Elon Musk Says Former World’s Richest Man, Bill Gates, Could Go Broke, Gives Reasons
- Elon Musk said that if Tesla becomes the most valuable firm in the world, Bill Gates might have to declare bankruptcy
- The declaration heightened their long-standing conflict over Gates' limited role in the electric vehicle company
- Tesla's $1.251 trillion market valuation is still significantly less than Apple's $3.729 trillion market valuation
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Microsoft co-founder Bill Gates may have to file for bankruptcy if Tesla becomes the world's most valuable company, Elon Musk, the CEO of Tesla, joked on X, intensifying their long-running feud over Gates' short position in the electric car manufacturer.
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With a market valuation of $1.251 trillion, Tesla is still far behind Apple, which has a market valuation of $3.729 trillion. Yahoo Finance reported that Tesla would have to expand by about 200% to take the top spot.
The dispute between Elon Musk and Bill Gates
According to Walter Isaacson's 2023 biography of Musk, Gates' concealed short position in Tesla shares, which reportedly cost him $1.5 billion, is the root of the dispute between the two billionaires.
In a 2021 CNBC interview, Gates was asked about the investment. He declined to discuss his views but commended Tesla's accomplishments, saying, "What Elon's done with Tesla is fantastic."
Isaacson's book claims that although Gates apologised for the short position, Musk did not accept the offer because he believed it was hypocritical for someone who was worried about climate change to wager against an electric vehicle company.
“How can someone say they are passionate about fighting climate change and then do something that reduced the overall investment in the company doing the most?” Musk told Isaacson.
Despite their differences, Gates has publicly acknowledged Musk’s contributions, stating that “there is no one in our time who has done more to push the bounds of science and innovation than he has.”
From 1995 to 2017, Gates held the title of the wealthiest person in the world every year except in 2008 and from 2010 to 2013.
President-elect Donald Trump's victory in the 2024 election and Musk's developing connection with Trump, which resulted in the Tesla CEO being selected to head the newly established Department of Government Efficiency, have propelled Tesla's stock to rise 56.91% this year.
According to the Bloomberg Billionaires Index, Musk currently has the largest net worth in the world ($442 billion), while Gates is in seventh place ($165 billion) as of the time of this report.
Elon Musk’s company invites remote workers
Legit.ng reported that Elon Musk's American multinational automotive and clean energy startup, Tesla, has advertised competitively paid employment positions.
Depending on their position and level of expertise, teleworkers at Elon Musk's company can earn anywhere from $79,000 to $270,000.
High-paying roles like senior engineer and AI-related possibilities are eligible for the job offer.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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