The 81-year-old tech giant is set on increasing his $393bn fortune by transforming the city into the new Silicon Valley

Musk has held the title of world’s richest person for 300 days.

Larry Ellison, the co-founder and technology chief of database software incumbent Oracle, is closing in on his friend Elon Musk's net worth.

The Tesla mogul now only has a paltry $385 billion fortune.