What is Elon Musk’s net worth as of February 2024? Is he still among the top 10 richest men in the world? Let’s find out.
Elon Reeve Musk is an investor and entrepreneur. He holds several notable positions such as founder, chairman, CEO, and CTO of SpaceX; angel investor, CEO, product architect, and former chairman of Tesla, Inc.; owner, chairman, and CTO of X Corp.; co-founder of Neuralink and OpenAI; founder of the Boring Company and xAI; and president of the Musk Foundation.
According to Forbes and the Bloomberg Billionaires Index, with an estimated net worth of US$232 billion as of February 2024 (based primarily on his ownership stakes in Tesla and SpaceX), Musk is the second wealthiest person in the world.
How did Elon Musk become rich? What does his journey look like?
Just two days after dropping out of Stanford University (1999), Musk, together with his brother Kimbal co-founded the online city guide software known as Zip2. Errol Musk, his father, contributed 10% of the US$200,000 financing amount that was used to fund the biggest part of the business.
In February 1999, Compaq paid $307 million in cash to acquire Zip2, and Musk received $22 million for his 7 per cent stake.
Musk then invested the $12 million of the amount he made from the Compaq acquisition to form X.com
In 2000, Confinity and X.com combined to form PayPal.
With $100 million of his earnings, Musk launched SpaceX, a spaceflight services company, in the same year that eBay purchased PayPal for a sum of $1.5 billion.
When Tesla Motors, Inc. (now Tesla, Inc.) was first founded in 2004, he invested early in the company. Musk became the majority shareholder of Tesla after leading the company’s $6.5 million Series A funding round in February 2004. He also assumed the role of chairman on the board of directors in 2008.
When Tesla purchased SolarCity in 2016 and rebranded it as Tesla Energy, Musk had a hand in founding the solar energy startup in 2006.
Since then, Tesla’s stock has increased dramatically. In the summer of 2020, it surpassed all other automakers in value and was included in the S&P 500. In October 2021, its market capitalization surpassed $1 trillion, making it the sixth company in American history to achieve this feat.
Additionally, a high-speed vacuum train transportation system called the Hyperloop was Musk’s idea in 2013. An estimated $6 billion would be needed to build the transport system between the Greater Los Angeles Area and the San Francisco Bay Area.
He was a founding member of OpenAI, a nonprofit conducting research on artificial intelligence, in 2015.
Following this, Musk co-founded the Boring Company, a tunnel construction business, and Neuralink, a neurotechnology enterprise that developed brain-computer connections in 2016.
For $44 billion in 2022, he purchased Twitter. The company was then combined to form X Corp., and the following year, the service was rebranded as X.
The artificial intelligence startups OpenAI and xAI were founded by him in March 2023. In support of OpenAI, Musk promised to donate $1 billion. According to a tweet from Musk in 2023, he ultimately gave OpenAI $100 million.
After conducting its analysis of public records, TechCrunch later revealed that “just $15 million” of OpenAI’s funding could be linked to Musk.
How does Elon Musk like to spend his money?
He likes to buy private jets. Now, according to Musk’s 2003 statement, his L-39 Albatros was his favorite aircraft. In August 2020, he purchased a second jet.
He currently uses a private aircraft owned by Falcon Landing LLC, a business associated with SpaceX.
What does Elon Musk’s car collection look like?
He owns several unique cars. They consist of
- A Porsche 911 Turbo
- An antique Ford Model T
- A 1978 BMW 320i
- 1997 McLaren F1
- 1976 Lotus Esprit aka Wet Nellie
- 1967 E-Type Jaguar Roadster
- 2006 BMW M5
- 2010 Audi Q7
- 2021 Porsche 911 Turbo
- 2008 Tesla Roadster
- 2019 Tesla Model S Performance and a,
- 2020 Tesla Cybertruck
What is Elon Musk’s net worth?
After eBay purchased PayPal in October 2002, Musk made $175.8 million. His $2 billion net worth was recorded when he was first included on the Forbes Billionaires List in 2012.
Musk claimed to be worth $27 billion at the beginning of 2020. He owned about 20% of Tesla stock, which contributed significantly to his $150 billion increase in net worth by year’s end.
That November, Musk surpassed Facebook co-founder Mark Zuckerberg to take the third spot as the world’s richest person; a week later, he overtook Microsoft co-founder Bill Gates to take the second spot.
With a $185 billion net worth, Musk became the world’s richest person in January 2021, surpassing Jeff Bezos, the founder of Amazon.
It was reported on December 30, 2022, that Musk’s net worth had decreased by $200 billion as a result of falling Tesla stock values.
Guinness World Records acknowledged him for having suffered the “largest loss of personal fortune in history” of his financial losses since November 2021, citing a Forbes estimate of $182 billion.
As of February 2024, Musk’s net worth is approximately $232 billion.
Conclusion
Six businesses, including SpaceX, a rocket manufacturer, Tesla, and the tunnelling startup Boring Company, were all cofounded by Elon Musk.
He owns roughly 21% of Tesla where he largely benefits from its shares and 20% from SpaceX stocks. SpaceX is nearly $150 billion. With a $5.7 billion valuation, the anti-traffic startup The Boring Company raised $675 million in April 2022.
And, Musk now owns an estimated 74% of Twitter known as X.
He currently has an estimated net worth of $232 billion as of 2024.
