Who is Elon Musk? Net worth and Business of the Tesla and SpaceX CEO!
Elon Musk is a South African-born Canadian-American businessman, inventor, and investor. Elon Musk has a net worth of $240 billion. Though he wears many hats and is constantly topping his latest project, he is currently best-known for being the CEO and CTO of SpaceX, CEO and chief product architect of Tesla Motors, and chairman of SolarCity. He holds the record for being the richest person in the world and the richest person in modern history.
Surpassing incredible entrepreneurs like Bill Gates, Jeff Bezos, Mark Zuckerberg, and Warren Buffett, the Tesla, and SpaceX CEO bagged the highest spot in the 2020 Bloomberg Billionaires Index, with a net worth of USD 240 billion.
According to Forbes, Musk’s net worth as of June 28 was USD 240 billion. His fortune, however, peaked in November 2021, totaling USD 340 billion.
Do you want to know how Elon Musk got started and what other firms he has invested in? Continue reading to learn more.
Here’s All About Elon Musk and the Businesses he Owns
Musk, who was born on June 28, 1971, in Pretoria, South Africa, produced his first video game when he was 12 years old. He received a Canadian passport and left South Africa in 1988 to pursue chances in the West.
He began his studies at Queen’s University in Ontario before transferring to the University of Pennsylvania in 1992 to study physics and economics. He subsequently went to Stanford University to study physics, but the course failed to catch his curiosity, which had already been stirred by the internet’s ever-expanding horizons.
Elon Musk established Zip2 in 1995 to provide maps and directories to digital publications. Four years later, the company was purchased for USD 307 million by computer manufacturer Compaq. Musk later founded the financial services and online payment system firm X.com, which later became PayPal. PayPal was sold to eBay, an American e-commerce corporation, for USD 1.5 billion in 2002.
There was no turning back for him after that. The world is witnessing today the enormous devotion and perseverance that has gone into making Elon Musk’s net worth what it is.
The Tesla Tale
The luxury electric vehicle maker is one of the most sought-after car manufacturers, recognized for producing vehicles that are fast, feature-rich, and elegant. Tesla Motors, currently known as Tesla Inc., was created in 2003 by entrepreneurs Martin Eberhard and Marc Tarpenning. The following year, Musk joined as a key investor and went on to become Tesla’s chairman in 2008.
The company was on the verge of bankruptcy the same year, but a USD 40 million lifeline fund from investors and Musk’s personal money saved it. Musk took over as CEO of Tesla at that point.
Tesla financing round closed at 6pm Dec 24th 2008 – last hour of last day possible or payroll would’ve bounced 2 days later. I gave Tesla last of my remaining cash from PayPal. Didn’t even own a house or anything sellable.
— Elon Musk (@elonmusk) June 21, 2021
In 2008, the company created the world’s first all-electric, zero-emission sports automobile, the Roadster. After raising approximately USD 226 million in an initial public offering in 2010, the manufacturer introduced the Model S, the world’s first premium completely electric automobile. Tesla began manufacturing of the Model 3, a lower-cost electric vehicle, in 2017. It went on to become one of Tesla’s best-selling electric vehicles of all time.
According to Forbes, Elon Musk holds over 25% of Tesla shares and options as of June 28, 2022, accounting for a significant portion of his personal worth. He has also pledged more than half of his equity as collateral for company loans.
Everything appeared to be going swimmingly until Tesla stock came under intense pressure and scrutiny. Elon Musk’s net worth fell below USD 200 billion on May 26, 2022, according to an Economic Times story, as Tesla shares hit an 11-month low.
Tesla shares have plummeted about 40% since the beginning of 2022, causing a significant dent in Musk’s fortune. As of the date of the publication, he had reportedly lost around USD 77.6 billion of his net worth. According to the Economic Times story, his net worth at the time was USD 193 billion, according to the Bloomberg Billionaires Index. One of the primary causes for this was a lack of supply chain and parts availability.
He is still the world’s richest person, despite the fact that his nearest challenger, Amazon co-founder and fellow billionaire Jeff Bezos, had a net worth of USD 128 billion at the time. Bezos, too, took a hefty hit, losing almost USD 64.6 billion. High labor expenses, inflation, and a disturbing supply chain were all key factors.
Since the beginning of 2022, the world’s 50 richest people have suffered major blows to their net worths and lost about half a trillion dollars as a result of the COVID-19 epidemic, which disrupted the supply chain and negatively damaged the share values of these enterprises.
According to the coin market cap, Tesla’s market cap is USD 724.95 billion as of June 28, 2022, and is the largest contributor to Musk’s net worth.
Musk’s second company, SolarCity, operates under the Tesla brand and is a well-known installer of solar power systems for residential customers in the United States. It was initially led by his cousins, with Musk serving as its primary funding source.
In 2016, Musk acquired the company for USD 2.6 billion in stock and included its operations under Tesla Energy.
Other Business and Investments
Other commercial activities and investments have contributed to Musk’s enormous net worth. In 2015, Musk co-founded OpenAI, a non-profit artificial intelligence research organization dedicated to serving humanity. He stepped down from the board, however, due to competing interests with Tesla, which utilizes its own AI for self-driving cars.
Musk created The Boring Company in 2016, with the goal of developing world-class tunnels for communities both on and underneath to promote quick and smooth high-speed transport.
Neuralink Corp. is another firm that the SpaceX CEO pulled from his hat. It pushes the boundaries of combining the human brain with artificial technologies. “Neuralink is developing what Mr. Musk calls “neural lace” technology, implanting microscopic brain electrodes that may one day upload and download thoughts,” according to a Wall Street Journal report.
All these unique and strategic business ventures, which are defining the future, make up important portions of Elon Musk’s net worth.
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