Elon Musk Net Worth – How He Became a Billionaire-entrepreneur?

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Elon Musk Net Worth

Elon Musk is the richest person on the planet. He is not only a millionaire entrepreneur but also the richest person alive.

With a net worth of $252 billion, he is the richest person on the Bloomberg Billionaire Index. With a net worth of $264 billion, he is also the richest person on the Forbes Rich List.

Musk controls around 17% of Tesla Inc., which is a publicly-traded firm. Tesla is a clean energy and electric vehicle corporation established in Austin, Texas.

They create electric vehicles, battery energy storage from the home to the grid, solar panels, and solar roof tiles, as well as other products and services.

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Elon Musk’s Childhood

Elon Musk Net Worth

Elon was born and reared in the South African city of Pretoria. Maye Musk is a model and his father, Errol Musk, is an electromechanical engineer.

Doctors mistook Elon for partially deaf as a toddler because he had a habit of staring off into the horizon and not responding to people calling his name. Musk’s parents had surgery to help him regain his hearing, but nothing changed.

It turns out he merely spent a lot of time daydreaming in his thoughts! He designed and sold his own video game, Blastar, when he was 12 years old, for $500 to a PC magazine. This was Musk’s very first product.

Musk was also a voracious reader who read for 10 hours every day. He genuinely ran out of library books to read and ended up reading the entire encyclopedia!

He subsequently got into gaming, which is what piqued his interest in technology in the first place.

Elon Musk’s Odd Job Opportunities in Canada

Elon Musk Net Worth

So, this is the second chapter of Elon’s early life. This is how his adolescent years influenced his career path as an entrepreneur.

So, after leaving South Africa in 1988, Musk spent time in Canada doing odd jobs. What he did was unexpected.

At a cousin’s farm in Saskatchewan, he tended vegetable gardens and shoveled grain bins, and he even chopped logs in Vancouver.

Elon also went to an unemployment office and inquired about the highest-paying job they had, which ended out to be cleaning a lumber mill’s boiler room.

That’s exactly what he did!

He was earning $18 an hour while crawling through narrow areas and shoveling residue in a hazardous suit. Thirty people were employed for the same work, and by the end of the week, Musk and two other men were the only ones who had stuck it through.

Early Achievements

Elon Musk Net Worth

For Musk, technology became a haven. He learned to program on a Commodore VIC-20, an early and relatively inexpensive home computer when he was ten years old.

Musk had quickly progressed to the point that he could construct Blastar, a video game in the style of Space Invaders. For $500, he sold the game’s BASIC code to a PC magazine.

Musk and his brother wanted to construct a video game arcade near their school in one memorable experience from his childhood. The scheme was canceled by their parents.

X.com

Musk founded Zip2, a web software startup that helped newspapers produce online city guides, with $15,000 with his younger brother Kimbal by his side in 1995.

Compaq Computer Corp. bought Zip2 for $341 million in 1999. Musk utilized the money he received from the Zip2 purchase to launch X.com, a fintech company that existed before the term was widely used.

X.com merged with Confinity, a money transfer company, and the new company became known as PayPal. Before eBay (EBAY) bought PayPal for $1.5 billion, Peter Thiel dismissed Musk as CEO, but Musk still gained from the buyout thanks to his 11.7 percent PayPal ownership.

In a 2018 interview, Musk stated, “My PayPal proceeds after tax were roughly $180 million.” “SpaceX received $100 million, Tesla received $70 million, and SolarCity received $10 million. And I had to borrow money to pay my rent.”

Tesla

Elon Musk Net Worth

Musk started involved with the electric car endeavor as an early investor in 2004, investing around $6.3 million at the time and joining the team, which included engineer Martin Eberhard, to help operate a firm known as Tesla Motors at the time.

Eberhard was fired in 2007 after a series of conflicts, and an interim CEO was recruited until Musk took over as CEO and product architect. Tesla has become the world’s most valuable automaker and one of his most well-known businesses under his leadership.

SpaceX

Musk founded Space Exploration Technologies Corporation, better known as SpaceX, using the majority of the cash from his PayPal ownership. Musk claims that he invested $100 million in SpaceX in 2002.

Under Musk’s leadership, SpaceX was awarded multiple high-profile contracts to design space launch rockets from the US National Aeronautics and Space Administration (NASA) and the US Air Force.

In a joint effort with NASA, Musk has announced plans to deploy an astronaut to Mars by 2025.

Twitter

Musk, a frequent Twitter contributor, announced a 9.2 percent ownership of the social media platform in April 2022.

Musk was offered a seat on Twitter’s board of directors, which he accepted before declining a few days later. Musk then wrote Twitter’s board of directors a “bear hug” letter asking to buy the company for $54.20 per share.

Twitter’s board of directors enacted a poison pill clause to prevent Musk from accumulating greater ownership in the company, but they ultimately accepted Musk’s bid after he reported $46.5 billion in committed financing in a regulatory filing.

Personal Irrationality

Musk used marijuana during a filmed interview for a podcast on Sept. 7, 2018. Musk had tweeted just a month before that he was considering taking Tesla private and had acquired the necessary cash.

Musk later settled an SEC complaint alleging that he deliberately misled investors with the tweet by paying a $20 million fine, as well as a $20 million penalty for Tesla, and agreeing to let Tesla’s lawyers approve tweets containing material corporate information before posting them.

Conclusion

Musk’s early interests in philosophy, science fiction, and fantasy novels show themselves in his idealism and desire for human progress—as well as in his corporate career.

He works in areas that he believes are critical to humanity’s future, such as renewable energy, space exploration, and the Internet.

Despite the inevitable setbacks, Musk has defied detractors, disrupted businesses, and amassed the most wealth of anybody ever through PayPal, Tesla Motors, SolarCity, and SpaceX—all game-changers.

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