| net worth: | $198.5 billion |
|---|---|
| age: | 53 |
| Birth: | June 28, 1971 |
| gender: | Male |
| Height: | 1.88 m (6 ft 2 in) |
| country of origin: | South Africa |
| Sources of funds: | Entrepreneurs/Investors |
| Last Updated: | August 3, 2024 |
How much is Elon Musk’s net worth?
Elon Musk is a South African-born Canadian American businessman, investor, engineer, and inventor who has an estimated net worth of $198.5 billion.
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Musk has been involved in many successful startups. He is the founder, CEO, and CTO of SpaceX, CEO of Tesla Inc., co-chairman of OpenAI, and founder and CEO of Neuralink.
Most people will know that Allen’s real success came from founding PayPal, which is now one of the most widely used online payment gateways. According to the Bloomberg Billionaires Index, he is the second richest person in the world.
quick Facts
- Elon Musk was born on June 28, 1971 in Pretoria, South Africa.
- He taught himself programming when he was just 12 years old.
- He received bachelor’s degrees in economics and physics from the University of Pennsylvania.
- He began studying at Stanford University, but dropped out after two days and started a business with his younger brother, Kimbal.
- His first co-owned company was Zip2, a web software company focused on the newspaper industry.
- After selling Zip2, Musk got involved in the e-mail payment business and founded X.com, which later merged with Confinity and became a famous online payment service – PayPal.
- He founded SpaceX (a spacecraft manufacturing company) and Solar City (a solar power generation systems company).
- In February 2004, he became the majority shareholder of Tesla (an automotive, artificial intelligence, and clean energy company) after investing $6.5 million. He has served as CEO there since 2008.
- At Tesla AI Day 2022, Musk revealed that they were working on a humanoid robot.
- Musk has declared himself a “free speech absolutist”, as he is against any form of censorship.
early life
Elon Musk was born on June 28, 1971 in Pretoria, South Africa.
Musk’s family is multicultural – his mother was a model from Canada and his father was an electromechanical engineer from South Africa.
Musk has two younger siblings, Kimbal (a restaurateur, chef, and entrepreneur who owns The Kitchen restaurant group) and Tosca.
At the age of just 10, Allen became passionate about computers.
He taught himself computer programming at the age of 12; and created a video game called Blastaar, which he sold to a magazine called PC & Office Technology for about $500.
Livelihood
After dropping out of Stanford University to pursue entrepreneurship, Elon founded Zip2 with his brother Kimbal.
Zip2 was a web software company that developed and marketed an Internet “city guide” for the newspaper publishing industry. The company received contracts with magazines such as the Chicago Tribune and The New York Times, and was eventually sold to Compaq for $307 million.
With the now $22 million he raised from the sale of Zip2, Musk founded an email payment company called X.com. X.com later merged with Confinity to become the infamous PayPal.
PayPal became the largest online payment transfer company, and was bought by eBay for $1.5 billion in stock. Musk’s wealth had now increased by $165 million.
This was the time when Elon Musk began to pursue his passion to improve and change the world, investing in Tesla and founding SpaceX and SolarCity.
The success of these three companies is increasing month by month, and this is the reason for the sudden surge in Musk’s net worth.
SpaceX is advancing space technology, and attempting to reduce the cost of human spaceflight by up to 10 times.
Tesla is focused on solving the fossil fuel crisis in the automobile industry by developing affordable and stylish electric vehicles that are safe for the planet.
Solar City is the second largest provider of solar energy systems in the United States.
estimated net worth
Elon Musk’s net worth is estimated to be $198.5 billion in 2024.
Elon Musk net worth over time
| net worth: | $198.5 billion |
|---|---|
| age: | 53 |
| Birth: | June 28, 1971 |
| gender: | Male |
| Height: | 1.88 m (6 ft 2 in) |
| country of origin: | South Africa |
| Sources of funds: | Entrepreneurs/Investors |
| Last Updated: | August 3, 2024 |
How does Elon Musk spend his money?
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Musk’s wealth is impressive, as he was one of Tesla’s most important investors and is now its CEO, as well as the owner of other prosperous companies.
He is now the second richest person in the world, so he has plenty of scope to spend the money however he wants.
However, he is not the kind of person who would spend his wealth on expensive hobbies or full-fledged vacations all the time.
He prefers working in the office or visiting his factories. At the end of the day, however, he returns to one of his four mansions in Los Angeles. He recently purchased a fifth property – an unfinished $24 million estate.
As a car maker, Musk is very fond of vehicles. At an auction in 2013, he bought the Lotus Espirit submarine car used in the James Bond movie for $920,000. Apart from Tesla cars, he owns two gas-powered vehicles – a Jaguar E-Type Series 1 Roadster and a Ford Model T.
Being the second richest man in the world, he also has his own plane.
In November 2022, he purchased a luxurious private jet with two Rolls-Royce engines, 5 living areas, and 20 windows for $78 million.
Highlights
Here are some of the best things about Elon Musk’s career:
- Relocating to Silicon Valley (1995)
- Zip2 sold to Compaq for $307 million (1999)
- Founded X.com, which later became PayPal (1999)
- eBay acquires PayPal for $1.5 billion (2002)
- Became a US citizen (2002)
- Founded SpaceX9 (2002)
- Became CEO of Tesla (2008)
- Tesla begins deliveries of the all-electric Model S (2012)
- Model X launched (2015)
- Tesla merges with SolarCity (2016)
- Model 3 arrives (2017)
- SpaceX Falcon Heavy rocket launch (2018)
Favorite Elon Musk Quotes
“Some people don’t like change, but if the alternative is disastrous you have to embrace change.” – 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 can do it better. I think that’s the best advice: constantly think about how you can do things better and question 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 hard lesson.” – Elon Musk
Check out our big collection of the best Elon Musk quotes!
3 success lessons from Elon Musk
Here are three success lessons we can all learn from Elon Musk:
1. Don’t be afraid to put yourself in uncomfortable situations
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Allen had previously stated that after the sale of PayPal; he invested all the money he made in other companies. He took a huge risk and could have easily lost all his personal wealth that he had worked so hard to earn.
However, Musk had a vision and wasn’t afraid to take risks. We all know how this worked out for him, considering that 15 years later, his net worth is 100 times more than what he made from PayPal.
“My income from the PayPal acquisition was $180 million. I put $100 million into SpaceX, $70 million into Tesla, and $10 million into Solar City. I had to borrow money for rent.” – Elon Musk
2. Focus on creating amazing products
Elon Musk = amazing product.
PayPal, Tesla, SpaceX, Solar City – they all have a main goal of having the best solution for each individual market. Therefore, they have become so successful because the said focus has governed how good the final product is.
The reality is that if your end product isn’t good enough, nothing you do will help you achieve the same level of success.
3. Follow the final vision
Musk is changing the world; with space and automobile technology, revolutionizing the world as we know it. He wants to make a difference and he is making a difference.
This is their vision, their goal, and when they had the money to do it they put all their energy into it. You should always follow your vision, not someone else’s.
Frequently Asked Questions
How much is Elon Musk’s net worth?
Elon Musk’s total wealth is estimated at $198.5 billion.
How old is Elon Musk?
Elon Musk was born on 28 June 1971 and currently, he is 53 years old.
How tall is Elon Musk?
Elon Musk’s height is 1.88 m, which is equal to 6 feet 2 inches.
Did Elon Musk buy Twitter?
Yes, he managed to buy Twitter, and the deal was completed on 28 October 2022. Musk paid $44 billion to become the owner of Twitter.
Was Musk sued?
Yes, shareholders sued Musk, Tesla, and Tesla directors over a post on Twitter that said Musk was thinking about taking Tesla private.
Has Musk’s wealth ever been used for any charity?
Yes – the most prominent example of this occurred last year when Musk donated $1.9 billion worth of Tesla shares to charity.
The name of the charity that received such impressive support was not revealed.
Summary
Elon Musk is a person who takes risks to increase his wealth.
Even after receiving a huge payment from PayPal, he invested almost all the money in SpaceX and Tesla to make his dream a reality.
Elon Musk’s net worth is estimated at $198.5 billion, and his current companies are focused on the future, so this number is sure to grow more and more richer.
What do you think about Elon Musk’s net worth? Comment below.
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Category: Net worth