World’s richest man Elon Musk asks for help on how to spend £136 billion fortune

Elon Musk has asked for help on how to spend his fortune after he became the richest man in the world.

The Tesla and SpaceX CEO’s $188.5billion (£136billion) wealth saw him overtake Amazon boss Jeff Bezos last week.

An increase in Tesla’s share price last Thursday pushed Musk past him.

And he has now urged his Twitter followers to send suggestions on how to splash the cash.

He said it was "way harder than it seems" to find ways to spend it to "make a difference".

Musk wrote: "Btw, critical feedback is always super appreciated, as well as ways to donate money that really make a difference (way harder than it seems)."

At the beginning of last year, Musk was worth around $27billion (£19.9billion).

But his net worth skyrocketed after Tesla’s surging share price added more than $150billion (£110.6billion) to it.

Last November, he shot past Microsoft chief Bill Gates and Facebook CEO Mark Zuckerberg to become the second-richest person in the world, until he recently overtook Bezos.

According to the Bloomberg Billionaires Index, Musk also has about $42billion of gains on vested stock options in Tesla.

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Musk, who has a 20% stake in the carmaker, also tweeted he wants to spend cash on helping problems on Earth – as well as setting up a city on Mars.

The billionaire wrote: "About half my money is intended to help problems on Earth & half to help establish a self-sustaining city on Mars to ensure the continuation of life (of all species) in case Earth gets hit by a meteor like the dinosaurs or WW3 happens & we destroy ourselves."

He previously wrote about why he wanted money, insisting the reason is "not what you think".

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Writing back in 2018 on Twitter, Musk said he has "very little time for recreation", adding: "Don’t have vacation homes or yachts or anything like that."

He claimed he is "primarily" trying to advance two causes – sustainable energy and "extending life/consciousness beyond Earth".

The South Africa-born businessman added: "There is also the existential threat of AI, which we should aspire to mitigate.

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"This doesn’t leave time to write books."

About three-quarters of his net worth is comprised of Tesla shares.

The firm’s market value has grown to $737.6billion.

Back in 2018, the business magnate signed a deal with Tesla about his salary from the company.

The compensation package ties his earnings to its financial performance, and he doesn’t receive a salary.

It meant he would not take a paycheck until the company reached $100billion (£81billion) market cap.

Last May, he qualified for the compensation package after the company hit certain goals.

As well as Tesla and SpaceX – which sent the world’s most powerful rocket into space – he founded tunnel construction firm The Boring Company in 2016.

Bezos, who had been the world’s richest person since 2017, is worth around $184billion (£135billion).

Any suggestions on how Elon could spend his money? Let us know in the comments below.

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