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Elon Musk Net Worth 2024: Real-Time Updates & How He Makes His Money
Elon Musk Net Worth 2024 Forbes, wife, companies, Tesla, Space X, children, cars, house.
The net worth of the richest man in the world is estimated at $200 billion making him the richest man in the world.
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Key facts about Elon Musk Net Worth 2024
- Estimated net worth of $200 billion as of February 2024, making him the richest person in the world, according to Bloomberg. He is about $5 billion ahead of the man in second place, Amazon co-founder Jeff Bezos.
- Leads five ventures: Tesla, SpaceX, Twitter, Neuralink and The Boring Company.
- Born in Pretoria, South Africa and bought his first computer at age 10.
- Graduated from the University of Pennsylvania with degrees in Physics and Economics.
- In 2012, Musk joined Warren Buffett’s Giving Pledge, which asks billionaires to dedicate the majority of their wealth to charitable causes.
- Co-founder of online payment system PayPal, which was sold to eBay in 2002 for $1.5 billion.
- Helped launch The Boring Company, a tunneling venture that hopes to alleviate urban congestion and allow for high-speed, long-distance travel.
- CEO of Neuralink, which is working to develop interfaces that allow the human brain to be connected to computers.
- Agreed in 2018 to settle securities fraud charges brought against him by the Securities and Exchange Commission (SEC) after he tweeted that he could take Tesla private for $420 per share and that funding had been secured, which the SEC said “lacked an adequate basis in fact.”
- Disclosed a 9 percent stake in Twitter in April 2022 before agreeing to acquire the entire company in a $44 billion deal later that month. He later sought to back out of the deal before reversing his position and completing the deal at its original terms.
Elon Reeve Musk is an entrepreneur and business magnate. He is the founder, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.
Elon Musk Net Worth 2024
| Elon Musk net worth 2024 | $268 billion |
|---|---|
| Date of birth | June 28, 1971 |
| Full name | Elon Reeve Musk |
| Occupation | entrepreneur and engineer |
| Nationality | South Africa Canada United States |
Elon Musk Net Worth 2024 Summary
| Elon Musk Net Worth 2022 | $268 billion |
| Elon Musk Net Worth 2021 | $277 billion |
| Elon Musk Net Worth 2020 | $156 billion |
| Elon Musk Net Worth 2019 | $27 billion |
Elon Musk Net Worth 2024 and Biography
Elon Musk Net Worth in 2024 is estimated at $260 billion according to Forbes making him the richest man in the world. He has held the position for two years. Elon Reeve Musk is an entrepreneur and business magnate. He is the founder, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.
Early life
Elon Musk was born on 28th June , 1971 in in Pretoria, South Africa. He briefly attended the University of Pretoria before moving to Canada at age 17 to avoid conscription. He was enrolled at Queen’s University and transferred to the University of Pennsylvania two years later, where he received a bachelor’s degree in economics and physics.
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He moved to California in 1995 to attend Stanford University but decided instead to pursue a business career, co-founding the web software company Zip2 with his brother Kimbal.
Investment Career
In 1995, Musk, Kimbal, and Greg Kouri founded web software company Zip2 with funds from angel investors. They housed the venture at a small rented office in Palo Alto. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.
Paypal/x.com
After selling Zip2, a software company designed to help newspapers build online city guides, to Compaq Computer in 1999, Musk used the proceeds to create X.com. He later merged the venture with money transfer company Confinity and they combined to create PayPal.
When PayPal was sold to eBay in 2002 for $1.5 billion, Musk’s 11.7 percent stake ended up netting him about $180 million after taxes. The sale of PayPal created significant wealth for its founders and early employees, who went on to create and invest in new tech companies. The group of PayPal founders, which includes investor and political activist Peter Thiel and Affirm CEO Max Levchin, came to be known as the “PayPal Mafia.”
In 1999, Musk co-founded X.com, an online financial services and e-mail payment company. The startup was one of the first federally insured online banks, and, in its initial months of operation, over 200,000 customers joined the service.
The following year, X.com merged with online bank Confinity to avoid competition. Founded by Max Levchin and Peter Thiel, Confinity had its own money-transfer service, PayPal, which was more popular than X.com’s service.
Tesla
Founded in 2003, Tesla has become a leader in electric vehicle manufacturing. Musk joined Tesla as an investor in 2004 and became chairman of its board of directors, eventually becoming CEO in 2008. Tesla launched its first car in 2008, and its Model S, launched in 2012, was named the best overall car by Consumer Reports. Tesla became the world’s most valuable car company in the summer of 2020 and its market value topped $1 trillion in the fall of 2021 before falling in 2022. The company had a market value of about $587 billion as of February 2024.
Musk owns a roughly 13 percent stake in Tesla and has significant influence at the company, leading product design, engineering and global manufacturing for the company’s EVs, battery and solar energy products.
In 2018, Musk and Tesla agreed to each pay $20 million to settle securities fraud charges brought by the SEC after Musk tweeted that he could take the company private for $420 per share and that funding had been secured, despite there being no adequate basis for the claim. Musk was also forced to step down as chair of Tesla for three years as part of the settlement.
SpaceX
Musk is also CEO and lead designer at SpaceX, which develops rockets and spacecraft for missions to Earth’s orbit and ultimately, the company says, to other planets. Musk used the majority of the money he gained from PayPal to start SpaceX in 2002. The company has won contracts with NASA and the U.S. Air Force to design rockets.
SpaceX is a private company, but Musk held a 42 percent stake in the business through a trust, according to a 2022 filing reviewed by Bloomberg.
Neuralink
Neuralink is developing ultra-high bandwidth brain machine interfaces to connect human brains to computers, according to the company’s website. The company announced it had raised $205 million in 2021 from a number of venture capital firms and investors including Google.
The company says Musk’s goal with Neuralink is to help people with brain injuries in the near term and reduce the risk that artificial intelligence poses to humanity in the long term. The company is one of the smallest Musk is involved with and has fewer than 500 employees.
In January 2024, Musk announced that the first human had received a Neuralink brain implant and that the patient was recovering well.
The Boring Company
The Boring Company seeks to combine fast, affordable tunneling technology with an electric public transportation system in an effort to ease urban congestion and allow for high-speed, long-distance travel. The company built a 1.15-mile tunnel in Hawthorne, California to be used for research and development and is currently building Vegas Loop, a public transportation system at the Las Vegas Convention Center.
The company was valued at more than $7 billion after an employee share sale in October 2023, according to a report from The Information. That valuation is higher than its valuation during a funding round in April 2022 when it raised $675 million. The 2022 funding was led by Vy Capital and Sequoia Capital, two leading venture capital firms.
Summary of Elon Musk Investment Career
In 2001, Musk became involved with the nonprofit Mars Society. He was inspired by plans to place a growth-chamber for plants on Mars and discussed funding the project himself.
In 2002, Musk founded SpaceX, an aerospace manufacturer and space transport services company, of which he is CEO and Chief Engineer. In 2004, he joined electric vehicle manufacturer Tesla Motors, Inc. (now Tesla, Inc.) as chairman and product architect, becoming its CEO in 2008.
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In 2006, he helped create SolarCity, a solar energy services company that was later acquired by Tesla and became Tesla Energy. In 2015, he co-founded OpenAI, a nonprofit research company that promotes friendly artificial intelligence.
In 2016, he co-founded Neuralink, a neurotechnology company focused on developing brain–computer interfaces, and founded The Boring Company, a tunnel construction company. Musk has proposed the Hyperloop, a high-speed vactrain transportation system.
Elon Musk Net Worth 2024 Forbes
| Elon Musk Net Worth 2022 | $268 billion |
| Elon Musk Net Worth 2021 | $277 billion |
| Elon Musk Net Worth 2020 | $156 billion |
| Elon Musk Net Worth 2019 | $27 billion |
Musk made $165 million when PayPal was sold to eBay in 2002. He was first listed on the Forbes Billionaires List in 2012, with a net worth of $2 billion.
At the start of 2020, Musk had a net worth of $27 billion. By the year’s end his net worth had increased by $150 billion, largely driven by his ownership of around 20% of Tesla stock. During this, Musk’s net worth was often volatile.
In November of that year, Musk passed Facebook co-founder Mark Zuckerberg to become the third-richest person in the world; a week later he passed Microsoft co-founder Bill Gates to become the second-richest. In January 2021, Musk, with a net worth of $185 billion, surpassed Amazon founder Jeff Bezos to become the richest person in the world.
On September 27, 2021, Forbes announced that Musk had a net worth of over $200 billion, and was the richest person in the world, after Tesla stock surged. In November 2021, Musk became the first person with a net worth over $300 billion
Around three-quarters of Musk’s wealth derives from Tesla. Musk does not receive a salary from Tesla; he agreed in 2018 to a compensation plan with the board that ties his personal earnings to Tesla’s valuation and revenue.
The deal stipulated that Musk only receives the compensation if Tesla reaches certain market values. It was the largest such deal ever done between a CEO and board.
Musk has endowed prizes at the X Prize Foundation, including $15 million to encourage innovation in addressing illiteracy and $100 million to reward improved carbon capture technology. In November 2021, Musk donated $5.7 billion of Tesla’s shares to charity.
After the 2022 Russian invasion of Ukraine, Musk facilitated sending Starlink systems purchased by other European nations and private funding to Ukraine for internet access and communication in the besieged country.
Musk is an active user of the social media platform Twitter and has over 80 million followers. On January 31, 2022, Musk began steadily buying significant quantities of shares in the company, reaching a 5% stake in the company on March 14, 2022.
Musk reached a total of 73,115,038 shares on April 1, 9.13% of Twitter’s overall shares, valued at the time at $2.64 billion, making him the largest shareholder in the company.
On April 13, Musk made a $43 billion offer to buy Twitter, launching a takeover bid to buy 100% of Twitter’s stock at $54.20 per share. In a letter to Twitter’s board, he indicated his desire to take the company private:
Around three-quarters of Musk’s wealth derives from Tesla. Musk does not receive a salary from Tesla; he agreed in 2018 to a compensation plan with the board that ties his personal earnings to Tesla’s valuation and revenue. The deal stipulated that Musk only receives compensation if Tesla reaches certain market values.
It was the largest such deal ever done between a CEO and board. In the first award, given in May 2020, he was eligible to purchase 1.69 million TSLA shares (about 1% of the company) at below-market prices, which was worth about $800 million.
Elon Musk Net Worth 2024
Elon Musk Net Worth 2024 is estimated at $260 billion making him the richest man in the world. He has held the position for two years. Elon Reeve Musk is an entrepreneur and business magnate. He is the founder, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.
Musk made $165 million when PayPal was sold to eBay in 2002. He was first listed on the Forbes Billionaires List in 2012, with a net worth of $2 billion.
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