Elon Musk’s Net Worth

Elon Musk

Age: 52 Years Old

Country of Origin: South Africa Net Worth: $180 Billion

Date of Birth: June 28, 1971

Source of Wealth: Entrepreneur/ Investor Gender: Male

Height: 6’2” (1.88m)

Introduction

As of February 2024, Elon Musk’s net worth stands at $180 billion.

Elon Musk, originally from South Africa and now a Canadian American, is a highly successful business tycoon, investor, engineer, and inventor.

Musk has played pivotal roles in various successful startups. He is the founder, CEO, and CTO of SpaceX, the CEO of Tesla Inc., the co-chairman of OpenAI, and the founder and CEO of Neuralink.

One of Musk’s notable successes was founding PayPal, which has become one of the most widely used online payment gateways.

According to the Bloomberg Billionaires Index, Elon Musk currently holds the title of the world’s second-richest person, with Bernard Arnault holding the top position as of February 2024.

Elon Musk Facts

  • Elon Musk was born on June 28, 1971, in Pretoria, South Africa.
  • He taught himself programming at the age of 12.
  • Musk earned bachelor’s degrees in economics and physics from the University of Pennsylvania.
  • He briefly attended Stanford University but dropped out after just two days to start a business with his brother Kimbal.
  • Their first venture was Zip2, a web software company targeting newspapers.
  • After selling Zip2, Musk ventured into online payments, founding X.com, which later merged with Confinity to create PayPal.
  • He also founded SpaceX, a spacecraft manufacturing company, and SolarCity, which focused on solar energy systems.
  • In 2004, Musk invested $6.5 million in Tesla, an automotive and clean energy company, eventually becoming its CEO in 2008.
  • At Tesla AI Day 2022, Musk revealed plans for a humanoid robot.
  • Musk has declared himself a “free speech absolutist,” opposing censorship.

Elon Musk’s Early Life

Elon Musk was born on June 28, 1971, in Pretoria, South Africa.

His family background is diverse, with his mother being a Canadian model and his father an electromechanical engineer from South Africa.

Musk has two younger siblings, Kimbal and Tosca.

At the age of 10, Musk developed a keen interest in computers. By 12, he had taught himself computer programming and even created a video game called Blastar, which he sold to a magazine for around $500.

Elon Musk Career

After leaving Stanford University to pursue business ventures, Elon and his brother Kimbal launched Zip2.

Zip2 was a company that created and marketed a digital city guide for newspapers. It landed contracts with major publications like the Chicago Tribune and The New York Times, eventually selling to Compaq for $307 million.

With $22 million from the Zip2 sale, Musk started X.com, an email payment service, which later merged with Confinity to become PayPal.

PayPal grew into a leading online payment platform, eventually acquired by eBay for

$1.5 billion, boosting Musk’s wealth by $165 million.

Musk then turned his attention to making a positive impact on the world. He invested in Tesla, SpaceX, and SolarCity.

SpaceX aims to revolutionize space travel and make it more affordable. Tesla focuses on developing electric vehicles to combat the fossil fuel crisis. SolarCity is a major provider of solar power systems in the US.

Thanks to the success of these ventures, Musk’s net worth skyrocketed to $180 billion by 2023.

How does Elon Musk use his money?

Elon Musk’s wealth is astounding, given his significant investments in Tesla and other thriving companies. As the world’s second richest person, he has ample opportunities to indulge in whatever he desires.

However, Musk isn’t one to splurge on extravagant hobbies or lavish vacations frequently. He prefers spending his time at the office or visiting his factories.

At the end of the day, he retreats to one of his four mansions in Los Angeles. Recently, he acquired a fifth property, an unfinished estate worth $24 million.

Being passionate about vehicles, Musk enjoys collecting cars. In 2013, he purchased the Lotus Espirit submarine car featured in a James Bond movie for $920,000.

In addition to Tesla cars, he owns two gas-powered vehicles – a Jaguar E-Type Series 1 Roadster and a Ford Model T.

As the second wealthiest individual globally, Musk also owns private jets. In November 2022, he acquired a luxurious private jet equipped with two Rolls-Royce engines, boasting five living areas and 20 windows, for $78 million.

Elon Musk Highlights

Here are some key milestones in Elon Musk’s career:

  • Moved to Silicon Valley (1995)
  • Sold Zip2 to Compaq for $307 million (1999)
  • Created X.com, later becoming PayPal (1999)
  • eBay acquired PayPal for $1.5 billion (2002)
  • Became an American citizen (2002)
  • Founded SpaceX (2002)
  • Became CEO of Tesla (2008)
  • Tesla began deliveries of the all-electric Model S (2012)
  • Launched the Model X (2015)
  • Tesla merged with SolarCity (2016)
  • Introduced the Model 3 (2017)
  • Launched the SpaceX Falcon Heavy rocket (2018)

Elon Musk’s Personal Life

Elon Musk has been married three times.

His first wife was Canadian author Justine Musk.

The couple got married in 2000 and had six children together, including twins and triplets. Unfortunately, their marriage faced challenges, and they divorced in 2008.

Elon Musk’s second marriage was to British actress Talulah Riley. They tied the knot in 2010 but divorced in 2012. However, they reconciled and remarried in 2013.

Despite the second attempt, their marriage faced difficulties, and they divorced again in 2016. Elon Musk and Talulah Riley remained on amicable terms following their divorces.

Elon Musk’s most recent and high-profile relationship is with Canadian musician and artist Grimes, whose real name is Claire Boucher.

They made their public debut as a couple at the Met Gala in 2018. In May 2020, the couple welcomed their first child, a son named X Æ A-12 Musk.

The unconventional name raised eyebrows and sparked discussions. While Elon Musk and Grimes have been relatively private about their relationship, they occasionally share glimpses on social media.

Grimes, known for her avant-garde music and art, brings a creative and artistic dimension to Musk’s life.

However, it hasn’t been made public whether or not the duo has split or is still together.

Favorite Elon Musk Quotes

  • “Some people don’t like change, but you need to embrace change if the alternative is disaster.” – Elon Musk
  • “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.” – Elon Musk
  • “When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk
  • “Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk

3 Amazing Lessons from Elon Musk

Here are three valuable lessons we can learn from Elon Musk:

1.   Embrace Discomfort

After selling PayPal, Musk risked nearly all his money on new ventures, facing the possibility of losing everything.

Despite the uncertainty, he remained undeterred by fear and focused on his vision. This boldness paid off handsomely, propelling his wealth to staggering heights over the years.

2.   Prioritize Product Excellence

Elon Musk’s success is rooted in his commitment to delivering exceptional products.

From PayPal to Tesla, each venture aims to be the best in its field. By prioritizing product quality, Musk ensures enduring success and market dominance.

Without superior products, sustained success is unlikely.

3.   Pursue Your Vision

Musk is driven by a vision to transform industries and improve the world. Whether it’s space exploration or sustainable energy, he remains steadfast in his pursuit.

By staying true to his vision and channeling his resources towards it, Musk has made a profound impact.

Similarly, pursuing your vision, rather than following others, can lead to meaningful achievements.

Summary

Elon Musk is known for taking big risks to grow his wealth. After making a fortune from PayPal, he poured almost all of it into projects like SpaceX and Tesla to turn his ambitious ideas into reality.

As of now, Elon Musk’s net worth is estimated at $198 billion. With his companies focused on shaping the future, likely, this number will likely only continue to rise.

What are your thoughts on Elon Musk’s net worth? Feel free to share in the comments below.

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