Net worth

Elon Musk Net Worth – FanBolt

You will probably see Elon Musk’s name at the top of every list of the richest people in the world. But who is Elon Musk, by the way? What is Elon Musk’s net worth and how did he get so rich? Let’s take a look at one of today’s top 10 billionaires.

Barely a decade ago, few people knew who Elon Musk was. But that quickly changed when his company, SpaceX, became the first private company in the world to successfully launch a rocket, which also skyrocketed his popularity. This event paved the way for him to eventually become the richest person in the world. Elon Musk is actually more popular now as co-founder and CEO of Tesla. Tesla is the most expensive automaker in the world today.

Biography and early life

Born in South Africa on June 28, 1971, as Elon Reeve Musk, this billionaire was not from a very wealthy family, as some used to speculate. Her father is an engineer and her mother a nutritionist. He is single and has 7 children.

At the age of 17, Musk moved to Canada to escape service in the South African military. It was not a trip he had prepared very well for and when he arrived in Canada, the uncle he thought he was staying with was actually not there.

After several phone calls and bus rides, he finally arrived at a relative’s house where he stayed for a few years, doing odd jobs to get by. The rest of his family would finally make the trip from South Africa. And they got together with him.

Education

Musk studied at Queen’s University in Kingston, Ontario for two years, then earned a scholarship to the University of Pennsylvania. He started with a degree in economics at the Wharton School. And then he moved on to a bachelor’s degree in physics, eventually earning two degrees.

In 1995, Musk moved to California and attended Stanford University, but only for two days. He dropped out after realizing that business and technology had more potential for him than physics.

Photo credit: various photographs

Commercial enterprises

Musk co-founded a web software company called Zip2 with his brother Kimbal. A few years later, Compaq bought the company, earning the brothers $307 million. Soon after, Musk became a co-founder of financial services company X.com which would eventually become PayPal. This company was sold to eBay in 2002 for a whopping $1.5 billion.

That same year, Musk founded SpaceX, which considers NASA to be one of its main customers. Two years later, he launched the now very famous Tesla, Inc. Other successful ventures include SolarCity, now Tesla Energy, a non-profit research company called OpenAI, a neurotechnology company called Neuralink, and a construction company of tunnels called The Boring. Company.

Elon Musk currently sits on the board of Tesla, SpaceX, SolarCity Corporation, and Endeavor Group Holdings, Inc. He is also invested in Dogecoin and Bitcoin.

Elon Musk’s net worth compared to other billionaires

Today, Musk is probably the most famous person on the Bloomberg Billionaires Index. But there are also other famous names on the list. Jeff Bezos, founder and CEO of Amazon, is second only to Musk with a net worth of $132.8 billion.

Musk is also now much richer than Microsoft’s Bill Gates. Gates was known as the richest person in the world at the turn of the millennium. He held the title for more than two decades. Gates’ net worth is now valued at $125 billion. Although it peaked at $133.8 billion in the first quarter of this year.

Mark Zuckerberg, founder and CEO of Facebook, now known as Meta, now has a net worth of just $71.5 billion after suffering a loss of $54 billion earlier this year, and is not no longer in the top 10.

Elon Musk
Photo credit: Sergey Yelagin

RECENT DEVELOPMENTS

Earlier this year, Musk decided to buy Twitter for $44 billion. At that time, he already owned 8% of the company. Musk was reported to have sold around 10 million Tesla shares worth around $8.5 billion, to add to his funds for the purchase of the social media platform.

However, Musk recently pulled out of the deal with Twitter, shortly after claiming Twitter was in breach of their contract. The social media company did not give him the information he originally requested so he could look into the bot issue. Musk threatened to pull out of the deal before he finally did.

The withdrawal of the Twitter offer

Its takeover letter reads: “This information is fundamental to the business and financial performance of Twitter and is necessary for consumption. Twitter failed or refused to provide this information. Sometimes Twitter ignored Mr. Musk’s requests, sometimes it rejected them for reasons that seem unwarranted, and sometimes it pretended to comply while giving Mr. Musk incomplete or unusable information.

Musk claimed to have “provided numerous additional follow-up requests” but alleged that all of them had become unfounded and explained that Twitter “failed to comply” with its obligations, giving it the right to terminate the agreement.

The letter concluded: “Consequently, for all of these reasons, Mr. Musk hereby exercises the right of X Holdings I, Inc. to terminate the merger agreement and abandon the contemplated transaction, and this letter constitutes notice. formal notice of X Holding I, Inc. termination of the merger agreement.

Following Musk’s decision to step down, current Twitter CEO Bret Taylor warned Elon that the company would pursue legal action to “force” the deal.

Also in recent news, Musk obtained a favorable decision in the lawsuit in which Tesla and SpaceX had been involved, in particular in the acquisition of SolarCity.

Elon Musk’s net worth today

At the end of September 2021, Elon Musk’s net worth hit the $200 billion mark following a surge in Tesla shares. Tesla’s stock price and Musk’s value continued to rise, even surpassing $300 billion in November.

However, things took a turn when he announced his intention to buy Twitter. Musk’s net worth has continued to drop by $49 billion since he officially made the offer to buy the social media company in April this year.

Today, Elon Musk’s net worth is valued at $225 billion, which is still the highest in the world despite recent massive losses.

Photo credit: Kathy Hutchins

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