Foundation
Elon Musk is a name familiar to many and a man whose fortune has gradually increased to the point where he’s one of the wealthiest people in the world. But how did Elon Musk become so rich? Born in South Africa in 1971, he showed an aptitude for coding and science from a very young age, setting him up for technological success as an adult. After attending the University of Pennsylvania and Stanford University, he went on to become the founder and CEO of various innovative companies, including Neuralink and Tesla Motors.
Early Technology Ventures
Later, in the mid-2000s. Musk had already formed the lucrative company Zip2, his first computer software enterprise, alongside his brother. The two Musk siblings provided the software to major business such as the New York Times, and were eventually sold to Compaq. With the sales money, Musk went on to create his next venture, X.com. It was an online payment system, but it merged with heavyweights like PayPal, leading to a large payday for Musk.
Space Exploration
Musk’s ambition was to create a company that would be revolutionary in the field of space exploration. Thus was born his company SpaceX in 2002, focusing on making a rocket that could safely transport people and payloads into space. SpaceX has since grown to become the most successful private space exploration company, securing numerous government contracts for satellite launches, as well as competing against traditional space exploration organizations like NASA.
Investment and Impact
Elon Musk also showed a savviness for investing. His investments include companies such as DeepMind, an artificial intelligence company, and SolarCity, now a part of Tesla Motors. Musk also joined Twitter early and allows the use of his tweets to impact the stock market.
In addition, Musk has made a large impact on society, with transportation ideas like the Hyperloop, an underground tunnel system, and creating the Boring Company, now focusing on creating a tunnel transportation system that could move cars underground at faster speeds. Another notable venture of Musk’s is Neuralink, with the goal of creating a brain-to-computer interface in order to address issues such as spinal cord injuries.
Net Worth
Elon Musk’s net worth has risen significantly over the years, reaching over $115 billion in 2020, and his wealth only continues to grow. His success can be attributed to his innovative ideas, risk-taking nature, and understanding of the various industries that he currently works in. From Tesla Motors and Hyperloop to SpaceX and Neuralink, Musk has showed a mastery for juggling multiple projects at once, helping him secure his spot as one of the richest people in the world.
Divorce
Elon Musk’s marriage to novelist Justine Wilson in 2000 ended in a divorce in 2008, which was responsible for cutting Musk’s net worth in half. The couple had five children together and Musk agreed to pay Wilson $46 million in the settlement. Following the divorce, Musk quickly recovered and his financial standing continued to thrive in part because of his inventor and entrepreneur projects such as Tesla Motors and SpaceX.
Philanthropy
Elon Musk has yet to become a philanthropist on the same level of Bill Gates, Warren Buffett, and Mark Zuckerberg, but that could change soon. Musk has already donated millions of dollars to various charities over the years, and in 2020 pledged $100 million to the Prize for Carbon Dioxide Reduction in order to find new ways of reducing CO2 emissions. Additionally, Musk made another pledge of $100M to a new initiative named The Giving Pledge, which encourages billionaires to give their wealth to charitable causes.
Leadership
Leadership is a trait that has served Musk well over the years and Tesla Motors. He isn’t afraid of taking risks, and his strong and determined attitude has created a culture of innovation at the company. He isn’t afraid to make bold decisions, and his ability to stay informed on the ever-changing automotive industry has helped Tesla Motors become one of the most successful companies in the world.
Business Acumen
Elon Musk is renowned for his business acumen, using his knowledge of the market and his understanding of various industries to lead successful ventures. He has used his success to invest in other businesses such as SolarCity, and is a board member for several companies such as The Boring Company and OpenAI. Musk’s business acumen has been integral in creating a huge online presence and forging relationships with major companies.
Cocktail of Success
It’s evident that Musk’s success has come from a combination of his intelligence, technological background, instinctive understanding of business acumen, and leadership. His ability to think differently and take risks have been instrumental in his success, and since the founding of SpaceX, he has been a menace in the business world. All of this coupled with his lucrative investments and philanthropic work have made Elon Musk one of the wealthiest people in the world.
