As of right now, Forbes claims that Elon Musk is the richest person on the planet. They have approximately $232 billion in wealth. But Musk didn’t suddenly become extremely wealthy. He founded new businesses and made investments in already-existing ones, which is how he amassed his enormous wealth over time.
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1970s
From Musk’s early years in the 1970s to the present, let’s examine his wealth over each decade.
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South Africa’s Pretoria is where Elon Musk was born in 1971. He grew up in a pleasant household with a wealthy family. Errol Musk, her father, was an engineer and real estate developer, and Maye Musk, her mother, was a prominent model and dietician.
It equipped them to succeed in the future. He was fortunate to have access to his family’s substantial riches, advantages, and resources.
1980s
The Musk family saw further wealth accumulation in the 1980s. Errol Musk bought an extremely valuable emerald mine in Zambia. The Musk family is thought to have amassed riches of over $100 million in the 1980s.
Elon Musk left South Africa to pursue higher studies in Canada and then the US, with financial security provided by the mine’s enormous profits. The family’s enormous wealth further increased his freedom to take chances as an entrepreneur. Musk, though, has stated that the wealth of his family has little bearing on his career.
1990s
Musk’s entrepreneurial career began in the 1990s. Musk co-founded Zip2, a city guide software startup, with his brother Kimbal after leaving Stanford University.
Musk received a sizeable $22 million portion of the $305 million that Compaq paid to purchase Zip2 in 1999.
2000s
Musk’s wealth increased significantly during the 2000s.
In 1999, Musk was a co-founder of X.com, an online bank. Then, in 2000, X.com amalgamated with its competitor, Confinity, and underwent a name change to PayPal in 2001. eBay paid $1.5 billion to acquire PayPal in 2002. The deal netted Musk, the biggest stakeholder, $16.5 million.
Musk founded SpaceX in 2002 with $100 million of this money.
At the same time, he started investing early in Tesla, the company that Mark Tarpenning and Martin Eberhard created. Musk began to participate in the business more and more throughout time, and in 2008 he was appointed CEO.
Musk’s estimated net worth in the late 2000s was $1 billion, primarily from PayPal’s sale proceeds and the early success of SpaceX and Tesla.
2010s
As his businesses, particularly Tesla, reached new heights in the 2010s, Musk amassed unexpected wealth. Tesla has had some early losses and initially struggled to turn a profit. At $17 per share, Tesla made its Nasdaq debut in 2010. Tesla’s shares were trading for about $27 by the end of the 2010s. The rising popularity of electric vehicles and Tesla’s creative approaches to production and marketing were the main factors in the company’s success.
Musk also increased the size of SpaceX’s operations during this period, helping the business land several large
Musk’s net worth remained in the $10–$20 billion range for the majority of the 2010s. Musk’s wealth increased dramatically as Tesla sold more vehicles and started to increase its market share. In 2019, his net worth increased to around $22 billion.
2020s
For Musk, thus far, the decade of the 2020s has been immensely captivating. Because of Tesla’s continuous rise, his net worth is increasing dramatically. His fortune climbed by $142 billion alone in 2020. By the end of 2021, Musk was the richest person on the planet because Tesla’s share price had risen to over $400. His net worth hit $320 billion in November 2021. His net worth was somewhat diminished in December 2022 due to a decline in Tesla’s share price.
Musk is projected to have a $232 billion net worth by 2024.
Published by : Reshraman
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