Jeff Bezos and Elon Musk set to be huge winners following $540,000,000,000 'white gold' discovery
The lithium could power millions of electric car batteries
Jeff Bezos and Elon Musk are set to be huge winners following the incredible discovery of $540 billion worth of ‘white gold’.
They are both two of the richest men on the planet but they could see their wealth increase more after the recent discovery was made in California.
Both Bezos and Musk have a combined net worth of a whopping $550 billion and after a huge deposit of lithium, often known as ‘white gold’ was uncovered beneath the Salton Sea, both multibillionaires could stand to benefit from it.
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The amount of material found has a value of around $540 billion.
This lithium would be enough to power batteries for more than 382 million electric vehicles (EVs), which could entirely transform the global economy.
Sammy Roth, who is s climate columnist for the Los Angeles Times, said: “There’s potentially enough lithium down there to supply batteries for 382 million electric vehicles, which is more, more vehicles than there are on the road in the United States today.
“So, if we could get all that lithium, that’d be huge.”
But where do the tech billionaires come into this?
Well, both of the men have a sizable stake in the EV market.
First up, Musk founded Tesla back in 2003, while Bezos is a major investor in Rivian.
Most EVs use lithium batteries, and until now, much of the world’s lithium has come from overseas sources like Australia, China, Chile, and Argentina, according to Visual Capitalist.
So, this deposit could see major cost savings by sourcing it domestically instead of importing it from other countries.
Tesla already operates massive U.S. factories, including its Gigafactory in Nevada. Whilst Reuters confirmed that Rivian has plans to open a new plant in Georgia by 2028 after receiving a conditional loan of $6.6 billion.
Currently, Tesla sources some of its lithium from China, while Rivian has reportedly signed a five-year deal with South Korea’s LG Energy Solution.
The SpaceX founder has shown great interest and investment in Brazil. In 2022, Musk visited the country to implement the Starlink internet network with an extra focus on Brazilian lithium.
This investment in Brazil, specifically in the lithium-rich state of Minas Gerais, presents a major opportunity for the mining industry to meet the rising global demand for lithium.
So, having such a valuable mine domestically available in Riverside, California, could completely change the entire game for the world-famous innovators.