Elon Musk Net Worth, How did one of the world’s richest man earn such fortune? Sit back and enjoy reading as we reveal more about Elon Musk Net Worth, his life and career.
About Elon Musk
Elon Musk is a South African born tech guru, entrepreneur, and engineer mostly known for his electric car company Tesla and rocket company SpaceX.
Aside from the previously listed companies, he also has stakes in numerous companies which include; Neuralinks, PayPal, Solar City, and OpenAI.
Elon Musk became a millionaire at a young age and he is currently a billionaire as he is rated by Forbes as one of the richest and most influential people in the world.
As of today, Elon Musk Net Worth is $19.5 Billion. Keep reading to find out more about Elon Musk Net Worth.
|Full Name:||Elon Musk|
|Profession:||Entrepreneur, Engineer, Technologist|
|Date of Birth:||June 28, 1971|
|Nationality:||American /South African|
|Net Worth:||$19.5 Billion|
Elon Musk Early Life and Career
Elon Musk was born on June 28, 1971, in Pretoria, South Africa to Maye and Enrol Musk. His father is an engineer and pilot by profession.
At the age of 9, Musk’s parents got divorced and he had to stay with his dad a decision he later regretted. He picked up interest in computing at age 10 and was self-taught programming. Musk sold a BASIC coded video game for $500 at age 12.
As a child, he was bullied and spent some time in the hospital. As regards his education, Musk attended Water Kloof House Preparatory School, Bryanston High School and finally graduated from Pretoria Boys High school.
Musk decided to study in the United States against the desire of his dad to study in South Africa. He believed that the United States is a nation where opportunities abound.
Also, he felt it was easier to get to the US from Canada. He moved to Canada at age 17 to study at Queens University.
He finally moved to the United States at the age of 20 and studied business and physics at the University of Pennsylvania where he obtained a degree in economics and physics. At age 30, he acquired his US citizenship.
In partnership with his brother started ‘Zip2’ a web software company in 1995. Compaq bought the company in 1999 at a price tag of $307 million of which he had a seven percent stake in.
Musk took some of his proceeds from the sale of Zip2 in 1999 to co-start another company ‘X.com’ an online banking service firm later got its name changed to PayPal.
Then in 2002, PayPal was acquired by E-bay for a sum of $1.5 billion which Musk had an eleven percent stake. He went further to start another company ‘SpaceX’ a space rocket company with the aim of technologically advancing rockets.
The company made history when its Falcon rocket became the first privately funded vehicle to put a satellite into the earth’s orbit.
Musk got a contract from NASA to continue the development of the Falcon rocket and Dragon spacecraft in 2006. They later received another contract from NASA worth $1.6 billion.
The company has gone on to build more series of Falcon and Dragon space vehicles. The company is currently the largest producer of rocket engines having produced more than 100 Merlin 1D engines.
Its major customers are the United States Defence Ministry and the government of Malaysia.
With the hope of seeing vehicles run on electricity, Musk started another company ‘TESLA INC.’ in 2003 with the help of Marc Tarpenning and Martin Eberhard who helped finance it.
He assumed the role of CEO in 2008 to oversee the building of Tesla’s first electric sports car ‘Tesla Roadster’ that sold 2,500 units in 31 countries. However, popular car companies like Toyota and Mercedes have invested in the brand.
Tesla opened a gigantic factory in China in 2019 to serve its Asian market and is the only gigantic factory outside the US. Tesla products are currently the leading electric vehicle company in the world having sold over a million units.
Elon Musk also co-founded Solar city the second largest solar power system in the United States. It has a gigantic factory in Buffalo, New York. He also owns OpenAI an artificial intelligence research company with a goal of combing the human brain with artificial intelligence.
In terms of philanthropy, Musk owns a foundation named the ‘The Musk Foundation’ through which he gives to charity and has given more than $10 million since its inception.
Elon Musk Net Worth
As of 2019, Elon Musk Net Worth is $19.5 Billion. Elon Musk Net Worth is accumulated from his companies.
Elon Musk acquired a house in Los Angeles which is worth $4.2 million in 2014. CNBC reported that he transferred the $4.2 million home to his ex-wife Talulah Riley. Though, the house is currently for sale.
He also owns a Bel Air mansions valued at $70.3 Million and located in Los Angeles.
Daily mail reports that one of his homes has seven bedrooms and seven bathrooms with four half bathrooms. It is 20,248 square-feet wide and hosts a gym, a two-storey library and a 1,000 bottle wine cellar.
Awards and Recognition
Musk has received so many awards due to his accomplishments in tech and beyond some of which include;
-2010: Living Legend of Aviation by the Kitty Hawk Foundation
-2011: America’s 20 most powerful CEO under 40 by Forbes
-2011: Heinlein prize for advances in space commercialization
-2012: Royal Aeronautic Gold Medal
-2017: Oslo Business for Peace Award
-2018: Fellow of the Royal Society
-Order of Direkganabhom
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