Was Elon Musk rich before? Elon Musk has become one of the richest and most powerful people on the planet and is one of the most famous entrepreneurs in the world. But what about his financial position prior to his success? The answer may surprise you.
It is important to remember that Elon Musk was born into a family of means. His father was an engineer and his mother a dietician and entrepreneur. His father, Errol Musk, had founded an African engineering consulting house, and his mother had a number of successful businesses in the food industry.
Therefore, it was not necessary for Musk to start from the bottom. His family was able to provide him with the right resources and education, as well as a financially secure environment in which to work and create ideas. It has been suggested that due to his strong sense of ambition and entrepreneurial spirit, this environment acted as the perfect catalyst to propel Musk to success.
During his teenage years, Elon Musk started a venture with his brother, Kimbal. They founded the Zip2 Corporation, an online city guide that was eventually sold to Compaq in 1999 for more than $300 million. This was the first glimpse of the mogul that Musk was destined to become. It was not until the present day, however, that he became the powerhouse that we know him to be.
Musk’s current level of success began when he co-founded PayPal in 2002. PayPal was eventually sold to eBay for $1.5 billion, of which Musk made over $100 million from the sale. It was around this time that Elon Musk embarked on the path that would make him one of the most influential innovators of the 21st century.
From here, he sought out to to make a name for himself in the business and technology industry, firstly with his space exploration company, SpaceX, then as the CEO of Tesla Motors. Musk has since taken both companies to levels of success that have propelled him to the proverbial heights of success. His current net worth stands at an estimated $30.5 billion.
SpaceX
Elon Musk’s SpaceX was formed in 2002 and has since gone on to become one of the look down the most successful private space exploration companies. Initially, Musk had bold plans to send rocket ships to Mars and create a colony, with the eventual aim of colonizing the red planet.
The company’s first attempted flight to space was in 2006, when it attempted to launch a rocket into orbit. Although the launch was unsuccessful, this was the first glimpse of SpaceX’s potential. In 2010, the company successfully launched its Falcon 1 rocket into orbit, becoming the first private company to do so.
SpaceX has since made considerable progress in space exploration, powering some of the most sophisticated rockets in the world and becoming the first private company to deliver goods to the International Space Station (ISS). The company continues to have ambitious plans for the future and is aiming to develop rockets that can bring humans to the moon and beyond.
Tesla Motors
In 2003, Elon Musk assumed the role of CEO of Tesla Motors, a company that aimed to revolutionize the automobile industry. The company’s aim as to introduce electric vehicles that offered comfort and convenience, and were more efficient than their petrol-powered predecessors.
Since its formation, the company has gone on to become one of the most successful automobile manufacturers in the world. Tesla Motors has sold over 1 million vehicles and has a market value of $580 billion. Musk himself is the largest shareholder, owning approximately 20% of the company.
Solar City
In 2004, Musk took the first steps towards his green energy ambitions and founded Solar City, a renewable energy company that sought to provide rooftop solar panels to homes. The company’s early success allowed Musk to expand his portfolio of green energy initiatives and eventually led to the formation of The Boring Company, as well as the PowerWall.
Solar City has since become one of the leading solar energy providers in North America. The company offers a host of products and services, ranging from residential and commercial panels to batteries and smart energy appliances. The company is also making waves in the green energy sector, providing systems that can replace the electricity supplied by power plants.
The Boring Company
In 2016, Musk founded The Boring Company, a tunnel boring organization. The company has since made considerable progress in underground tunneling technology and has also attracted considerable investment from the public. Its ultimate goal is to revolutionize urban travel and reduce tunneling costs through advanced tunnel technology.
The company has already built several underground tunnels around the world and is currently in the process of constructing a high-speed rail system between Los Angeles and San Francisco. The project is expected to be completed by the end of 2021 and is estimated to cost over $35 Billion.
Hyperloop
In 2013, Musk outlined his plans for a revolutionary form of transport, christening it the Hyperloop. The Hyperloop, as envisioned by Musk, is a ‘fifth mode of transport’ that would use a series of vacuum sealed tunnels to send passengers from one city to another in record time.
Despite the ambitiousness of this project, Musk has taken steps towards making it a reality. In 2017, The Boring Company was granted a permit to begin tunneling work in the state of California and it is expected that the Hyperloop will become a reality in the near future.
Conclusion
Whilst Elon Musk was born into a family of means and his early success did provide him with considerable financial rewards, it is clear that this was only the beginning of his journey. The businessman has since developed a portfolio of innovative companies, revolutionizing the space exploration, automobile, solar energy and transportation sectors.
From a financial perspective, Musk’s net worth currently stands at an estimated $30.5 billion and it is likely that this figure will only continue to rise. With a variety of ambitious projects currently in the works, our planet can expect to see more of Elon Musk’s brilliance as we progress into the new century.
