Elon Musk Net Worth (2020) stands at 76 Billion Dollars
A lot of people are curious to know about Elon Musk net worth. One of the most exceptional business and tech minds of his time, Elon Musk is a class apart! He brings a complete spectrum of talents to the table. Apart from being a tech genius, he is first and foremost a business magnate.
From laying the foundations of the global payment platform PayPal to leading the automotive giant Tesla to greater heights, Musk has accomplished a lot. Leading an array of companies in diverse niches, his business aptitude has earned him the longest tenure of any CEO in the world. His education is in the field of engineering and industrial design. Besides, he is an avid investor along with a passion for philanthropy.
He currently holds citizenship in three different countries, the USA, Canada, and South Africa. His education from the University of Pretoria, University of Pennsylvania, and Queen’s University had also added a dimension to his career. Instead of pursuing a doctorate in applied physics and material sciences, Musk decided to enter the biz world. Ever since he has worked consistently to make a difference with his endeavors.
Today, he is recognized as one of the biggest visionaries of our times. With ownership of so many companies and an expansive investment portfolio, Elon Musk net worth stands at 76 billion dollars and is among the highest in the world. The billionaire is among the five richest people of the planet!
Musk is also well known for all his philanthropic initiatives. Working with the Musk Foundation, he has donated a significant portion of his wealth for charity. He is also a trustee at the X Prize Foundation. Besides these, he continues to work synergistic with The Giving Pledge run by Bill Gates and Warren Buffet.
Key Contributions and Achievements
Musk has a Pennsylvania Dutch ancestry, coming from a Canadian-South African family.
He was born in Pretoria and spent most of his childhood in the city’s suburbs. With a love for programming from a tender age itself, Musk was destined to become a technology pioneer.
He showed an inclination towards computing. Besides, he learned programming at only 10 years of age. A couple of years later, he was able to create and sell a full-fledged video game made on BASIC for $500. That was probably the beginning of his tech and business mastermind.
After living a greater part of his teenage years in Pretoria, Musk decided to move to Canada before finally arriving in the USA.
He studied at Queen’s University in Canada but failed to complete his degree. He went to the University of Pennsylvania to major in Economics. After 5 years in 1997, he graduated with two degrees – a Bachelor of Science and a Bachelor of Arts. These degrees came from Wharton School and College of Arts and Sciences, respectively.
Zip2, X.com, and PayPal
After graduating from the University of Pennsylvania, Musk enrolled for a Ph.D. at Stanford University.
However, he was more attracted to the upcoming internet boom and left the doctorate program.
He started a web software company named Zip2 with his brother getting funds from a few angel investors. Read more here.
This start-up started at a very small scale wherein the brothers could not afford meager necessities like an apartment.
Musk spent all his nights coding the website, which materialized into a buyout from Compaq. He earned $22 million as a 7% share of the total $307 million acquisition.
Musk used almost half of this amount to start an online platform for financial services and email called X.com.
A year later, it was merged with Confinity and became what is today known as PayPal. He took over the role of the company’s CEO as the largest stakeholder with close to 12% shares. Elon Musk net worth has consistently increased ever since.
Musk’s affinity for space exploration and technology sowed the seeds of SpaceX.
He created the idea of Mars Oasis as early as 2011 and made multifaceted efforts to make it a reality. A year later, he established a company named Space Exploration Technologies Corp. with $100 million from his own net worth.
In 2006, SpaceX was selected to provide resupply for cargo as well as crew for NASA’s International Space Station. NASA also offered funding to the company for the development of the Dragon 2 crew capsule. 2015 witnessed the first successful launch and landing of a SpaceX mission.
Among many other accomplishments, SpaceX launched and landed 18 successful missions in 2017.
Currently, the company is working on its project for satellite internet access called Starlink. The project will comprise a constellation of 60 satellites to provide easy access to the internet even in the most remote areas.
Besides, SpaceX is also working on a project to reduce the expense of spaceflight for humans. Musk has also planned a mission for the colonization of Mars.
Tesla and More
Of the many ventures that Musk oversees, Tesla is his biggest breakthrough.
Founded in 2003, the company took Elon Musk net worth to an incredible level. He was first involved in the design and development of the Roadster. He later became the Product Architect as well as CEO in 2008.
By 2019, Musk became the longest-serving CEO of any company worldwide. Ever since Musk has played a pivotal role in taking the company forward with innovation and class.
Apart from these major companies, Musk is also involved with SolarCity, a solar power provider in the US, and Hyperloop, his idea for a high-speed transportation system.
Besides, he also launched OpenAI, a non-profit platform for research on artificial intelligence.
He is a co-owner of a neurotechnology company called Neuralink that deals with the human brain and AI. He also founded The Boring Company while stuck in traffic. This innovative idea is related to digging tunnels.
Key Moments in Life and Elon Musk Net Worth Growth
Elon Musk has undoubtedly had an extraordinary life. From his humble beginnings with Zip2 to multibillion-dollar net worth, Musk exemplifies the power of dreaming big and working hard.
One of the earliest life-changing moments in his life was his parents’ divorce. This event motivated an 18-year old Musk to push his limits and come to Canada. From here, he came to the United States and wrote his own destiny.
He lived off with meager money but made it big only through his hard work.
After working tirelessly for Zip2, his hard work materialized with $22 million from Compaq’s acquisition of the company. He continued on the trail of innovation and founded SpaceX with $10 million, a company that has made history in space exploration.
He also became a part of Tesla and completely revolutionized the automotive industry.
A crucial moment in his life came in 2008 after his first divorce. Separating from his wife disastrously affected his fortune and Elon Musk net worth deteriorated exponentially.
He had to live on loans from a few friends while working tirelessly towards his ventures. It was in 2010 when Tesla’s stocks made their first public appearance.
The business magnate’s net worth went off the charts and in 2012, he featured in Forbes’ list of richest people for the first time.
Besides, the business magnate has always been a part of the headlines. He has been involved in multiple controversies, be it due to his tweets or due to his outspoken attitude. Moreover, he has focused his efforts on philanthropic work as well.
Elon Musk Net Worth: How He Amassed His Multi-billion Dollar Fortune
Elon Musk net worth stands at close to 76 Billion Dollars in September 2020.
Known for his outspoken and eccentric personality, Elon Musk is one of the most popular names worldwide. He enjoys a massive fan following on social media as well.
Not only his superior and innovative intellect but also his attitude towards life has appealed many.
The 48-year old business magnate enjoys a massive and enviable fortune, courtesy of his range of endeavors.
More importantly, a surge in Tesla’s stock value and significantly boosted Elon Musk net worth.
Musk owns an impressive portfolio of real estate investments across the United States.
As the CEO of one of the world’s leading Automaker Company, it is natural that he owns some of the most luxurious and priciest automobiles. Most of his monetary investments go into his own companies. However, he has also invested sizeable amounts in some other ventures.
Besides, Musk spends a large chunk of his fortune on charity and philanthropic initiatives as well.
He has gained considerable fame owing to some of his charitable work worldwide. Moreover, the avid entrepreneur has also been featured repeatedly in pop culture and media. Here is a detailed look at Elon Musk net worth.
Musk owns 950,000 stocks in Tesla. In addition to his stake in the company that adds up to $50 billion, this stock portfolio makes up for 76% of his fortune.
His stock holdings in his company SpaceX are worth $15 billion. His fortune also includes close to $660 million earnings from his past salaries, investments, and ventures.
It is interesting to note that the billionaire CEO did not accept an annual salary package at Tesla.
He received an incentive pay package in 2018 that gave him stocks worth billions of dollars. With a soaring surge in Tesla’s stocks, Elon Musk net worth increased exponentially making him the third richest person on the planet.
Real Estate Investments and Properties
Musk is an active investor in the real estate domain.
He owns an array of companies, each with its own operational space. However, in May 2020, the business mogul tweeted about selling off all his properties for the aim of owning no house.
In an interview with Joe Rogan, Musk was quoted saying that Mars is more important than owning one or two lavish houses. This is an implication to his efforts for colonizing the red planet.
One of the seven properties that Musk sold is the 47-acre estate in a posh locale in San Francisco. It is a Mediterranean-style mansion that was built in the year 1916. This 10-bedroom estate is situated in the lavish Hillsborough area of California. It has a market price of $35 million.
Apart from this, Musk also owned a 7-bedroom mansion in Los Angeles’ pricey neighborhood of Bel-Air. He sold this 16000 sq feet space to a Chinese billionaire for $29 million.
Even after selling off a sizeable portion of his real estate assets, his remaining properties contribute significantly to Elon Musk net worth. He owns four properties in Los Angeles with a combined worth of over $40 million.
Presently, the 48-year old lives in a 20,248 square foot house.
This massive mansion has the most modern amenities, including a wine cellar with 1000 bottles. It also houses a two-story library building. Besides, he has other facilities like a gym and home theatre built inside the mansion. This property is worth $17 million.
Cars and Automobiles
The billionaire Tesla CEO naturally has a vast and remarkable fleet of cars. More than luxurious, Musk’s car collection is unique and interesting.
The business magnate bought a rare car for $1 million at the Sotheby’s auction event in 2013. This was a 1976 Lotus Esprit sports car. This vehicle featured in the 1977 James Bond action movie entitled “The Spy Who Loved Me”.
Some other rare and vintage cars in his collection also include the 1920 Ford Model T.
As per Musk, this car came as a gift from a close friend. Furthermore, he owns a Jaguar Series 1 1967 E-type Roadster as well. He also bought a sports car for $1 million that is the McLaren F1. Besides, he has also owned the 1978 BMW 320i.
Musk prefers the Tesla Model S performance model for driving around. He is also seen driving the Tesla Cybertruck, released in 2019.
Other Investments and Assets
Even though his investments in his own set of companies form a major portion of Elon Musk net worth, he has some other investments as well. He has made considerable investments in companies working in the domain of artificial intelligence. DeepMind and NeuroVigil are two of these companies. Besides, Musk joined an array of other investors to collect funds for his non-profit AI research organization, OpenAI. He contributed significantly to the $1 billion pledge fund.