Category: Acquisitions

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The next Trillionaire

  • Is there competition to be the world’s first Trillionaire? YES And we will see this happen in 2024.

  • * The world today has a large supply of millionaires and more than 2,700 billionaires, but the first trillionaire remains to emerge.
  • * As wealth becomes increasingly concentrated, the first trillionaire may be among today’s richest people, or could come out of nowhere based on a new, trillion-dollar idea.
  • * A trillion dollars is a mind-boggling amount of money, exceeding the gross domestic product of many nations.

New York CNN  September 2024 — 

Elon Musk’s sprawling empire — spanning everything from electric vehicles and social media to space rockets and miniature brain implants — may soon make him the world’s first trillionaire.

Musk’s business success has made him one of the most influential — and controversial — people in the world. The Tesla boss is already the richest person on the planet, with a fortune estimated at nearly $250 billion.

Now, Musk could become the world’s first trillionaire, a milestone that Informa Connect Academy says he’s on track to hit by 2027.

Informa notes that Musk’s net worth has been growing rapidly at an average rate of 110% per year, making him the “clear favorite” to hit the $1 trillion first.

Musk does face competition though. Read full CNN article

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SILVER – 7 DAY TRIP WITH FULL CONCIERGE WITH CAR, PLANE AND YACHT.

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Airplane / Jet Ownership

Private Travel
  • Did you know about TAX WRITE-OFF on Airplanes and Depreciating Assets? Its also related to New and Used Assets are tax deductible. As for private jets, the tax code allows for deduction of the full cost of a private aircraft, new or used, if used predominantly for business. However, the deduction provided for in the Tax Cuts and Jobs Act of 2017 is subject to complicated rules and penalties. 
  • Section 179 Deduction Calculation Example: You purchase a new heavy SUV with a GVWR of 6,500 lbs. for $60,000, and it is used 60% for business purposes. The business-use portion of the vehicle cost is $36,000 (60% of $60,000). So you can claim the full $30,500 maximum allowed for SUVs as a Section 179 deduction. (note – this assumes all other criteria are met and you stay within Section 179’s total equipment spending limits).
  • ACQUISITIONS – UNDERSTAND TECHNICAL ACCEPTANCE as it could hurt you as buyer if not aware of its consequences. (LINK)

“The cost of purchasing a private plane can be deducted by a business that owns the plane, said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center at the Urban Institute. If the plane is used only for business purposes, it can be expensed or written off in the year that it is acquired, Gleckman said. If the plane is used for both business and personal uses, it generally can be written off over a period of years. If it has only personal uses, there is no write-off, experts said.” Link

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