Elon Musk asks for ‘critical feedback’ on how to spend his fortune as he becomes world’s richest person

Mr Musk’s net worth is now at a record-breaking $188.5bn (£138.9bn)

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Elon Musk has asked for suggestions on how he should spend his money, as the Tesla and SpaceX CEO becomes the richest person in the world.

The Tesla CEO and SpaceX founder's net worth was recorded at $188.5bn (£138.9bn) in New York on Thursday, $1.5bn more than Amazon Inc founder Jeff Bezos.

Tesla's market capitalisation means that the company is now worth approximately equal to that of the nine largest car companies. This is despite Tesla delivering approximately only 499,000 vehicles in 2020 compared to Toyota, which sold 10.6 million vehicles in the fiscal year of 2019.

The rapid increase in the chief executives wealth left Mr Musk tweeting to ask for advice on how to use his wealth.  

“Critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems)”, Mr Musk said.

After Mr Musk overtook Jeff Bezos, he pinned an old tweet that also emphasised these aims. “About half my money is intended to help problems on Earth & half to help establish a self-sustaining city on Mars to ensure continuation of life (of all species) in case Earth gets hit by a meteor like the dinosaurs or WW3 happens & we destroy ourselves”, it reads.

“You should ask why I would want money. The reason is not what you think. Very little time for recreation. Don’t have vacation homes or yachts or anything like that.”, Mr Musk also said.

Some users replied suggesting that Musk should donate Chromebooks to children from low-income families, helping underfunded public schools, or creating edutainment.

However,, Mr Musk’s apparent philanthropy has been called into question in the past. Documents obtained by The Guardian in 2019 show how the Musk Foundation – the CEO’s charity foundation – have benefitted the billionaire’s own projects and his family.

The foundation has apparently given more money to artificial intelligence research than any other charity cause.

According to Quartz, Mr Musk also donated $10 million to YC.org, a research group ran by Silicon Valley accelerator Y Combinator, and two $50 million donations to Vanguard and Fidelity – gifts which have dwarfed the money he has awarded to “Global Green Usa” or the National Wildlife Federation.