Jeff Bezos and Elon Musk set to be huge winners following $540,000,000,000 'white gold' discovery
Two of the world's richest people could see themselves richer after a recent discovery in California.
Jeff Bezos and Elon Musk have a combined net worth of $549 billion and so, are probably the last people that would need more cash.
A massive deposit of lithium, often called 'white gold' has been found beneath the Salton Sea and both multibillionaires could benefit from it.
While the mine has been known about for some time, how much it's worth has only just been shared.
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Turns out, the quantity of lithium in what has been dubbed 'the Saudi Arabia of lithium mining', could be worth up to a whopping $540 billion.
Essentially, this would be enough to power batteries for more than 382 million electric vehicles (EVs), which could entirely transform the global economy.
"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," said Sammy Roth, climate columnist for the Los Angeles Times.
"So, if we could get all that lithium, that'd be huge."
So how does this relate to the tech moguls?
Well, both Musk and Bezos have a stake in the electric vehicle market. Musk founded Tesla in 2003, while Bezos is a major investor in Rivian, another electric car company.
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 change the entire game for the world-famous innovators.