Do you wonder if Elon Musk, the tech entrepreneur extraordinaire, can afford to add a private jet to his impressive car collection? For many, a private jet is a status symbol of wealth and affluence, a sky-high reflection of success. But the truth is, finding out whether or not Musk owns a private jet is not so straightforward.
Considering that Musk chooses to lead a relatively low-key private life, it is extremely hard to find out if he actually owns a private jet or not. Though he is one of the world’s most public figures, Musk isn’t one to give away too much personal information. Even if Musk owned a private jet, he’d probably keep it out of public view and the media scrutiny which accompanies his every move. As such, it’s impossible to know for sure whether Musk has a private jet or not. He may have opted to rent or take private flights on other people’s aircraft instead.
However, despite his best efforts, Musk’s conquests and acquisitions have resulted in some evidence of private jet ownership or at least, use. A 2013 report reveals that Musk had chartered an aircraft for a reported $200,000 to ferry him between San Francisco and Texas for a SpaceX meeting. If the story is true, it could be construed as circumstantial evidence of his using a private jet either on a rent or purchase basis. In 2014, Musk was also in the news for reportedly chartering a private jet to fly him from Los Angeles to Las Vegas for a date with a British actress.
It seems Musk is not averse to private jet travel, but at the same time, he has publicly stated that he is more interested in creating and investing in technology that makes the world more efficient rather than splashing out on luxury perks. Though it is possible that Musk’s aircraft transactions may have been to simplify his travel as a business person, it’s impossible to know the real reason behind them.
Speaking to experts, Chris Hobden, chief marketing officer at PrivateFly, a private jet charter company, says; “We know that Elon Musk has the financial capability to purchase an aircraft’, highlighting the fact that, rather than owning a private jet outright, a wealthy celebrity might instead prefer to use charter flights for maximum flexibility.
At this point, it is safe to say that there is no definitive answer on whether Musk owns or rents a private jet, but there is plenty of evidence to suggest that he engages with private jet services. Seeing as Musk is rarely seen out of the public eye, time will tell whether he has made the ultimate statement purchase and fully embraced the key symbol of luxury travel; the private jet.
The Cost of a Private Jet
The costs associated with owning a private jet are often opaque and overwhelming. Jet acquisition ranges from around $2 million for a five-year-old jet up to $80 million for a brand new jet from a full service jet manufacturer. In addition to the cost of buying a jet there are other fees like maintenance fees, hangar fees, crewing fees, fuel costs, and depreciation costs that form the total expense of owning a private jet.
If Musk were to purchase a private jet, there’s no doubt that he’d splurge for a customized version. For example, thecustomized interior of Virgin Airlines founder Richard Branson’s Boeing 747 reportedly came in at an additional cost of around $5 million. Not to mention, the aircraft itself cost $60 million.
Whatever the actual cost of Musk’s potential jet might be, with his net worth estimated at more than 30 billion dollars, Musk has more than enough to make the purchase.
Of course, if it ever comes to light that Musk has purchased a private jet, it will be interesting to see the impact such an extravagant purchase may have on his public standing. Many members of the public may view Musk’s purchase as ostentatious, but at the same time there will be a section of the population who will understand that owning a private jet can in many ways be more cost-efficient than commercial flights, and will actually appreciate the competitive efficiency and cost-savings this form of business travel may lend him.
Jet Hangers and Airports: Where Would the Jet Land?
If Musk were to purchase a private jet, the next logical question is where would he store it? It’s thought that Musk would have to choose one of the better-known private jet airports which offer the necessary amenities and hangers, like Van Nuys in Los Angeles.
Since the airport currently only has around 20 hangers, Musk may have to look at other airport options, such as Long Beach Airport in California, which is considered one of the best airports based on its ideal location and services provided.
It’s not only the location of the airport that’s important, however, as Musk’s jet would have to be housed at an airport with a fleet capable of servicing his jet which would likely be one of the larger aircraft. Certain airports, such as John Wayne Airport or Los Angeles International Airport, are capable of servicing larger planes and have a housing capacity for private planes, but their fees and regulations around jet rental often make them a less desirable option for wealthy entrepreneurs.
Whatever the location, it’s likely that if Musk does indeed purchase a private jet, he won’t skimp on location and airport amenities.
The Benefits of Owning a Private Jet
The convenience factor of owning a private jet cannot be overstated. Private jets allow passengers to skip the long lines, airport congestion, and flight delays often encountered when trying to use commercial airlines.
In addition to convenience, safety is also an important factor in favor of travelling by private plane. As the plane is not open to the public, its occupants can be much more secure while in transit. Passengers can also determine their flight path with greater freedom as well as managing immigration, customs, and security checks securely with much less pressure than on a commercially operated plane.
Further to their safety, when it comes to privacy, Musk may value the peace of mind a private jet would bring, as he’d have much more control over access and be able to guarantee the privacy of those inside.
When it comes to financial benefits, if you use a private jet enough, you can cover your costs. Depending on how it’s used, it may even be possible to make money from the jet by charging a fee for people to fly with you or renting it out for others to use.
The Environmental Impact of Owning a Private Jet
It wouldn’t be a complete review of the potential purchase of a private jet without looking at the environmental to repercussions of owning such a luxe form of transport.
Typical jet fuel contains a range of component hydrocarbons, from paraffins and naphthenes to aromatics and sulfur. These substances result in the release of pollutants such as carbon dioxide and nitrogen oxides which are known to contribute to climate change.
Data from the United States Environmental Protection Agency shows that greenhouse gas emissions from the aviation industry accounted for 11% of total U.S. transportation sector emissions in 2017. On top of this, flying by private jet also increases noise pollution.
With environmentalism such an important issue, Musk would have to consider whether owning a private jet is compatible with his own environmental beliefs. Musk has publicly stated that he has environmentalism close to his heart, so it would not be surprising if he decided against such a purchase.
Is Musk Considering the Purchase of a Private Jet?
Though there is still never definitive answer as to whether Musk has purchased a private jet, there is plenty of evidence to suggest that he may wellhave considered doing so. As a practical businessman, Musk may recognize the convenience, privacy, and cost-savings of a private jet, especially in his line of work, as well as its financial benefit. However, if a purchase is ultimately made, it will be interesting to observe how the public view Musk’s decision. Only time will tell.
The Impact on Other Luxury Air Transport
Should Musk opt to purchase a private jet, his purchase will no doubt have a considerable impact on other forms of luxury air transport. Currently, the commercial air travel industry is no stranger to the disruption brought by new technology. For example, in recent years, companies like JetSmarter and Surf Airways have been vying for a share of the airport, leveraging technology to offer travelers experiences more akin to private jets than traditional commercial ones.
Musk’s potential purchase of a private jet could also have a strong effect on the way other high net worth individuals view private jets and luxury air travel, with more competitors no doubt entering the market as a result of Musk’s competitive pricing. Such innovation would also likely lead to the development of more cost-efficient forms of air travel and space exploration technology. No doubt wealthier individuals, such as Musk and Branson, will remain keen to set the pace in the industry.
The Private Jet Industry as a Whole
In the U.S., the private jet industry was estimated to be worth $17 billion in 2018, with the global industry predicted to surpass $40 billion by 2025. This growth extends to the rest of the world, with Asian countries like China, Japan and India driving the majority of private jet activity. As the trend for personal luxury travel grows, so too the industry’s size.
As the industry expands it’s becoming more accessible to the public. Contrary to what many people may think, private jet travel may not be as expensive as many think, as companies like JetSmarter offer membership packages that allow passengers to travel at lower rates than traditional private jet charter services. Similarly, companies like Surf Air offer monthly subscriptions allowing customers to fly on their planes at a fraction of the cost of traditional private jet charter services.
It’s thanks to these companies that the industry continues to evolve, creating an increasingly democratized market for luxury air travel. With more technologically-driven companies expected to join the market, there is never a better time to get involved in the luxury air transport industry.
