We have all heard the name Elon Musk and familiarized ourselves with the tech mogul’s incredible accomplishments, but who is he really, and how much is he worth? Estimations place Musk at a current net worth of $67 billion, but let’s dig deeper into his success to understand how the self-made billionaire got to where he is today.
From an early age, Elon Musk had a passion for computers and technological advances. After finishing high school at the age of 17, he left South Africa to pursue his dreams of higher education in the United States at the University of Pennsylvania where he earned an undergraduate degree in economics and an additional degree in physics. Musk then enrolled in Stanford University’s PhD program with plans of specializing in space exploration. Shortly into his studies, he dropped out of Stanford and shortly after that, he began to launch his first of many successful businesses.
Before his net worth would skyrocket, one of Musk’s first successes was the creation of Zip2, an online city guide he sold to Compaq. That success put a respectable $22 million in Musk’s net worth, prompting him to go on to launch the online payment system X.com, which then became PayPal. In 2002, Musk sold PayPal to eBay for $1.4 billion, an event which propelled his personal fortunes.
After that, Musk refocused his attention to generating renewable energy and the automotive industry. He began investing in Tesla Motors in 2003, eventually taking a leadership role in the company; his work with Tesla has been the driving force behind the company’s success and today, Tesla Motors is listed in the NASDAQ stock exchange.
But Musk’s success does not stop there. He also founded aerospace firm SpaceX, which is not only the fourth most valuable private tech company in the world; it is also the first private aerospace firm to deliver a cargo payload to the International Space Station (ISS). Today, Musk remains CEO and the face of both SpaceX and Tesla and he currently owns an estimated 18% stake in the latter.
Musk’s own investments and company shares have helped him accumulate an estimated net worth of $67 billion, making him the world’s second-richest person according to Bloomberg’s Billionaires Index. He is also the third-highest ranked person on Forbes’ “The 10 Most Successful People in the World” list and was named Time’s “Businessperson of the Year” in 2019.
His Companies Worth
Musk’s companies are all valued very high, with Tesla Motors toping the list with an estimated worth of $594.4 billion. Space X is second with a $346.2 billion valuation, followed by The Boring Company at $9 billion and Neuralink at $3.6 billion. Additionally, his investments in SolarCity are worth an estimated $10billion.
Tesla holds the top spot in value due to the company’s success in the automotive industry with their eco-friendly electric vehicles. Tesla stocks have risen significantly since the company has gone public and this is largely due to Musk’s leadership. He is often seen as a visionary among investors and other industry executives for his innovative approach to business and his unique ideas for the company. Musk also continues to play a major role in product development, with Tesla regularly releasing new or improved vehicle models to combat global warming and fossil fuels.
Space X and the Boring Company have also seen success due to Musk’s initiative. SpaceX is a leader in aerospace technology, with the company now working on the orbital Starships that will enable spaceflight for humans and cargo. With SpaceX, Musk is hoping to create a commercial business that will enable people to access space and beyond, while also making space travel more affordable. The Boring Company is an enterprise dedicated to finding ways to build underground tunnels to enable faster transportation of people and goods around cities. This would help to reduce travel time and congestion in urban areas, while also promoting more eco-friendly transit.
Alternative Ways Elon Musk Makes Money
In addition to his stakes in his businesses, Musk has been involved in many other projects and investments. For example, the entrepreneur has invested in Hyperloop Transportation Technologies, a company specializing in high-speed transport development. Additionally, he’s granted an extensive loan to SolarCity, owned by his cousin Lyndon Rive, in order to make the venture a reality.
Musk has also shown an interest in artificial intelligence, evidenced by his investments into artificial intelligence research and AI startups such as DeepMind and Vicarious. His backing has allowed the AI industry to develop quickly, with many experts hailing his forward-thinking approach as an important catalyst for the industry.
Apart from those investments, Musk has also used his other businesses in order to reach new heights. By selling Tesla-branded cars, energy storage systems, and renewable energy products, Musk has been able to further advance his business empire and accumulate more wealth. He has also announced plans to start charging subscription fees on Tesla’s products and services as a way to increase revenues.
Musk’s Humanitarian Efforts
Elon Musk is also no stranger to charity, having founded the Musk Foundation in 2002 to provide support and aid to numerous causes. Over the years, the foundation has been involved in numerous initiatives, from providing emergency relief during natural disasters to helping promote STEM fields in schools.
In addition to his charity work, Musk has also used his immense wealth to invest in renewable energy and sustainability initiatives. He has consistently been a proponent of energy-saving practices, such as investing in solar energy companies and contributing to Tesla’s research and development of electric vehicles. And, in an effort to help fight climate change, Musk has also donated millions of dollars to research into carbon sequestration.
Musk’s Leveraging of Social Media
In today’s world, social media is key to many successful individuals and companies, and Musk was one of the first to recognize its potential; by leveraging social media he was able to gain enormous exposure of his companies and boost their values. Social media is a powerful tool for Musk, as it has given him the ability to engage with customers and spread the word about his businesses and projects, helping to build brand awareness and give his companies an edge in the market.
Musk also uses his social media platforms to talk about his ideas and investments and keep his followers informed about the progress of his businesses. He often takes to Twitter to announce new products and campaigns, as well as to respond to questions and comments from his followers.
Musk’s Philanthropic Goals
According to Elon Musk, he aims to use his wealth to make a positive impact on the world. Musk has said that he plans to donate most of his wealth to various causes, which will benefit humanity in the long term. He has already allocated a portion of his wealth to be given to charities, specifically those that are focused on conducting research into renewable energy sources.
In addition to his philanthropic goals, Musk is also pushing for the implementation of universal basic income, and he has been a vocal advocate for the creation of education policies that will help students around the world gain access to high quality education. Recently, he has also adopted a philosophy of ‘thoughtful’ investing, in which he seeks to invest his money in companies that put people first and those that have the potential to make the world a better and safer place.
Musk’s Ambition
Elon Musk’s ambition and success over the past decade have made him one of the most successful and influential people alive today. His accomplishments in business, technology, and philanthropy have paved the way for a better future for many, and there is no doubt that Musk will continue to leave a lasting mark on the world.
Through it all, Musk has built an incredible and ever-increasing fortune and has gained the respect of many people. He has successfully built an empire worth billions, and his innovative ideas, investments, and entrepreneurship have helped propel him to the very top, making him a self-made billionaire and one of the most recognizable tech moguls of the modern age.
