Elon Reeve Musk FRS is a business entrepreneur and investor. His full name is Elon Reeve Musk FRS. He is the creator of SpaceX, where he serves as CEO and Chief Engineer. He is also the founder of Tesla, Inc., where he serves as CEO and Product Architect.
Additionally, he is the founder of The Boring Company and a co-founder of both Neuralink and OpenAI. According to the Bloomberg Billionaires Index as well as Forbes’ real-time billionaire’s list, Elon Musk is the richest person in the world as of June 2022. His estimated net worth as of that date was around 203 billion United States dollars.
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This article is mainly focused on Elon Musk’s net worth, early life and many more updates about the business he is running and how he is said to be the world’s richest person.
Elon Musk’s Early Life
Elon Reeve Musk was born in a segregated South African neighborhood on June 28, 1971. A model and nutritionist born in Saskatchewan, Canada, but reared in South Africa, Maye Musk is his mother. His father was a White South African electromechanical engineer who worked as a pilot and sailor as well as a consultant and property developer in Zambia, near the Tanganyika Emerald Fields.
It’s worth noting that Musk has two younger siblings, Kimbal (born in 1972) and Tosca (born in 1974). Joshua Haldeman, his maternal grandfather, was a daring American-born Canadian who flew his family around the world in a single-engine Bellanca aircraft. In addition to his British and Pennsylvania Dutch ancestors, Elon Musk was born in the United Kingdom.
At an early age, Musk grew up in a well-off household. A member of the anti-apartheid Progressive Party (PP), his father was elected to the Pretoria City Council as an anti-apartheid representative. The decision to live with his father in Pretoria and abroad, two years after the divorce, was one that Musk regretted for the rest of his life.
Musk’s relationship with his father has deteriorated. As it turns out, he has two half-brothers and two half-sisters on his paternal side. Initially, physicians thought Musk was deaf and had his adenoids removed, but his mother subsequently concluded that he was just thinking “in another universe” and had them returned.
When he was ten years old, Elon Musk became fascinated with computers and video games, and he bought a Commodore VIC-20 for himself. When he was 12 years old, he sold the code for a BASIC-based video game he had developed, named Blastar, to PC and Office Technology magazine for $500.
When Musk was younger, he was teased mercilessly by a gang of bullies and ended up in the hospital when one of the bullies hurled him down a flight of stairs. Before he graduated from Pretoria Boys High School, he attended Waterkloof House Preparatory School and Bryanston High School.
Elon Musk’s Business
The Tesla Tale
One of the most sought-after automakers, the premium electric vehicle manufacturer is recognized for its fast, feature-rich, and opulent automobiles. Martin Eberhard and Marc Tarpenning created Tesla Motors, now Tesla, Inc., in 2003. The next year, Musk joined Tesla as a key investor, and he became the company’s chairman in 2008.
With investors’ and Musk’s own riches, Tesla received a lifeline of $40 million in the same year that the firm was on the verge of bankruptcy. Musk subsequently assumed control of Tesla as the company’s CEO.
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 manufacturer built the first all-electric, zero-emission Roadster. The manufacturer raised $226 million in 2010 and developed the Model S, the world’s first premium electric automobile. Tesla started producing the Model 3 electric automobile in 2017. It’s Tesla’s best-selling electric automobile.
As of 28 June 2022, Elon Musk owned around 25% of Tesla shares and options, according to Forbes. He’s pledged half his equities as corporate financing. Tesla stocks were doing well until they were heavily scrutinized. Elon Musk’s net worth fell below USD 200 billion on May 26, 2022, as Tesla shares reached an 11-month low.
Tesla shares have plummeted over 40% since 2022, hurting Musk’s fortune. As of the report’s date, he had lost USD 77.6 billion. According to the Economic Times, his net worth was 193 billion dollars at the time. Insufficient supply chain and component availability were major factors.
His nearest competition, Amazon co-founder and billionaire Jeff Bezos had USD 128 billion at the time. Bezos lost $64.6 billion. High labor expenses, inflation, and a disturbing supply chain contributed.
The world’s 50 wealthiest individuals have lost roughly half a trillion dollars since the start of 2022 due to the COVID-19 epidemic, which interrupted the supply chain and damaged share prices. According to the coin market cap, Tesla’s market cap is USD 724.95 billion as of 28 June 2022.
Musk’s other firm, SolarCity, installs solar power systems for US homes. Musk first funded it via his relatives. Musk bought the firm for $2.6 billion in equity in 2016 and merged it with Tesla Energy.
Tesla Compensation Plan
In 2018, Tesla’s board adopted a novel and very profitable pay structure for Musk. He would collect $100 billion in stock options over 10 years in 12 tranches.
The first tranche arrived after Tesla’s net value topped $100 billion. Musk earned tranches when the company’s market valuation reached $50 billion. If he missed any tranches, he wouldn’t be compensated. Musk cleared all 12 tranches in three years, bringing Tesla’s net value to $1 trillion in 2021.
Since 2009, Musk has maintained one of the most popular and colorful Twitter profiles. The world’s wealthiest individual has over 100 million Twitter followers as of 28 June 2022. This has sparked controversy. In 2018, he considered taking Tesla private for USD 420 per share. The SEC sued him for making deceptive claims.
The Commission formed a committee to monitor his conversations. Musk was fined $20 million. Elon Musk challenged a federal judge’s rejection to halt the SEC’s oversight of his tweets and postings in June 2022. He started eyeing Twitter in April 2022. Musk’s 9.1 percent Twitter stake was approved after significant consideration.
— Elon Musk (@elonmusk) May 28, 2022
The arrangement led to a $44 billion buyout. Musk suggested about personally guaranteeing a USD 21 billion equity part. Before the takeover, he sold 9.6 million Tesla shares for USD 8.5 billion. Elon Musk owns the platform that made him famous.
Musk wrote in a securities filing to Twitter Chairman Bret Taylor Musk, “I invested in Twitter because I believe in its potential to be the medium for free expression throughout the world, and I think free speech is a social requirement for a functioning democracy.” “Twitter has extraordinary potential. I will unlock it,” he added.
Elon Musk’s Crypto Enthusiasm
If you’ve followed the turbulent cryptocurrency market, you know how Musk’s tweet may boost prices. His radar included cryptocurrencies. Musk has a Shiba Inu dog and posts about meme coins. He shared a photo of his pet Floki with the comment ‘Floki Frunkpupy’, which threw the internet into a frenzy and boosted the dog-themed coin’s market worth.
He also tweeted a Shiba Inu dog picture with the tagline ‘Floki has come,’ causing Floki-themed cryptocurrencies to spike. When he blogged about dogs, the cryptocurrency’s market cap fluctuated. In 2021, he said Tesla will adopt Bitcoin as a payment method and grow the company’s treasury by USD 1.5 billion. Later, he changed his opinion because of Bitcoin’s environmental impact.
Elon Musk previously owned $100 million in California real estate. He had six mansions in Bel-Air, Los Angeles. He acquired a 20,000-square-foot mansion for USD 17 million in 2012, a 7,000-square-foot house for $20 million in 2015, and a 9,300-square-foot villa for USD 24.25 million in 2016. In a startling change of events, he said he would sell all his goods and sold four residences in 2020.
Elon Musk’s Net Worth
Elon Musk, the world’s wealthiest person, is a business mogul and investor. Tesla CEO Elon Musk has made it possible for the impossible to become a reality, thanks to his billion-dollar fortune and judicious acquisitions of pioneering firms.
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With a net worth of USD 223 billion, Tesla and SpaceX CEO Elon Musk surpassed Bill Gates, Jeff Bezos, Mark Zuckerberg, and Warren Buffett on the Bloomberg Billionaires Index for 2020. As of June 28, Forbes reports that Tesla CEO Elon Musk has a net worth of $234 billion. However, in November 2021, he had accumulated a fortune of USD 340 billion.
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Rebecca Martin is an author of thrillers for both adults and teens. She was born in San Francisco and has lived most of her life in Los Angeles. When not writing, she can be found hiking the Griffith Park trails, taking the Metro and then questioning this decision, and haunting local bookstores.