Jeff Bezos and Elon Musk are set to go head to head, as two of the richest men in the world bid to gain control of a new $1,500,000,000,000 ‘white gold’ discovery that could completely transform both of their key businesses.

Rare Earth minerals have never been more valuable than they are today, as their relative scarcity and high desirability within the world of technology make new discoveries quickly turn into proverbial gold mines.

Previous billion-ton discoveries have given the United States the prospect of becoming a world-leading nation, and other countries such as Japan and China have found significant financial fortune when locating certain valuable natural resources across their respective countries.

The primary reason why these materials are so valuable is how essential they have emerged as part of many new forms of technology over the past decade or so. For example, smartphones, electric cars, and even spaceships all require many of these key metals, and nations that find them in the environment are bound to be rich.

That’s why the discovery of what could potentially be the world’s biggest lithium reservoir in the United States could be so significant, as major names in the tech world like Elon Musk and Jeff Bezos are now fighting over the $1,500,000,000,000 deposit hidden in a supervolcano.

How will Elon Musk benefit from this new lithium deposit?

Found in the McDermitt Caldera, which borders Oregon and Nevada, this lithium deposit could prove to be a revolutionary discovery for someone like Elon Musk, as it could completely transform Tesla’s electric vehicle production.

In particular, lithium is one of the most important – and costly – aspects of building an electric car, as it’s what powers the battery inside. While Tesla does source some of its lithium from an in-house refinery in Texas, large quantities of the rare Earth material come from overseas, and this comes at a cost.

If Musk were able to take control of this new reserve, which boasts a 2.4 weight percent compared to the global average of 0.4, then it would cut costs significantly for new EV production, and experts indicate that there is enough lithium to power at least 600 million electric cars.

Why is Jeff Bezos interested in McDermitt Caldera?

Outside of the obvious financial implications, Jeff Bezos also has a vested interest in a number of electric vehicle manufacturers, and gaining control of this newly-discovered lithium reservoir could give them a major edge over rivals like Musk’s Tesla.

Bezos’ investment in Tesla rivals like Rivian and Slate justify his strong interest in the lithium reserve (David Paul Morris / Bloomberg via Getty Images

Primarily, while Bezos doesn’t strictly own the company, EV startup Rivian is a company that Amazon has heavily invested in, and holds a significant stake of around 16% in.

It is seen as one of the biggest competitors for Tesla, especially in the realm of trucks, for which Musk’s company boasts the somewhat controversial Cybertruck.

Bezos has also recently thrown his support behind a new startup, Slate, which has a unique, customizable approach that many have dubbed the ‘anti-Cybertruck’.

Why is it so important for billionaires to secure this lithium reservoir?

The reason why this breakthrough lithium discovery is so important to many of the world’s richest individuals isn’t just because it would play into their own business interests, although that is very much a key reason, but also because of the recent import regulations introduced by President Donald Trump.

Control over US-sourced lithium would give signficant financial power to people like Jeff Bezos and Elon Musk (Jean-Christophe Verhaegen / AFP via Getty Images)

In an effort to encourage businesses to source materials and production in America, Trump implemented significant tariffs on exports from nearly every country worldwide, which makes accessing the already costly lithium even more expensive, especially if you’re getting it from China.

Being able to access all the lithium you could need directly from inside the United States would cut down costs significantly and reduce any reliance on foreign nations. For the likes of Bezos and Musk, it would only increase the fortunes of the already exuberantly rich person who wrestles control of this major deposit.