Elon Musk, founder of Tesla and SpaceX, became the world’s richest person on January 7th, 2021, surpassing Amazon founder Jeff Bezos. At the time of writing, Musk’s net worth hovers around $185 billion. Musk, who has been on a rollercoaster ride to the top of Forbes list of billionaires over the past year, wasn’t always the world’s richest. So when did Elon Musk become richest man?
To look back at how Musk rose to his current level of billionaire-hood, we have to go all the way back to 2002. That’s when he first became a millionaire, after selling PayPal to eBay. The amount that he got was around $165 million.
He then invested in space exploration, starting his rocket company, SpaceX. Musk had become a billionaire by the age of 28, and his net worth rose quite rapidly to around $4 billion by the end of 2008.
Around mid-February 2020, Elon Musk’s net worth began to rise steadily, reaching $7 billion in June. This was due to the surge in Tesla shares, which had gone up by more than 100 percent in the first half of 2020. This was mainly due to the increasing demand for electric cars, and of course, Tesla’s success in launching its 2020 Model-Y SUV.
The following month, Musk became a decabillionaire. His fortune then quadrupled within a few months, as Tesla went on to become the most valuable auto maker in the world. This was mainly due to the rising price of Tesla’s stock, which exceeded $500 per share.
By November of 2020, Tesla’s share price had risen to almost $600, and so had Elon Musk’s net worth, to a whopping $127 billion. With the news of Tesla’s inclusion in the S&P 500 index in December, Musk’s net worth shot up to an astonishing $182 billion.
He remains the world’s richest person, and with Tesla and SpaceX’s ongoing success, it looks like Elon Musk won’t be giving up his place at the top anytime soon.
Tesla & the Environmental Revolution
The rise in the demand for electric cars has played a fundamental role in Elon Musk becoming the world’s richest man. Tesla, the world’s most valuable car manufacturer and Elon Musk’s brainchild, has revolutionized the auto industry by securing a position in the S&P 500, and has single-handedly popularized electric cars around the globe. Not only does it offer range and design specifications that feature in other conventional cars, but also a minimal carbon footprint.
Tesla’s cars are made from recycled materials, have twice the safety rating of other cars and contain zero emissions. Furthermore, while the initial cost of Tesla’s vehicles is higher than traditional cars, when calculated in the long run, their overall cost is marginally lower due to higher fuel efficiency and a reduced need for maintenance.
This has encouraged people to switch to Tesla cars, which in turn has contributed to Elon Musk becoming the wealthiest man in the world.
The Not So Perfect Employee
With the newfound wealth accompanies numerous advantages, however they come at a cost. Elon Musk is not exempt from this, as he has become known, both positively and negatively, for his work style and occasionally reckless tweets.
Within the Tesla & SpaceX office, Elon Musk’s daily routine, 8am-9pm with no vacation, has become an unspoken rule for his employees, and this has faced stark criticism. One employee even filed a lawsuit against Tesla, claiming it was making him work more than 80 hours a week.
Musk’s tweets have also generated equal amounts of criticism and praise, as they often come across as unconventional, but have been the reason behind Tesla’s immense successes. Despite being labeled ”controversial”, both shareholders and employees remain loyal & supportive of Musk’s aggressive business strategies.
The Elon Musk Persona
Elon Musk is one of the most talked about billionaires at the moment and along with that recognition, comes a number of different opinions, both good and bad. While most regard him as one of the most innovative and intelligent minds of the 21st century, some have denounced him as the “new robber baron”.
Regardless, Elon Musk’s success story has encouraged many aspiring entrepreneurs around the world to pursue their dreams and make their own impact. While the money is certainly a motivation, the prospect of revolutionizing entire industries, as Musk has done with Tesla, is simply too irresistible for many.
The Future of Elon Musk
As Elon Musk’s companies continue to climb higher and higher, they have set the trend for the future in both car manufacturing and space exploration. By 2025, Tesla’s market value is expected to rise to $750 billion dollars, and SpaceX is projected to achieve a success rate of nearly 100%.
What’s even more interesting is Elon’s upcoming projects. He is currently involved in The Boring Company, Neuralink Corp and Hyperloop, three projects which promise to revolutionize both transportation and information technology.
With the impact that Elon Musk has had on the world so far, and with the prospective start of his other projects, it looks like Musk’s journey to the stars has just begun.
The Impact of Elon Musk’s Success
Elon Musk’s journey to becoming the world’s richest man has many lessons to offer. His vision and relentless drive to achieve success has made him one of the most inspiring billionaires of the 21st century.
His success has also redefined the standards of capitalism and business, while encouraging people to make the most of their talents and never hesitate to reach for the stars. It’s easy to get lost in the wealth, but Musk is often praised for donating a great portion of his earnings to charity and looking for ways to make the world a better place.
Elon Musk’s success has also brought attention to the potential that tech holds and the potential that someone with creative vision and drive can achieve.
Musk vs. Bezos
Elon Musk’s rise to power is partially due to him taking the crown from Amazon founder Jeff Bezos, who held the title of the world’s richest person since 2017.
Elon Musk’s success has been compared to Jeff Bezos’, as the two have gone head to head in the race for wealth. Musk has come to the forefront of the race after becoming the first person to cross the $200 billion milestone. Bezos, on the other hand, remains the founder and CEO of the largest online retailer in the world: Amazon.
Both Bezos and Musk have also gone toe to toe in the space exploration department, as Amazon’s ’Project Kuiper’ competes with Musk’s SpaceX in the race for satellite launches and space tourism.
A New Era for Billionaires
The success of entrepreneurs like Elon Musk and Jeff Bezos has marked the dawn of a new era for billionaires. While traditionally, wealth has been largely associated with inheritance or real estate investments, technology has now given people with vision and resources the opportunity to change the world, as evidenced by Elon Musk’s success.
In the near future, it seems likely that we will see a rise in technology-based billionaires, with Elon Musk leading the way.
