Elon Musk Net Worth

Elon Musk Net Worth: Details

What is Elon Musk net worth? South African-born Canadian-American entrepreneur, inventor, and investor Elon Musk hails from the Silicon Valley. Elon Musk is a multi-tasker who is always on top of the latest project, and is best known as the CEO and chief technology officer of SpaceX, the CEO and chief product architect of Tesla Motors, as well as the chairman of SolarCity.

The total wealth of Elon Musk is estimated at $201 billion. However, a 11-month low in Tesla shares in May of 2022 has knocked Elon Musk’s net worth down below $200 billion.

It’s estimated that he’s lost $77.6 billion of his net worth in May 2022.

His car company Tesla, shares have fallen by 40% since the beginning of the year, putting the company’s reputation at risk. As a result, Elon Musk’s net worth has plummeted.

Currently, Elon Musk owns 43% of SpaceX and 24% of Tesla, which he founded.

Elon Musk has made efforts to downplay his net worth.

He revealed in a 2019 court deposition that he is actually short on cash and that 99 percent of his personal wealth can be traced back to Tesla and SpaceX stock, respectively. He also reveals that he earns a base salary of $56,380 per year at Tesla, but in most years, he refuses to accept the salary. Lawsuit details also reveal that Musk owes Morgan Stanley and Goldman Sachs $500 million in debt. Mortgage-related debt accounted for at least $60 million of Morgan Stanley’s debt. Since then, he has sold most of his properties and repaid this mortgage.

According to reports, he used up all of his liquid assets from previous business ventures to fund SpaceX’s inaugural flight.

Biography

The birthplace of Elon Musk was in Pretoria, South Africa, during the apartheid era. Apartheid was a policy of segregation and discrimination directed against the non-white majority in the Republic of South Africa. Pretoria was the capital city where Elon Musk was born in 1971, and it was a segregated suburb at the time. The mother of Elong was a model and dietitian named Maye Haldeman who was born in Saskatchewan, Canada, but was raised in South Africa as a child of the apartheid era. An emerald mine near Lake Tanganyika in Zambia was once half-owned by Errol Musk’s father, a White South African electromechanical engineer, pilot, and sailor. Kimbal (born in 1972) and Tosca (born in 1972) are Musk’s younger siblings (born 1974). In a single-engine Bellanca plane, his maternal grandfather, Joshua Haldeman, took his family on record-breaking journeys to Africa and Australia. Musk’s ancestry is a mix of British and Pennsylvania Dutch.

At one point, doctors removed Musk’s adenoids, thinking he was deaf because of them; however, his mother later concluded that he was simply thinking “in another world.” During Elon’s formative years, the family was opulently wealthy; Errol Musk once remarked, “We had so much money we couldn’t even close our safe.” While his father was a Progressive Party member of the Pretoria City Council, Elon’s children are said to share their father’s anti-apartheid views. To the New York Times, Errol described his children’s relationships with Black people, including their housekeepers, as “good.” Because of the country’s apartheid system, Musk declined to serve in the South African military’s conscription program. His decision to leave South Africa soon after graduating from high school was influenced by this, according to Musk.

It was only two years after his parents divorced in 1980 that Musk decided to live with his father in Pretoria and other locations rather than with his mother, a decision he regretted later in life. Musk and his father are no longer speaking. During a 2017 interview, he described his father as “a horrible and evil person.” On his father’s side, he has a half-sister and a half-brother. As a child, Elon went to an Anglican Sunday school.

Musk was bullied as a child and once had to be hospitalized after a group of boys threw him down a flight of stairs. Aside from Pretoria Boys High School, he also attended Waterkloof House Prep and Bryanston High.

Musk’s interest in computers and video games caused him to buy a Commodore VIC-20 and be a self-taught programmer by the age of 10. He studied and learned computer programming from a manual. Musk built his first computer at home. He also sold his first piece of software that was purchased by PC and Office Technology magazine for about $500 when he was 12 years old; a game he made called Blastar.  

He moved to Canada in 1989, when he was 17, to attend Queen’s University, but he returned to the United States in 1992 to attend the University of Pennsylvania to study business and physics. A bachelor’s degree in economics led Musk to pursue a second bachelor’s degree in physics, and he then went on to earn a doctorate in the field of energy physics. In order to participate in the internet boom, he dropped out of Stanford University.

Elon Musk Net Worth: Career and Companies

Zip2 Corporation, Musk’s first venture with his brother, was a city guide website. Maps, directions, and yellow pages were all included in the company’s Internet city guide for the newspaper industry. At the end of 1999, Compaq Computer bought Zip for $307 million in cash and stock options. 

After X.com was founded in 1999, Musk became the CEO of a company that had merged to form a financial services/payments company known as PayPal.com. In the following year, eBay purchased X.com for $1.5 billion in stock, which led to the creation of PayPal as we know it today.

With the goal of creating spacecraft for commercial space travel, Musk established Space Exploration Technologies Corporation (SpaceX) in 2002, his third business venture. When SpaceX was already well-established by the year 2008, NASA gave it a contract to handle cargo transport to and from the International Space Station, with future plans to transport astronauts as well. A constellation of low-Earth-orbiting satellites called Starlink was launched by SpaceX in 2015 to provide satellite Internet access.

Musk and SpaceX made history in 2012 when they sent an unmanned capsule into orbit atop a Falcon 9 rocket. When he came up with the Hyperloop in 2013, it was designed to travel at speeds of more than 700 mph between major cities. The Hyperloop, in contrast to railroads, would transport passengers via hollow tubes. The Hyperloop, according to Musk, could take between seven and ten years to build, test, and be ready for use.

Tesla Motors, a mass-market electric car manufacturer, was the next company to enter the market. Martin Eberhard and Marc Tarpenning established Tesla in 2003. It was Elon and his fellow co-founders (Ian Wright and J.B. Straubel) who worked for the company for the first time.

Tesla Motors went public in June of that year, raising $226 million from its initial public offering and a partnership with Daimler and Toyota. 

However, it wasn’t until 2008 that Tesla produced its first electric sports car, the Roadster. A total of 2,500 units were sold, making it the first commercially available all-electric vehicle to use lithium-ion battery cells. Electric carmaker Tesla launched its four-door Model S in 2012, followed by the Model X crossover in 2015. The Model 3 was released in 2017 as a mass market sedan. As of June 2019, Tesla Motors has sold more than one million Model 3s worldwide, making it the first electric vehicle to reach this milestone.. In 2020, Tesla released its fifth vehicle, the Model Y crossover. Earlier this year, a new electric pickup truck called the Cybertruck was unveiled. Gigafactory 1 in Nevada, Gigafactory 2 in New York, Gigafactory 3 in China, Gigafactory 4 in Germany, and Gigafactory 5 in Texas were all built by Tesla under the leadership of CEO Elon Musk.

Tesla’s board of directors unveiled a compensation package for Musk in January 2018 that was expected to be worth $100 billion in total. Stock options worth up to $100 billion in 12-tranches were part of Musk’s compensation package under the plan. When Tesla’s market value reaches $100 billion, the first tranche of stock options are granted (roughly double the value when the plan was announced). Afterwards, Elon received another tranche every time the company’s market value grew by $50 billion.

He would have received nothing if he failed to meet even one of the 12 milestones.

It took three years for Elon Musk to unlock all 12 tranches of the compensation plan as Tesla’s market cap finally crossed $1 trillion in October 2021.

Yet another company connected to Elon Musk is SolarCity, which was founded in 2006 by Musk’s cousins Lyndon and Peter Rive with Musk’s help and financial backing. A year later, it had overtaken Sungevity as the second-largest U.S. supplier of solar power systems. Musk proposed in 2014 that SolarCity build a production facility three times the size of the largest solar plant in the U.S. in Buffalo, New York. The factory was under construction from 2014 until 2017. Up until early 2020, it was a co-op with Panasonic, but Panasonic decided to leave. After acquiring SolarCity in 2016, Tesla merged it with its battery energy storage division to form Tesla Energy.

Another company connected with Elon Musk is a neurotechnology startup company called Neuralink, which aims to integrate the human brain with artificial intelligence (AI). Musk co-founded the company in 2016. AI advancements will also be incorporated into the devices to keep them current. The memory could be improved, or the devices could communicate with software more effectively if these improvements were made.

According to Musk’s description of one of their early devices, a “Fitbit in your skull,” that could soon cure paralysis and other disabilities, was demonstrated live in August of 2020. Critics, including MIT Technology Review, characterized these claims as “highly speculative” and “neuroscience theater,” which is what they are. When it comes to Musk’s rhetorical overreach, biomedical engineer Peter Bannister thinks he’s inspiring for the next generation of engineers and scientists.

Another company contributing to Elon Musk net worth is called Hyperloop. How did he come up with this company?

While working on a vactrain project in 2013, Tesla and SpaceX engineers were given the task to lay the groundwork for the project’s conceptual foundations and design prototypes.   After months of research, the Hyperloop was born on August 12, 2013.   The system’s alpha design was made public in a whitepaper posted to the blogs of Tesla and SpaceX.   An estimated total cost of $6 billion was included in the document, which looked at the technology involved and outlined a possible route between the Greater Los Angeles Area and the San Francisco Bay Area. Hyperloop travel would be more affordable than any other means of long-distance transportation if the proposal were to be realized at the cited costs.

It was in June 2015 that Elon Musk announced that a design competition for students and others to build Hyperloop pods would take place from 2015 to 2017. Elon Musk also announced that the company had begun a tunnel project with Hawthorne Airport as its final destination in January 2017, and that the track had already been used.   A hyperloop connecting New York City with Washington, D.C., with stops in Philadelphia and Baltimore, was supposed to open in July 2017, according to Elon Musk, who claimed to have received “verbal government approval.”  Later in 2021, the Boring Company removed references to the DC to Baltimore portion of the project from its website.

With his attempt in Spring of 2022 to buy out Twitter for $16 billion, Elon Musk generated even more media attention. This could lead to significant changes to the platform, including the re-emergence of controversial figures like Donald Trump on the platform.

As of this writing, the purchase of Twitter by Elon Musk is currently “temporarily on hold,” however.

Relationships

Actress Talulah Riley was Elon’s first and second wife; he’s been divorced from her twice. From 2000 to 2008, he was married to Canadian author Justine Wilson. They have five children together. Besides actress Amber Heard, he has had flings with Canadian musician Grimes. Grimes and Elon welcomed their first child in May 2020, a boy they named X A-Xii.

The singer Grimes and the actor Amber Heard were two of his well-known ex-girlfriends. Amber Heard is now a witness in Johnny Depp’s ongoing defamation suit against his ex-wife, actress Amber Heard.

Elon Musk Net Worth: Property

Elon used to own real estate worth $100 million in just California. He still owns a 16,000-square-foot villa on nearly 50 acres in Hillsborough, a town in Northern California. In 2017, he paid $23.364 million for this mansion.

He once owned six properties in the Bel-Air neighborhood of Los Angeles at one time. At least three of his Bel-Air residences have been over 7,000 square feet each, with the most recent at 9,300 square feet, which he purchased in 2016 for $24.25 million. It was a shock to the world in 2020 when Elon Musk announced that he would begin selling off all of his worldly possessions, starting with his Los Angeles homes. He followed through on his promise and sold each property. In December 2020, he sold four homes at once to a single buyer.

Legal Issues

Elon Musk arranged for a mini-submarine to be built by Tesla employees in July 2018 to help helped rescue children from a flooded cave in Thailand. Richard Stanton, the leader of the international rescue diving team, urged Musk to expedite the vehicle’s construction as a back-up in the event of further flooding.  

The submarine was ultimately not used., but an influential British recreational caver, Vernon Unsworth, criticized Musk’s submarine as a public relations stunt with no chance of success, saying that Musk “had no conception of what the cave passage was like” and “can stick his submarine where it hurts.” Unsworth had spent the previous six years exploring the cave

Musk called Unsworth a “pedo guy” on Twitter after claiming that the device would have worked successfully. Both of those tweets were deleted, and he later apologized for referring to another critic as a “jackass” and telling him “Stay tuned.” He referred to Unsworth as a “child rapist” who married a child, according to Musk in an email to a news company.

In response to this, a defamation lawsuit was filed by Unsworth against Musk in federal court in Los Angeles, asking for $190 million in damages. “A common South African insult”, “pedo guy,” and is “synonymous with “creepy old man” and used to insult a person’s physical appearance and demeanor,” Musk said all of this in his defense. Musk again apologized to Unsworth for the tweet during the trial. Ultimately, Musk was found not liable by a jury on December 6, according to the verdict.

All net worth information is collected and calculated from public information. When possible, we also incorporate private tips and comments submitted by the celebrities or their representatives. While we do our best to ensure that our figures are correct, they are only estimates unless otherwise stated. We welcome any refinements or criticism using the comment section below.