Elon Musk is a renowned entrepreneur and business magnate known for his contributions to the technology and transportation industries.
His entrepreneurial journey began with ventures like Zip2 and X.com, which eventually became PayPal after a merger.
Today, Musk, the CEO of Tesla and SpaceX, is the wealthiest person in the world. As of Dec.18, 2023, his net worth is estimated to be $254.9 billion, according to Forbes. This amount is more than the GDP of Finland or Pakistan.
Intriguingly, Musk's wealth has seen significant growth over the years. In October 2021, he became the first person to be worth more than $300 billion. However, it has since decreased, primarily due to the volatile nature of the stock market.
How did Elon Musk become so rich?
Musk's journey to wealth commenced in South Africa in 1971, eventually leading him to Canada at the age of 17. His early foray into entrepreneurship involved self-taught coding skills, resulting in the sale of his first game, Blastar, for approximately $500.
Although he initially pursued studies in physics and economics at the University of Pennsylvania and Stanford University, Musk chose to abandon academia in pursuit of his entrepreneurial aspirations.
Embarking on a series of ventures, Musk co-founded six companies, with his initial success being Zip2, a web software firm sold to Compaq for $307 million in 1999. Subsequently, he founded X.com, an online bank, which merged with PayPal and was acquired by eBay for $1.5 billion in 2002. Receiving $165 million from this transaction, Musk strategically invested in his subsequent ventures -- SpaceX and Tesla.
Established in 2002, SpaceX emerged as a private aerospace company with the mission of making space travel affordable.
Notably, SpaceX's value soared to nearly $150 billion after a $750 million tender offer in June 2023, representing a remarkable fivefold increase in four years.Tesla, founded in 2003, revolutionized the automotive industry with electric vehicles and diversified its offerings to include battery packs, solar panels, and solar roofs.
The company's market value surged to $700 billion in 2021, surpassing the combined worth of major automotive giants. Musk, with approximately 21% ownership in Tesla, has pledged more than half of his shares as collateral for personal loans, Forbes reported.
In addition to his success with SpaceX and Tesla, Musk engaged in strategic acquisitions and founded new ventures, such as acquiring SolarCity for $2.6 billion in 2016. Furthermore, he purchased Twitter for $44 billion in 2022, renaming it X and holding an estimated 74% ownership.
What does Elon Musk do with his money?
Despite accumulating substantial wealth, Musk's lifestyle choices demonstrate a lack of emphasis on material possessions or extravagance. He resides in a modest rented house in Austin, Texas, after relocating from California to evade high taxes and regulations. Musk has sold most of his real estate properties in Los Angeles and San Francisco.
Expressing a commitment to philanthropy, Musk declared his intention to allocate half of his wealth to address Earth's challenges, including climate change and the promotion of renewable energy. His donations have also supported causes such as education, healthcare, environmental protection, and pandemic relief.
Committed to philanthropy, Musk signed the Giving Pledge in 2012, pledging to donate a significant portion of his wealth.
The other half of Musk's wealth is earmarked for a visionary endeavor -- establishing a self-sustaining city on Mars. Motivated by a desire to ensure the continuity of life in the event of catastrophic events on Earth, such as a meteor impact or global conflict, Musk envisions a future where humanity can thrive on Mars. Notably, he humorously expressed his wish to die on Mars, albeit not upon impact.
The first trillionaire?
Musk's net worth has continued to soar, much like his impressive SpaceX rockets, reducing competition to the dust. And we could see the same story repeat in 2024, and Elon Musk could even become the first trillionaire in the world next year. But don't expect Amazon founder Jeff Bezos to give up so easily either!
