The two billionaires are locked in a merciless bidding war for a strategic piece of land in Europe. An unexpected face-off It’s a battle worthy of a Hollywood blockbuster that is currently being played out in Spain. Two industrial giants, Elon Musk and Amancio Ortega, are engaged in a fierce bidding war for a 1.5 million square metre industrial site in Cheste, near Valencia. This site, ideally located with a direct rail link to Madrid and privileged access to the port of Valencia, has become the object of much covetousness.
On one side, Elon Musk, the indefatigable boss of Tesla and SpaceX, with an estimated fortune of 322 billion dollars. On the other, Amancio Ortega, the architect of the Zara empire and the Inditex group, with wealth of $114 billion. On paper, the former has much deeper pockets. But Ortega has not said his last word. For the American, this land represents a golden opportunity: to set up an ultra-modern gigafactory dedicated to electric vehicle batteries, a $5 billion project that would strengthen Tesla’s industrial footprint in Europe. The Spaniard sees it as the perfect extension to his logistics network, a strategic link that would fluidify the distribution of his brands across the continent.
Money versus influence: who will win?
Elon Musk may have an impressive financial clout, but his counterpart is not to be outdone. He knows Spain like the back of his hand and maintains privileged relations with the local political and economic world. Where the American can pile on the billions, the Spaniard plays the roots and influence card.
The local authorities are rubbing their hands. Two of the richest men in the world are vying for their region, and they intend to make the most of it. The outcome of this duel will be about more than just money: promises of jobs, environmental impact and economic benefits will weigh heavily in the balance. This tug-of-war illustrates a wider phenomenon: the rise in power of new technological fortunes in the face of traditional empires. While we await the verdict, negotiations continue behind the scenes, and the industrial landscape of eastern Spain could well be reshaped forever.
