Although Jeff Bezos and Elon Musk may not be in dire need of more wealth, a recent discovery in California could present significant opportunities for these billionaires.
With their combined net worth hovering around $549 billion, Bezos and Musk are far from financial instability.
However, following a study that unveiled remarkable quantities of ‘white gold’ beneath a lake, both Bezos and Musk might stand to gain substantially.
While the existence of the mine has been known for a while, recent reports indicate that its lithium reserves could be valued at an astounding $540 billion.
This amount of lithium could power over 382 million electric vehicle batteries, potentially transforming 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.”
Both tech tycoons could benefit from this lucrative mine, often referred to as ‘the Saudi Arabia of lithium mining’, because they own electric vehicle companies.
Musk established Tesla in 2003, while Bezos is a significant investor in Rivian.
Electric vehicles commonly use lithium batteries, and the majority of the world’s lithium supply currently comes from nations like Australia, China, Chile, and Argentina, according to Visual Capitalist.
Despite this, Tesla’s manufacturing is largely U.S.-based, with one of its biggest facilities being the Gigafactory in Nevada, employing around 12,000 people.
In contrast, Rivian recently secured a conditional loan of $6.6 billion to support plans for a new plant in Georgia, with operations expected by 2028, as reported by Reuters.
Currently, Tesla sources some of its lithium from China, whereas Rivian recently entered a five-year agreement with LG Energy Solution, headquartered in South Korea, as noted by Utility Drive.
Previously dependent on international sources, Rivian and Tesla now have access to a ‘white gold’ mine right in California (specifically in Riverside).
It seems logical that sourcing supplies domestically might be more cost-effective than importing them from abroad.
Considering this, both electric vehicle companies stand to save significantly by utilizing the billions of dollars in lithium available beneath the Salton Sea.