Forbes’ ranking
Elon Musk has consistently come out as a leader on Forbes’ world’s billionaire ranking for the past three years. His wealth is estimated to exceed US$ 170 billion, more than any other person in the world. Musk stands second in its billionaire rankings, being just behind Amazon founder, Jeff Bezos. With such immense wealth, Musk’s success has made him a cultural icon, as well as a role model for entrepreneurs.
Tesla and SpaceX
Musk is the founder and CEO of Tesla, a multinational enterprise that manufactures, designs, and sells electric vehicles and energy storage systems. Tesla has been a leading manufacturer of electric vehicles since the introduction of its first Model S in 2012. Musk is credited with the creation of the modern electric vehicle, which has gained him significant support in both the automotive industry and the general public.
Moreover, Musk is also the founder and CEO of SpaceX. SpaceX is a privately funded aerospace company engaged in the development of advanced rockets and spacecraft. Founded in 2002, SpaceX has been credited with revolutionizing the space industry, and making space travel more accessible. Of utmost importance are its numerous feats such as launching the Falcon Heavy rocket, sending a manned mission to the International Space Station, and successfully reusing and recovering the first stage booster from a rocket launch.
Education and Early Career
Musk completed his Bachelor’s in Physics at the University of Pennsylvania in 1992. Subsequently he pursued a Bachelor’s in Business at the Wharton School at the University of Pennsylvania. He then attended Stanford University to pursue a PhD in energy physics in 1995, but dropped out before completing his degree to pursue entrepreneurial opportunities.
He founded Zip2, an online publishing and city guide software service with his brother Kimbal in 1995, and sold the business in 1999. He then founded X.com, an online payment platform, which later merged with Confinity, the company that launched PayPal. Musk served as the chairman of PayPal and profited subsequently when the company was sold to eBay in 2002.
Noteworthy Achievements
Besides revolutionizing the automotive and space industries, Musk has also been an ardent supporter of renewable energy sources. His advocating for solar energy solution for Tesla, led to the production of solar panels and home batteries. Moreover, in 2013, Musk unveiled Project Loon, a project aimed at providing internet access to remote regions of the world using stratosphere balloons that could beam a high-speed internet signal.
In addition to being a revolutionary innovator, Musk is also an accomplished investor. He invested in DeepMind Technologies in 2014 and was also an early investor in a number of successful companies, including SpaceX, Hyperloop, and Tesla. Moreover, Musk’s success in pushing the boundaries of the tech industry has allowed him to establish himself as one of the most influential figures in the world.
Recognition
Musk’s continuous and notable success has led to numerous accolades and honors. In 2016, Musk was ranked as the world’s most admired CEO by Glassdoor, winning the Glassdoor’s Employees’ Choice Awards. That same year, Musk won the “Trophy for Best Leader” by the Harvard Business Review. Furthermore, Musk has received multiple awards for his contribution to the tech industry, space industry, and now the automotive industry, including being granted over 20 honorary doctorates, awards, and certificates.
Personal Life
Musk is married to the musician and actress, Talulah Riley. They divorced in 2012, and remarried again in 2013. However, they were unable to make things work, and separated again in 2016. Musk has a total of six children, with five of them being his and Riley’s. In 2018, he began dating the singer, Grimes, and their first child, a son named X Æ A-Xii was born in 2020.
Musk is an avid philanthropist, having launched the Musk Foundation in 2002 with his brother Kimbal. The Musk Foundation works to promote renewable energy and education particularly aerospace, pediatric and scientific research. Musk has also been involved in multiple philanthropic endeavors, including donating money for relief operations during the 2010 Haiti earthquake and Hurricane Sandy.
Influence
Elon Musk’s success has been an inspiration to aspiring entrepreneurs and has shifted popular culture significantly in its own way. Many individuals now strive to follow in his footsteps in order to make a similar impact. Tesla, SpaceX, and Musk’s image have intrigued both automotive and aerospace enthusiasts, pushing them to strive for a brighter future.
Many companies have been established with the underlying aim of emulating Musk’s success, even those that have nothing to do with clean energy, aerospace, or electric vehicles. One example is the Canadian Company, Hush. Founded in 2014, Hush is a headphone company that manufactures and sells the world’s first noise-cancelling headphones with a wireless charger. Hush was inspired by the story of Elon Musk and his groundbreaking achievements.
Competition
The tech industry is ever evolving, and with that emergence of new challengers is inevitable. Jeff Bezos, Bill Gates and Mark Zuckerberg are now major competitors of Elon Musk as they wish to outshine Musk’s success. Elon is also competing with himself, pushing the boundaries of innovation ever further, aiming to make an even greater impact in the automotive, aerospace, and energy industries.
Even though competition has risen drastically between Elon Musk and the other billionaires, he has still managed to stay at the forefront. His success in constantly achieving the seemingly impossible has earned Musk worldwide appreciation and awe.
Work Ethic
Despite Elon Musk’s numerous accomplishments, he has also worked relentlessly to achieve technological breakthroughs. He is an avid reader and often works for up to 80 hours a week, splitting time between his three companies. Musk has placed a laser-like focus on his goal of sending people to Mars and making Tesla the leading provider of electric vehicles.
Furthermore, he is constantly pushing his companies to innovate, instead of resting on his laurels and letting his success be his only excuse for not continuing to innovate. Musk approaches his organizations with an eye for improvement, leading his employees to put in the extra effort needed to create groundbreaking products and services that can compete in the market.
Leadership Style
Musk has an unconventional yet highly effective leadership style. His vision and focus on the “big picture” has been the cornerstones of his success. He frequently demonstrates a “risk-it-all” attitude towards innovation, pushing boundaries and relying on his teams to back him up. From analytical roles to creative positions, Musk involves himself deeply in all project teams, pushing all individuals to obtain the highest potential from themselves and his organization.
Micro-managing is not part of his equation, allowing him to give more responsibility to his staff rather than doing the job himself. He focuses on the most important tasks, whilst delegating the rest to the best specialists in their respective fields. As such, Musk’s success has not been built on his own, but the efforts and hard work of those talented individuals in his organization.
