Elon Musk is now set to become the 1st trillionaire on the planet

The world’s richest person, Elon Musk, is estimated to have a net worth of $242 billion, according to the Bloomberg Billionaires Index.

Although he is already the world’s richest person, Musk could also become the first member of the trillionaire club.

According to The Guardian UK, analysts at Morgan Stanley have predicted that Musk, 50, could become the world’s first trillionaire, due to his aerospace company SpaceX.

“More than one client has told us that if Elon Musk were to become the first trillionaire… it won’t be because of Tesla,” analyst Adam Jones told the UK newspaper, referring to the electric car company behind the majority of Musk's wealth to date.

“Others have said SpaceX may eventually be the most highly valued company in the world — in any industry,” Jones added.

Tesla remains Musk's biggest asset.

Back in January, Musk overtook Jeff Bezos to become the world’s richest person, only to briefly lose the title back to the Amazon billionaire the following month.

Musk went on to reclaim his spot days later, following the completion of a SpaceX funding round, according to Fortune.

Bezos, who is currently the second-richest person in the world, according to Bloomberg, is estimated to have a net worth of $197 billion, followed by Bernard Arnault ($163 billion), Bill Gates ($133 billion) and Mark Zuckerberg ($127 billion).

Musk’s fortunes have risen rapidly since the start of last year.

Back in January 2020, Musk was ranked 35th on the list of billionaires, but that year his net worth rose by $100.3 billion, according to Bloomberg.

He became the second-richest person in the world that November.

Bloomberg reported at the time that Musk’s financial surge came as Tesla’s market share hit $500 billion, which was an all-time high for the electric automaker company.

So far this year, the billionaire has increased his fortune by $72 billion, a 42.4% increase from this time last year, Bloomberg reports.