Elon Musk is one of the most influential and successful businesspeople in the world. He is the founder and CEO of Tesla, Inc., and is a member of the board of directors of The Boring Company and SpaceX. He is worth an estimated $20 billion and his companies are valued at an astounding $84 billion. As his phenomenal influence and wealth continues to grow, so too does the question of how much money does Elon Musk make each minute?
With about a hundred and fifty million shares in Tesla alone, Elon Musk earns $250,972 a minute. On one side, this is obnoxiously high, and incomparable to the median hourly wage of the Average American. In 2020 alone, he made a $3 billion dollar fortune. Also, contrary to the general opinion, Elon Musk has also proven to be shrewd with his money. On the other hand, it is important to note that Elon Musk has worked hard, and is truly a visionary genius. In addition to his influential positions, he also serves as an innovator and creator of new products, services and software. All of these endeavors have served to make him a very wealthy person.
In 2010 Elon Musk made a strong commitment to help improve the environment. He established Tesla Motors, aiming to create vehicles that could reduce our dependence on fossil fuels. He also created The Boring Company, which focuses on improving public transportation through tunnelling and Hyperloop technologies. SpaceX was founded by Elon Musk to make humanity’s space exploration and colonization efforts possible. All of these companies are valued in the billions and have helped propel Elon Musk’s net worth even further.
Elon Musk is an inspiration to many budding entrepreneurs and tech-enthusiasts. He has shown that hard work, passion and constant innovation can lead to great success in life. His success helps to demonstrate that ambition, risk and creativity are all important attributes to possess when striving to become a successful businessperson. Even if someone may not be as ambitious or tech-savvy as Elon Musk, they should still strive to bring their own innovation and passion to their profession and look to him as an example of what can be achieved if they are prepared to take risks.
Asynchronous Motors
One technological breakthrough that has helped Elon Musk’s businesses to become successful is the development of asynchronous motors. Asynchronous motors are used in many of Tesla’s vehicles, allowing for a smoother and quicker acceleration than traditional combustion engines. This helps to make Tesla’s cars not only faster than their tradition counterparts, but also provides a more comfortable and smoother driving experience. Furthermore, the use of asynchronous motors has enabled Tesla to reduce their fuel consumption by an estimated 22%. This has contributed significantly towards Tesla’s success and towards Elon Musk’s rapid fortune.
Powerwall Battery
Another important venture of Elon Musk’s is the Tesla Powerwall. This is a home battery that stores energy, to be used at night or during periods of low energy production, such as during a solar eclipse. This allows households to store solar energy, and be able to use it when it suits them, rather than relying on the energy grid. This is a particularly important innovation, as it allows people to become more independent, and decreased the amount of energy that is wasted when it is not used. It also helps to reduce the strain on energy grids, and is cost effective, reducing household bills.
Hyperloop
The Hyperloop is one of Elon Musk’s most radical projects. It is a high-speed mass transit system, which uses a vacuum-sealing tube to enable passengers to travel at speeds of up to 700 mph. This creates a quicker and more efficient way of traveling, reducing journey times. The Hyperloop is an innovative concept that could revolutionise transportation, and is an integral part of Elon Musk’s vision to reduce pollution and dependence on fossil fuels. He is actively involved in its development and testing, keen to see his revolutionary ideas become a reality.
Iron Man Connection
It is said that the character of Tony Stark, from Marvel’s Iron Man franchise was partly based on Elon Musk. Stark is seen as a genius, billionaire and philanthropist, echoing Musk’s description of himself. This connection helped to further expand Musk’s influence in the public domain, increasing his impact and reach. Additionally, this kinship with Stark was popularised even further by Musk’s appearance in Iron Man 2, where he was depicted as a successful tech-entrepreneur.
Environmental Impact
In addition to earning hundreds of thousands of dollars a minute, Elon Musk has also contributed significantly towards the fight against climate change. All of his companies aim to reduce the reliance on fossil fuels, through cleaner and more efficient forms of transportation. In 2019 SpaceX launched the first commercial space mission, transporting the satellite of a Turkish firm into space. This launch was successful, and has been highly praised, causing Musk to receive even more public recognition.
Political Contributions
Musk has also been an active contributor towards politics, particularly in the area of donations to campaigns. In the 2016 Federal Election, Musk donated $2,700 to Hilary Clinton’s campaign. In addition, he has made various donations to the ‘Ready for Hillary’ super PAC and to Democratic candidates, such as Jeff Merkley and Cory Booker. More recently, in 2020, he contributed $50 million to the Future Policy Project to promote sustainability and environmental consciousness around the world.
Impact on Technology
Since the inception of SpaceX and Tesla, the space industry and the automotive industry have seen a significant increase in the speed of innovation and the application of technology. This has caused various other industries to try to accelerate their own projects, in order to attempt to compete with Musk’s ventures. This has also translated to an increased level of interest towards achieving technological breakthroughs on a global scale, as Musk is showing that it is possible to make great advances in various sectors.
Conclusion
Elon Musk’s financial success is an inspiration to many and has enabled him to continue to revolutionize the world of innovation and technology. Although the money he earns each minute can be seen as excessive, he has proved that hard work and ambition can lead to great success. His ventures are all striving to help reduce our reliance on fossil fuels, reduce poverty and to make space exploration possible. By looking at all of this, it is evident that Elon Musk is an inspirational and influential person, who has achieved amazing success with his businesses.
