest man

That net worth is half of Jeff Bezos’, Amazon CEO and founder and is the world’s richest man. It is clear that Elon still has a long way to go before he can dethrone the American entrepreneur but at the pace that his wealth is growing, there is a possibility that it may happen soon.