Technology

Elon Musk New World’s Richest Man at $190B, as Las Vegas May Help Him Make More Money

Move over Jeff Bezos, there’s a new richest person in the world. On Thursday, Tesla CEO Elon Musk, who is seeking to transform transportation in Las Vegas, officially took over that title.

Elon Musk, seen here arriving at a New York federal court in April 2019, has recently become the world’s wealthiest person. He soon may add to that wealth, thanks to projects taking place in Las Vegas. (Image: Drew Angerer/Getty Images)

Forbes tracks that in real-time on its web site. As of 10 pm ET Saturday, the magazine valued Musk’s net worth at $189.7 billion. That’s $4 billion more than Amazon founder Bezos.

On social media, Musk treated the occasion as a ho-hum affair.

Musk’s rise up to the top of the Forbes chart has simply been phenomenal. In March 2020, Musk was still very wealthy, but his net worth at the start of the COVID-19 pandemic was only $24.6 billion. That means his net worth has shot up nearly seven-fold in 10 months.

While best known for his roles with car-maker Tesla and private aerospace transportation firm SpaceX, Musk also founded The Boring Company (TBC). That company is finishing work on an underground loop that will transport visitors across the Las Vegas Convention Center (LVCC).

The underground tunnel system uses high-speed, self-driving Tesla vehicles to take conventioneers from one end of the LVCC to another. What would take 15 minutes walking will take only a minute in the Loop.

According to 8 News Now, officials from the Las Vegas Convention and Visitors Authority (LVCVA) said the work on the $52 million project is “substantially complete.”

Vegas Wants More of Musk’s Business

The LVCVA Board of Directors is scheduled to meet Tuesday for its first meeting of 2021. On the docket are two agreements with TBC.

The first would allow CVA management to sign off on a deal allowing The Boring Coming to operate the Convention Center Loop for 16 months, starting on Feb. 1. The amount of that deal is not to exceed $6.25 million.

The other item would grant TBC easements so it can build an underground connector between the LVCC Loop and the Encore at Wynn Las Vegas. That’s expected to be the first step in what Musk has proposed as a larger Vegas Loop. That would connect the Convention Center to an underground tunnel system running from Downtown Las Vegas to the Strip and other key destinations, including McCarran International Airport and Allegiant Stadium.

Last month, the Las Vegas City Council agreed to let the project move forward. Clark County officials are expected to review the 15-mile project next month.

The project is risky, especially as the COVID pandemic has hurt Vegas casinos. if the underground loops succeed, it could lead to Musk building similar projects elsewhere.

Musk Not Alone

Musk’s meteoric wealth accumulation is not an anomaly among the mega-rich during the pandemic.

While Musk has certainly been one of the biggest winners, even Bezos has seen his net worth jump from $113 billion last spring to $185.7 billion.

Even businessmen with ties to the gaming industry have seen their net worth rise.

At No. 30 on the Forbes list is financial entrepreneur Daniel Gilbert. Though most famous for owning the Cleveland Cavaliers and being the co-founder of Quicken Loans, Gilbert also serves as the chairman of JACK Entertainment. That company operates a casino in downtown Cleveland and a racino in nearby North Randall, Ohio.

Gilbert, currently worth $42.2 billion, saw his net worth jump by more than $34 billion in August alone after Rocket Companies, another venture he founded, went public in August.

Seven spots below Gilbert is Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp. This past week, Adelson took a leave of absence to resume treatment of non-Hodgkin’s lymphoma.

While gaming across the globe has taken a substantial economic hit because of the pandemic, Adelson, according to Forbes, has made a nice recovery. His net worth went from $34.5 billion in October 2019 to $26.8 billion last April. However, his current net worth has rebounded to $35.6 billion.

Steve Bittenbender

Horse Racing, Sports Betting, Gaming Legislation, Midwest and Gulfport Casinos----Steve Bittenbender is a veteran reporter, and brings more than two decades of experience covering sports, gaming business, and politics and legislation to Casino.org, which he joined in 2019. Based in Louisville, Kentucky -- the epicenter of the US horse racing industry -- Steve has also covered major collegiate and professional sports for the Associated Press and the Louisville Courier Journal, and is frequently featured on local network TV newscasts and podcasts for his horse racing business and legislative expertise. A Reuters contributor, he has also previously served as editor for Government Security News. Steve lives with his wife and son, and is an avid poker player, having learned from his uncle as a wholesome after-school pasttime with cookies and milk. Email: stevebittenbender@casino.org

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  • The results you receive are directly in proportion to the effort and energy you give. The ones who do the most for the most. The monetary compensation is just a accounting means to show this in a wealth measurement . There are 17 ways one can be "rich" Money is only one . And the least Meaningful. I am glad to see this though , much better one who is able to recover from shannangians of smoking and stock prices than to have one who doesn't know what it is to laugh at yourself and the whole system and ask how do I change it for the better rather than for my better.

    Great work Elon ,

    Truly proper

  • Thats so awsome keep going forward, Elon musk,! Show them how its done. (You rock ) sharae morgan
    Fountain hills, az

  • lol digital non valuable fictive money,how funny..real easter bunny..just kidding, for me thats a fraud...but life is a circle of illusion,and unreal..time is money

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