Elon Musk has become one of the most successful and influential entrepreneurs of our time. But, when did Elon Musk become a billionaire?
Musk’s rise to fame came in the late 1990s when he co-founded the online payment service, PayPal, in 1998. In October 2002, eBay acquired PayPal for $1.5 billion, launching Musk’s path to becoming a billionaire. Of the deal, Musk gained $165 million of the proceeds. His wealth skyrocketed as he invested in, founded, or acquired several companies, including Tesla Motors, SpaceX, The Boring Company, SolarCity, Hyperloop, and Neuralink. As a result, Musk was able to acquire a net worth of $1 billion in April 2012.
Musk has often spoken about the importance of ambition and dedication. “Work like hell. I mean you just have to put in 80 to 100-hour weeks every week. There’s no alternative to just like being obsessive about it and just like having, I think, a passion for what you do,” is one of his most famous quotes. He is highly dedicated to his craft and his level of confidence is inspiring to many. Trumping a Bloomberg Billionaire’s Index from 2018, Musk is worth an estimated $20 billion.
The number of entrepreneurs who have successfully navigated their way to becoming a billionaire is very limited. It is a piece of insight that Musk has even expressed himself, saying “It’s very difficult to start a successful business —Very. It’s extremely hard. Most businesses fail. It’s no coincidence that some of the most successful companies, such as Tesla and SpaceX, have Elon Musk at the helm. His strategic acumen and vision have been the driving force in helping the company to achieve monumental feats, including the Tesla Roadster being the first ever car to go into space in 2018 and conducted the first successful orbital launch of a Falcon 9 in 2020.
Musk’s journey to becoming a billionaire is a true rags-to-riches story. Growing up in South Africa, Elon was homeschooled by his mother, a trained nutritionist, and his father an electromechanical engineer. Despite being a workaholic and dedicating countless hours to his ambitious projects, Musk also made time for activities such as drawing, playing video games, and learning computer programming. Musk had an intrinsic desire to want to understand the universe, something that has seemed to stay with him on his journey to becoming a billionaire.
Though Musk is beloved by many, he has found himself on the receiving end of scrutiny and criticism throughout his career, with people doubting his ambitious undertakings, challenging his business decisions, and questioning his leadership style. Still, Musk has proven himself time and time again, proving that his success is not just due to luck but rather hard work, dedication, and an unwavering determination to succeed.
The Early Years
Born in 1971, in Pretoria, South Africa, Elon Musk was an imaginative toddler with an innate curiosity. Musk’s parents, Errol and Maye, described him as a “crystalline-thinking” achievement-focused child with a voracious work ethic. Despite his healthy ambitions, Musk struggled to fit in, as he was tormented by bullies and his introverted nature. Nonetheless, Musk showed his competitive side and had a strikingly successful competitive chess career despite his young age.
From South Africa, Musk’s family emigrated to Canada when Musk was 18. Life in Canada was not as prosperous as it had been in South Africa. Musk and his brother started working odd jobs, living on a tight budget. However, this did not stop Musk from attending Queen’s University in Kingston, Ontario, where he studied economics and physics. Musks’ natural gifts of intelligence and grit allowed him to be part of two successful business ventures during his stay in college.
In May 1995, Musk left Canada for California, determined to make his mark. He shifted to Stanford University to pursue a Ph.D. in applied physics and material science, however, he dropped out two days later, choosing to pursue entrepreneurship instead. It was at this moment, Elon Musk sealed his fate as a business mogul.
Musk’s Ventures
Mathematics, physics, rocket sciences, and the environment were only some of the interests Musk applied himself to. He was a founding member of X.com, an online financial services, and email payment company founded in 1999. Just a year later, the company merged with Confinity, an online payments company, resulting in the development of Paypal. In October 2002, eBay acquired PayPal for $1.5 billion and Musk gained $165 million of the proceeds. After the success of PayPal, Musk founded SpaceX, a space exploration company in 2002 and Tesla in 2003.
Musk’s vision for Tesla and SpaceX was to revolutionize transportation and make space travel more efficient and affordable. In 2008, Tesla released the Roadster, the world’s first electric sports car. Musk followed up the success of the Roadster with the Tesla Model-S sedan reveal and launch in 2012. The company continued its electrifying ascent, releasing the Tesla Model-X and Model-3.
Meanwhile, at SpaceX, Musk was pioneering functionality and technology, working on the development of the Falcon 1, followed by the Falcon 9 and eventually the Falcon Heavy. In 2018, the Falcon Heavy made history when it launched the Tesla Roadster along with its passenger, the space dummy, Starman, into space, on Elon’s mission of making life interplanetary. Musk and his team celebrated the success of the Falcon Heavy and the symbolism it came to represent.
Innovations
In addition to his accomplishments, Musk has become famous for inventing a plethora of innovative technologies. Tesla’s autonomous vehicles, Hyperloop’s high-speed transportation systems, SpaceX’s reusable rocket technology, and SolarCity’s affordable solar systems are all a testament to Musk’s innovativeness.Pushing the boundaries of what was thought possible, Musk made great steps in making the world a better place.
In July 2020, Musk showcased his Neuralink project, a chip device connected to the brain to help people with brain-machine interfaces. This technology is revolutionary and has the potential to cure physical disabilities and neurodegenerative conditions. Musk has made it clear that he strives to do things that have never been done before and this project reflects that.
Philanthropy
Musk is no stranger to philanthropy. In 2015, he set the #MuskChallenge tweeting: “Am donating $1M to Marine Conservation, Vibrant Oceans”. True to his word, Musk donated $1 million to Ocean Conservancy, a non-profit organization devoted to protecting the world’s ocean, beaches, and marine life. Other causes that Musk has supported include educational, scientific, and environmental causes.
Musk is also a champion for clean energy and has also pledged to donate 10 Million dollars to the cause; money which he earned from selling his homes. Despite the success that Musk has experienced, he has not lost sight of what’s most important — helping the world and its people.
Controversies
While Musk’s accomplishments are remarkable, his boastful and provocative nature has caused some controversy. On 13th May 2018, Musk famously published “a Tesla short burn of the century,” and in April 2019, he caused shockwaves when he called a rescue diver a “pedo” on Twitter.The media have also made claims that Musk has been deceptive with his estimates on Tesla’s production numbers, which has caused him to be hit with a $20 million fine from the Securities and Exchange Commission.
Regardless of his controversies, Musk’s dreams of a greener future and more efficient transportation have captivated the world. As the CEO and Product Architect of Tesla Motors, CEO and CTO of Space Exploration, and Chairman of Solar City, Musk has singlehandedly revolutionized the automotive, space, and solar energy industries.
Media Outreach
Musk has earned a sizable public profile and is often a guest speaker at various conferences, interviews, and technology programs. With his awe-inspiring demeanor and infectious energy, Musk has become a modern-day celebrity, as his influence spreads through the power of social media and traditional platforms alike. Musk has dedicated himself to a life of self-education, working hard to better the world through his determined and ambitious projects.
His various successes, such as Tesla’s market capitalization surpassing $550 billion in January 2021 and SpaceX becoming the first company to land the first astronauts from the US into space from the US soil, are inspiring to many. Musk’s success is one that’s often celebrated, as his story is one of dedication, resilience, and an unshakable belief in himself and his ambitions.
