It’s a good bet to claim there’s no one in 2024 with internet access who hasn’t heard a thing or two about Elon Musk. Be it science, tech, politics, entertainment, or even cryptocurrency space, Elon is the recurring name when speaking about these sectors. Currently, Elon Musk is the world’s richest man, earning huge sums of up to $220 billion from his ventures in diverse sectors.
Elon Musk came into the limelight through his scientific and tech innovations, especially the development of Tesla electric vehicles. Soon, he became a major force in practically every sector of society. He acquired Twitter (X) in 2022, constantly tweeting his views on different topics, accruing thousands of engagements per post.
We could go on and on about Elon Musk’s achievements, but let’s take it one step after the other to start with his early life and education, shall we?
Elon Musk’s Early Life and Education
Born on June 28, 1971, in Pretoria (South Africa’s administrative capital), Elon Reeve Musk (@elonmusk) lived most of his childhood in riches and wealth. He has two younger biological siblings, Kimbal (male) and Toscal (female), as well as four paternal half-siblings. His father, Errol Musk, is a South African pilot, engineer, real estate manager, sailor, and a professional emerald dealer. His mother, Maye (née Haldeman), was also a professional model and dietitian when Elon Musk was born.
However, Elon’s life witnessed a significant drawback when he was 9, following his parents’ divorce. He decided to live with his father but soon regretted the decision as the relationship between father and son became unstable.
Elon Musk studied at Waterkloof House Preparatory School before moving to Bryanston High and, finally, Pretoria Boys High School. He always wanted to become a US citizen and knew the best way to achieve that was through studentship at any US university.
Hence, he leveraged his Canadian-born mother’s citizenship, applying and gaining entrance to Canada, where he got into Queens University, Ontario, in 1990. Two years later, Elon transferred to the University of Pennsylvania, earning bachelor’s degrees in physics and economics.
While in South Africa, Elon Musk developed an interest in tech solutions. He taught himself the essentials of coding and developed his first game, Blastar, which he sold for $500. Ever since, Elon (and his brother, Kimbal) have constantly invested in improving state-of-the-art technology worldwide. Today, Elon Musk owns over 6 technology-related companies and has diversified into other sectors, including crypto and Neuralink.
It’s no wonder why he sits comfortably amongst the world’s richest dudes! According to Forbes, Elon Musk’s net worth remains the highest in the world despite suffering major losses in 2024 that cost him about $4.8B in August 2024.
What is Elon Musk’s Net Worth in 2024?
In August 2024, Elon Musk’s net worth is estimated at $220 billion. The successful entrepreneur holds the top spot in the ranking of the world’s richest men, thanks to his activities in diverse sectors of society. Much of his wealth comes from his ownership of roughly 12% of Tesla (worth around $600 billion).
SpaceX—a rocket-producing company—which is valued at around $180 billion in 2024, is also a major contributor to his wealth. The CEO also acquired Twitter in 2022 for $44 billion and owns about 74% of the social media company today.
Elon Musk’s road to financial prowess was defined by his enthusiasm for technology and his leverage on the evolving sector. In 1995, Elon, Kimbal Musk, and Greg Kouri developed Zip2, a digital company that provides internet city guides using maps, directions, and yellow pages.
This innovation kickstarted Elon’s career, as he received $22 million for his 7% share when the company was sold in 1999. He has, since then, been an active innovator, co-founder, and CEO of numerous companies that bolstered his net worth to $220 billion.
PayPal (Formerly X.com)
X.com was a digital financial services and E-mail payment platform co-founded by Elon Musk in March 1999. Elon invested $12 million of the money he made from selling Zip2 into X.com and made much more when the company was eventually sold later in 2002. X.com was very popular and gained over 200,000 users within 8 months of operation.
However, the company’s board decided to merge with another online bank, Confinity, to avoid competition. This led to the change of the company’s name from X.com to PayPal in 2000. PayPal was sold to eBay in 2002, with Elon Musk receiving $176 million, thanks to his 11.7% shares in the company.
Tesla Inc.
As the chairman and highest shareholder in Tesla Inc., Elon Musk is usually regarded as the founder of the company. However, Tesla Motors (now Tesla Inc.) was incorporated by Eberhard and Tapenning in 2003, while Elon Musk became the highest shareholder in 2004 with a $6.35 million stake. Also, in 2008, Eberhard was ousted from the firm, leading to Elon Musk’s ascension as the CEO.
Since 2008, Tesla has become renowned for producing electric vehicles (EVs) ranging from sports cars to trucks and personal convenience vehicles. Tesla also produces lithium-ion batteries, automobile accessories, and solar power systems after acquiring SolarCity in 2016. The company joined the S&P 500 in 2020, cementing its stance as the most valuable carmaker in the world.
The company, under Elon Musk, has risen in value over the years, reaching $1 trillion in market capitalization in 2021. Soon, Elon Musk became the world’s richest man as the value of Tesla rose significantly, and because he owns the largest share.
SpaceX
Out of the money he made from the sale of PayPal, Elon Musk invested $100 million to start Space Exploration Technologies (SpaceX). The company specializes in developing affordable space rockets. Established in May 2002, SpaceX was headed by Elon Musk, who saw to the launch of the company’s first rocket, Falcon 1, in 2006.
SpaceX has registered numerous failed attempts at sending rockets into space, especially in its first two years of establishment. However, following the successful launch of Falcon 1 into orbit in 2008, the company has bounced back and is now among the world’s leading rocket producers.
This paved the way for the company and helped it secure several contracts from NASA and the US Air Force, reaching millions of dollars. Currently, Elon Musk owns roughly $75 billion in shares in the company, which contributes largely to his net worth of $220 billion.
Neuralink
Co-founded by Elon Musk in 2016, Neuralink is a tech company that creates devices that integrate the human brain with artificial intelligence (AI). However, the company has yet to become a blowout success following its recorded failures and the death of macaque monkeys used as test subjects.
Elon and the company’s workers are continuously conducting more evolutionary discoveries in this sector. They hope to one day develop the perfect device that would take human reasoning to another level.
The Boring Company
Elon Musk founded The Boring Company in 2017 to invent fast, specialized, underground, high-occupancy vehicles. The company, according to him, would reduce above-ground traffic congestion, diverting much of the population to faster underground routes. The company plans to develop vehicles that can travel at 240km/h in underground tunnels across the United States.
The Boring Company debuted a 3.2km Los Angeles tunnel in 2018 using Tesla Model Xs. Although observers concluded that it was a rough ride and the company has canceled two of its major projects, The Boring Company continues to exist. It completed a tunnel below the Las Vegas Convention Center in 2021 and looks to expand further.
X (Twitter)
In April 2022, Elon Musk disclosed a 9% stake in Twitter before agreeing to purchase the entire platform for $44 billion. Initially, he planned to find the deal with $21 billion of his own capital, but he decided to back out of it in July 2022. Twitter responded by filing a lawsuit against him, pressing that he go through with the purchase, to which he countersued the company.
Eventually, on October 27, 2022, Elon Musk acquired Twitter, giving him a 79% stake in the company. Elon renamed the company to his trademark letter, X, and social media has been his go-to platform to air his views on politics, crypto, and other hot topics.
Elon’s Views On Cryptocurrency Trading
Judging by his tweets on X, Elon Musk clearly prefers cryptocurrency investments to government-issued fiat currencies. Due to his astounding net worth and strong online following, Elon Musk is capable of shifting the market trajectory of numerous crypto assets by simply tweeting about them.
For instance, Dogecoin owes its price boost to Elon’s constant tweets about the asset, which draw the attention of millions of investors to the coin. Also, Bitcoin is among Elon’s favorite cryptocurrencies, with the billionaire owning nearly $1.5 billion worth of BTC in 2021.
Conclusion
Elon Musk’s net worth reflects his continuous innovation and strategic investments in a variety of businesses. Musk’s endeavors, which range from reinventing electric vehicles with Tesla to pioneering space exploration with SpaceX, continue to impact the future. His ability to predict and capitalize on profitable markets has cemented his position as an important figure in global wealth accumulation.
