What Does Elon Musk Make In A Day?
Elon Musk is an entrepreneur, investor and engineer with worldwide recognition, probably best known for founding SpaceX – a private aerospace manufacturer, as well as Tesla and SolarCity. With such diverse companies on his resume, the inevitable question arises: how much does Elon Musk make in a single day? When it comes to the mogul’s finances, the answer is largely dependent on his investments, and the state of his business interests.
First of all, it is important to recognize that definitive and up-to-date figures on Elon Musk’s daily or yearly wages are largely unheard of. Various financial assessments conducted by various websites and magazines, report wildly different figures for Musk’s estimated worth, and because of this, it is difficult to date Musk’s earnings and wages in a precise manner. However, in October 2020 Elon Musk entered the club of the 400 richest people in the world, with an adjusted net worth of $21.5 billion, and it is this figure that can give us a rough estimation of his financial successes.
As a major investor, much of Elon Musk’s financial stability is based on the performance of large and small tech companies, among them Apple, IBM, and Microsoft. It also receives major support in the form of dividends, buybacks and quarterly market updates, which in turn provides an additional source of income. But these investments alone are not sufficient to account for the daily earning’s of someone like Elon Musk.
Rates charged by private companies who hire the technical and business experience of someone like Musk vary greatly. These companies hire Musk in his role as an independent advisor, with the goal of providing a distinct competitive advantage, or to fill a niche topic with specific knowledge. Firms that hire him can pay him anything from several thousands of dollars per hour to tens of thousands per day, depending on the nature of the consulting engagement.
Also, a major source of capital for Musk is his own companies. It is estimated that he earns millions of dollars in salary from Tesla alone – the electric vehicle company he founded in 2003. For instance, he earned a salary of $37,584 in 2018, earning it solely from Tesla. This salary figure can increase each year as Tesla grows and expands as a company. It is safe to estimate that annually Elon Musk earns from salaries a few million dollars from Tesla, plus the tens of millions more from his stock options through his companies Tesla and Solar City.
Finally, Elon Musk receives a variety of other income sources. He owns several luxury and recreational vehicles, including two sport yachts, and at least one private jet. He also has real estate investments that garner him additional income, as well as investments in the stock market, and traditional investments such as bonds and commodities. All of these sources of income can be considered passive income, which collectively can add up to millions of dollars per year.
Cryptocurrency Investments
In recent years, Musk has also made a series of well-publicized investments in cryptocurrency. This started with a $1.5 billion investment into Bitcoin in February of 2018, as well as investments in other digital assets such as Ethereum, Dogecoin and various stablecoins. This has increased his overall wealth significantly.
Musk’s investment strategy involves a diverse portfolio approach to the various cryptocurrency investments he makes. While he has made investments in various coins, he favors projects with a focus on fundamentals and technology, concentrating on projects such as Bitcoin, Ethereum, Cardano and Polkadot. It is estimated that Musk currently holds 4-5% of his entire net worth in cryptocurrency.
These digital assets have proven to be very profitable for Musk, as the price of bitcoin has increased over the past three years, nearly quadrupling over the same period. In addition to these stellar gains, Musk has also established a lucrative Bitcoin trading business, from which he is able to earn a profit from shorting the digital currency.
Musk’s investments have also paid off handsomely, with his crypto-oriented companies, including Tesla, Panasonic and SolarCity gaining substantially from the surge in crypto prices in 2021. With these companies’ share prices soaring and understanding of crypto increasingly wide-reaching, Musk has likely earned a great deal of money in recent months.
Philanthropy
Despite making billions over the past few years, Musk is also an active philanthropist, regularly donating a portion of his net worth to various charities and non-profit organizations. For example, in 2016 he donated $10 million to the Future of Life Institute, and in 2017 he donated $15 million to the X Prize Foundation and $15 million to the Wildlife Conservation Society.
In addition to direct donations, Musk also supports global efforts to combat climate change, investing in renewable energy companies and donating to research institutes and organizations in order to explore technologies that provide a clean and sustainable future. Through his environmentally-focused initiatives, Musk has become an advocate for global sustainability and has repeatedly made moves to not only reduce the negative impact of technology on the environment, but to create solutions that increase its positive effects.
In recent years Elon Musk has also been vocal about issues that he’s passionate about. A notable example of this is his advocacy for reducing the regulatory burden faced by companies attempting to create and deploy new technologies, such as self-driving cars or reusable rockets. Musk has relentlessly advocated for a legislative agenda that seeks to reduce the bureaucracy that can often stifle technological advancement.
Conclusion
Elon Musk is an incredible entrepreneur and investor, whose net worth has ballooned to $21.5 billion as of October 2020. His success is largely due to his many investments, which span various industries and provide a diverse source of revenue. In addition to salaries and dividends, Musk has made a substantial fortune through cryptocurrency investments, and through philanthropic endeavors, he has been able to make a significant positive impact on the world around him.
