Elon Musk Net Worth 2024, Early Life & Business Profile

Elon Reeve Musk is a business and investment executive. He founded SpaceX and was its chairman, CEO, and chief technology officer. He was also an angel investor, CEO, and product architect for Tesla, Inc. He owned X Corp. and served as its executive chairman and chief technology officer. He also launched the Boring Company and xAI, collaborated with Neuralink and OpenAI, and served as president of the Musk Foundation. Let me tell you about Elon Musk's life, career, and finances.

What is Elon Musk's Net Worth?

Elon Musk was born in South Africa and now lives in Canada. He is an entrepreneur, inventor, and investor. He is worth $179 billion. Elon Musk currently ranks as the world's fourth-richest person. In November 2021, Elon temporarily had a net worth greater than $340 billion, surpassing John D. Rockefeller as the richest individual in modern history. Elon was the richest person in the world from January 2021 to March 2024, when Jeff Bezos reclaimed the position.

Elon Musk's primary source of income is his 412 million shares, which represent 13% of the firm. Aside from that, he can choose among 304 million Teslas. That accounts for around 21% of the overall business. Elon has borrowed $3.5 billion in personal loans secured by 58% of his Tesla shares. In 2022, he sold $40 billion worth of Tesla stock to provide the funds required to purchase Twitter.

Elon helped launch SpaceX and the Boring Company, and he is now the CEO of SolarCity. Elon Musk owns 43% of SpaceX, a privately held firm. The last evaluation estimated SpaceX's worth at $180 billion. Based on its most recent funding round, the Boring Company's estimated worth is $5 billion.

On October 4, 2022, Elon purchased Twitter for $44 billion. He owns over 79% of the corporation, worth $44 billion. Twitter's hidden worth plummeted when he was in charge and might have reached $19 billion. We previously stated that he purchased Twitter for $40 billion, most of which came from selling Tesla shares in 2022.

Early Life 

His family is of British and Pennsylvania Dutch origin. He was born on June 28, 1971, in Pretoria, South Africa. His father, Errol Musk, was a South African electrical engineer who enjoyed various activities, including flying and emerald dealing. His mother, Maye Musk, was a nutritionist and model from Canada who grew up in South Africa. Elon's younger siblings included Kimbal and Tosca. They were from an affluent family that was politically active throughout the apartheid period.

Elon grew up reading books like "The Lord of the Rings" and "The Hitchhiker's Guide to the Galaxy," which shaped his artistic vision. When he was ten, he developed an interest in computers and programming. By age twelve, he had sold a BASIC-written video game after reading the VIC-20 guide.

Elon attended Pretoria Boys High School and Waterkloof House Preparatory School. Because he had Canadian ancestors, he sought a Canadian passport to travel to the United States, as his objectives extended beyond South Africa. Musk pursued odd jobs until enrolling at Queen's University in Kingston, Ontario, in 1990, following a brief stint at the University of Pretoria. He relocated to Canada in 1989. After attending Penn, he earned degrees in both physics and economics.

In 1995, Musk left Stanford University's materials science department to participate in the internet boom. This was the beginning of his remarkable career in technology and business.

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Business career

Zip2 Corporation:

Elon Musk founded Zip2 in 1995 with his brothers Kimbal and Greg Kouri. It was one of the first businesses on the internet, selling city guides, maps, and classifieds to newspapers. It was successful because it secured relationships with well-known newspapers such as the New York Times and the Chicago Tribune. In 1999, Apple paid $307 million for Zip2, with Musk receiving $22 million from his portion of the purchase.

PayPal and X.Com

Musk founded the online bank X.com in 1999. It became PayPal after merging with Confinity in 2000. Musk guided PayPal to success until eBay purchased it for $1.5 billion in 2002. There were some early leadership issues and a short period with a new CEO.

SpaceX

Musk founded SpaceX in 2002 to make space flight more affordable and enable humans to live on Mars. SpaceX constructed the Falcon Heavy and Starship vehicles and achieved a significant milestone by becoming the first privately funded spaceship to reach orbit. NASA has also awarded SpaceX significant contracts for flights carrying supplies to the International Space Station.

Tesla Inc.

Musk joined Tesla Motors' team in 2004 and became CEO and chief product architect. Tesla first produced the Roadster, then the Model S, Model X, Model 3, and Model Y, all of which were electric vehicles. In 2020, Tesla will hold the highest market value among all cars, expected to surpass $1 trillion by 2021.

Tesla Energy and SolarCity:

Musk founded SolarCity with a concept and some money in 2006. Tesla acquired SolarCity in 2016. Tesla Energy now provides solar energy services alongside Tesla's battery technology.

Neuralink: 

In 2016, Musk founded Neuralink to develop a system that allows people and computers to collaborate. Despite its lofty ambitions and breakthrough accomplishments, the organization has faced challenges and criticism, particularly for utilizing animals in research.

The Boring Company:

Founded in 2017, The Boring Company aims to reduce traffic congestion by creating affordable tubes. It is considering further expansion and has completed projects such as the tunnel for the Las Vegas Convention Center.

Starlink

SpaceX launched Starlink, a satellite internet service that connects individuals all over the world. Despite concerns about space traffic and astronomical influence, the project enabled global communication and made significant progress. It has also provided considerable assistance to Ukraine throughout the crisis.

Twitter/X 

Musk's purchase of Twitter in 2022 was one of many well-known ventures aimed at promoting free speech. Despite several leadership changes and conflicts, Musk remains heavily involved in deciding the platform's future.

Personal Life

John Elon Reeve Musk was born on June 28, 1971. He is an entrepreneur and investor. He founded SpaceX and was its chairman, CEO, and chief technology officer. He was also an angel investor, CEO, and product architect for Tesla, Inc. He owned X Corp. and served as its executive chairman and chief technology officer. He also launched the Boring Company and xAI, collaborated with Neuralink and OpenAI, and served as president of the Musk Foundation. According to Forbes, his net worth as of April 2024 was $179 billion, making him one of the world's richest people.

Elon has gotten married three times. Talulah Riley, an actor, is his second wife. From 2000 to 2008, he was married to Canadian author Justine Wilson. They had five boys between them. Before Grimes, he dated actress Amber Heard and Canadian singer-songwriter Amber. According to Grimes and Elon, a baby boy named X Æ A-Xii is expected in May 2020. In December 2021, they welcomed their second child via IVF.