stmHow much money does Elon Musk have? This is one question I’ve heard so many people ask online. So today, we’re going to be talking about Elon Musk’s net worth in 2023 and how he got to be the richest man on earth. Keep reading!
Before diving into how much Elon Musk is worth, let’s take a detailed look at his profile.
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Biography
Elon Reeve Musk was born on the 28th day of June, 1971. He was born in Pretoria into the family of Errol and Maye Musk, Elon grew up in Pretoria where he briefly attended it’s University.
After some years, Mr and Mrs Musk were legally divorced, Elon lived with his father for some years and then moved permanently to Canada when he was 17 years old. Since his mother is a Canadian-South African, it wasn’t difficult for him to acquire Canadian citizenship.
Elon was admitted to Queens University where he matriculated, after two years, he moved on to the University of Pennsylvania (UPenn) where he graduated and was awarded a bachelor’s degree in Physics and Economics.
At age 24 (1995), Mr. Musk moved to California. His plan was to attend Stanford University there. However, he later changed his mind. He figured it would be better to go for a career in business.
He was accepted to pursue his Ph.D. degree program in materials science at the University, but he dropped out to focus on his business. This was the base root of his success.
Business Career
After a stay in California, Elon co-founded “Zip2” with his younger brother Kimbal Musk. Zip 2 was later sold to Compaq Computer in 1999 for $307 million.
Elon also co-founded an online bank “X.com” which was later joint with Confinity to become the top leading online payment system across the globe, “PayPal”. After 3 years (2023), they successfully sold the young startup to eBay for $1.5 billion.
In 2001 Elon became involved with a non-profit society known as “Mars Society”, the goal of this society is to place a growth chamber for plants on Mars, he was strongly inspired by the society’s goal and discussed about funding the project himself.
Elon later travelled to Moscow to buy the refurbished ICBMs that could send the greenhouse payloads into space. After meeting with the sellers of the ICBMs, he was seen as a novice and was spat on by one of the Russian engineers.
After a year, Elon and his group returned to Russia to look for three ICBMs, he was later offered one rocket for $8 million which he rejected. He decided to establish his own company that could build affordable rockets.
Elon founded Space Exploration Technologies Corp (Space X) in May, 2002. Space X took its first test run of the Falcon 1 rocket in 2006, although the test was unsuccessful because the rocket ceased to hit the Earth’s orbit.
After two more failed tests, Space X finally succeeded in launching the Falcon 1 into Earths orbit in 2008. The company received a $1.6 billion Commercial Resupply Services Program contract from NASA for twelve flights of Elon’s Falcon 9 rocket and Dragon spacecraft to the international space station.
In 2015, Space X finally landed, which was achieved on an autonomous spaceport drone ship, an ocean-based recovery platform.
In 2004, Elon joined electric vehicle manufacturing Tesla Motors, Inc. which is now known as Tesla, Inc. he assumed his position as chairman and product architecture, which he was later promoted as the CEO of Tesla, Inc. in 2008.
In 2015, Elon co-founded OpenAI which is a non-profit research company that encourages and promotes friendly artificial intelligence (AI) across the world. In 2016 Mr. Musk again co-founded a neurotech company known as “Neuralink”.
Within the same 2016, he went on to establish another big company, The Boring Company (TBC), which is an infrastructure and tunneling construction company. TBC recently completed a tunnel beneath the Las Vegas Convention Centre. According to report, local authorities have approved further expansions of the tunnel system.
How Much Money Does Elon Musk Have? What Is His Net Worth?
According to Forbes and Bloomberg, Elon Musk net worth is estimated around US$231 billion as of May 2023, he is the richest person on earth.
Elon is the Chief Executive Officer (CEO) of the world’s most valuable electric carmaker, and the reputable space rocket business SpaceX, which counts the independent agency of the federal government of the U.S. in charge of the civil space program, aeronautics research, and space research (NASA) as a client.
Elon Musk owns about 16% of Tesla, Inc. from a reliable source, according to regulatory filing of April 2023.
According to Bloomberg analysis, Elon also holds about 93 million exercisable options to buy Tesla, Inc. shares.
Space Exploration Technologies Corp (SpaceX) is valued at $100 billion, this analysis is based on an October 2021 funding. A November 2016 filing with the Federal Communications Commission showed that Elon owned 54% of the closely held company through a trust.
Bloomberg’s analysis assumes that Elon’s wager has greatly reduced to about 47% in subsequent rounds. The value is diluted by 15% to account for typical discounts that shares in unicorns attract on the secondary market.
He also owns about 9% of the popular social media (Twitter), he began to acquire this stake in February 2023. The board of Committee of Twitter agreed to support an offer from Elon for the remainder of the company, which needs to be confirmed by shareholders.
Proceeds from Elon’s insider transactions is included to the value of his cash and is adjusted to reflect taxes, charitable giving, market performance.
About half of Elon’s Tesla shares was promised as collateral to secure personal indebtedness, according to the Tesla’s 2021 proxy statement.
The maximum allowable loan amount under this arrangement according to the filling, should be not more than 25% of the value of those shares, and 25% of the promised shares have been removed from his holding to account for the credit line.
Elon also mentioned in December 2019 that some of his SpaceX shares were also pledged. However, he didn’t provide much details about this. A liability of about $5.2 billion is included in the analysis to reflect calculated pledges of SpaceX shares.
Elon’s investment in his tunneling construction company The Boring Co. is valued based on an April 2023 funding round.
Final Words
Elon Musk did not just wake up one morning to become the richest man on earth, although he was born into a rich family because his mother used to say “We had so much money at times we couldn’t even close our safe”.
He got to the position he is now through hard work and dedication, although he has had lots of sleepless night and fell into depression when the Falcon 1 test failed severally, that didn’t make him give up. He was determined and he has achieved what he desired.
According to report from reliable source, Elon Musk could become the first person ever to accumulate a $1 trillion net worth, and it this could happen as soon as 2024 – 2025.
So how much money does Elon Musk have presently? I hope you now know that, having read this article.
stm