Elon Musk bought Twtitter for $44 billion, but he’s still the richest person in the world. Here’s how the Tesla and SpaceX CEO makes and spends his $212 billion fortune.

Share to friends
Elon Musk waves on stage at the Tesla Gigafactory in Berlin as a crowd of people takes photos
  • Elon Musk bought Twitter for $44B on Thursday, but he’s still the richest person in the world.
  • A notorious workaholic, Musk wouldn’t spend his money on lavish holidays or pricey hobbies.
  • Here’s how Musk makes and spends his $212 billion fortune
Decades sooner than turning right into a father of 9 and amassing a $212 billion fortune, Musk taught himself to code as a toddler rising up in South Africa. By the time he was 12, he supplied the provide code for his first on-line sport for $500.

elon musk
SpaceX and Tesla CEO Elon Musk works at his desk in 2008.

Source: MONEY

Just sooner than his 18th birthday, Musk moved to Canada and labored a sequence of onerous labor jobs, along with shoveling grain, lowering logs, and lastly cleaning out the boiler room in a lumber mill for $18 an hour — a formidable wage in 1989.

Elon Musk

Sources: MONEYEsquireElon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

Musk obtained a pay decrease to $14 an hour when he started a summer season internship alongside his brother, Kimbal, at the Bank of Nova Scotia after cold-calling — and impressing — a excessive govt there.

elon musk
Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, U.S., July 19, 2017.

Sources: MONEYEsquire – Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

After he arrived for his freshman 12 months at Queens University in 1990, Musk shortly picked up a side hustle selling laptop computer parts and full PCs to completely different school college students. “I could build something to suit their needs like a tricked-out gaming machine or a simple word processor that cost less than what they could get in a store,” Musk acknowledged.

Elon Musk
Elon Musk.

Sources: MONEYEsquire – Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

Within two years, Musk transferred to the University of Pennsylvania on a partial scholarship.

university of pennsylvania

Sources: MONEYEsquire – Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

To cowl the the rest of his tuition, Musk and a buddy would flip their dwelling proper right into a speakeasy on the weekends, charging $5 at the door. “I was paying my own way through college and could make an entire month’s rent in one night,” Musk acknowledged.

elon musk shrug tesla IPO new york
Tesla Elon Musk, CEO of Tesla Motors, reacts to a reporter’s question following the electrical automaker’s preliminary public offering on Nasdaq, Tuesday, June, 29, 2010 in New York.

Sources: MONEYEsquire – Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

Musk graduated with a bachelor’s diploma in physics and an economics diploma from the Wharton School and moved on to Stanford to pursue his PhD.

elon musk commencement speech

Source: MONEY

He left the program inside days to assemble an net startup with his brother. They started Zip2, a metropolis data software program program for newspapers, with $28,000 in seed money from their father.

kimbal musk elon musk brother
Kimbal Musk, Elon’s brother.

Source: MONEY

Four years later, in 1999, they supplied Zip2 for $307 million, incomes Musk $22 million. He invested higher than half of his earnings to cofound X.com, an web banking service.

elon musk
Elon Musk at SpaceX Hyperloop Pod II rivals in Hawthorne, California

Source: MONEY

The agency shortly merged with its rival and grew to change into PayPal, with Musk as the majority shareholder. In 2002, eBay bought PayPal and Musk walked away with $180 million.

READ ALSO  Musk says Twitter will offer “amnesty” to suspended accounts
PayPal IPO
Paypal CEO Dan Schulman (C) celebrates with employees all through the agency’s relisting on the Nasdaq in New York.

Source: MONEY

Musk turned his consideration to his new space exploration agency, SpaceX, after leaving PayPal. A lot of years later he cofounded electric-car maker, Tesla, and then SolarCity, a photo voltaic vitality strategies provider. The success of these corporations lastly launched him into the billion-dollar membership — but not sooner than he went broke.


Source: VentureBeat

In late 2008, Musk divorced his first partner and it took a toll on his funds. A 12 months later, Musk acknowledged he “ran out of cash” and had been residing off loans from buddies whereas trying to take care of his corporations afloat.

Elon Musk Nasdaq Tesla

Sources: VentureBeatForbes, TechCrunch

But when Tesla debuted on the stock market in 2010, Musk’s fortune skyrocketed. By 2012, he appeared on Forbes’ richest file for the first time with a web worth of $2 billion.

Tesla Elon Musk

Source: Forbes

Nearly a decade later, Musk has amassed an $228 billion fortune — but it isn’t very liquid. Remarkably, Musk made his billions with out ever taking a paycheck from Tesla, because of the CEO refuses his minimal wage yearly. By 2020, Tesla decrease his paycheck proper right down to zero.

Elon Musk

Source: Bloomberg, Insider

Musk’s troublesome wage development signifies that he’s awarded stock decisions when Tesla hits troublesome effectivity metrics. When Tesla does successfully, Musk’s wealth soars.

Tesla CEO Elon Musk

Source: Insider

But Musk has acknowledged himself that he’s cash-poor. “Some people think I have a lot of cash,” Musk knowledgeable investor Cathie Wood on a podcast remaining 12 months. “I actually don’t.” Like numerous completely different high-powered executives, Musk will depend on mortgages and credit score rating day-to-day.

Elon Musk
Elon Musk

Source: Insider

Over the years, the CEO has bought higher than $100 million in residential property in California. He has since offloaded a whole lot of his precise property after vowing to advertise all of it and “own no house” remaining 12 months.

Elon Musk Bel Air house

Source: The Real Deal, Variety, Insider

As the chief of 1 in all the preeminent auto-makers, it’s no shock Musk has an affinity for autos. Back in 2013, he paid $920,000 at an public sale for the Lotus Esprit submarine automotive used in a James Bond movie.

James Bond Lotus Esprit


In addition to driving Teslas, Musk has owned numerous gas-powered autos along with a Ford Model T, a Jaguar E-Type Series 1 Roadster, a McLaren F1 (which he later totaled), an Audi Q7, a Hamann BMW M5, and a Porsche 911.

Jaguar E Type Series 1 roadster
Not Elon Musk’s Jaguar.

Source: Insider

Despite having funds to spare, Musk isn’t a fan of lavish holidays — or any holidays for that matter. In 2015, he acknowledged he’d solely taken two weeks off since founding SpaceX about 12 years earlier.

Tesla CEO Elon Musk

Sources: Inc, Quartz

Musk has 5 children with his first partner, Justine Musk. In a 2014 tweet, Musk acknowledged he takes the children on an annual tenting journey. “I’m a pretty good dad,” he acknowledged. “I have the kids for slightly more than half the week and spend a fair bit of time with them. I also take them with me when I go out of town.”

READ ALSO  A 12,000 lb. metal sculpture of Elon Musk's head on a goat body riding a rocket parked outside Tesla HQ failed to elicit a response from the billionaire
Elon Musk kids
Elon Musk with two of his sons and now ex-wife Talulah Riley.

Sources: TwitterElon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future

Musk and Canadian musician Grimes welcomed a toddler boy in May 2020 named X Æ A-Xii Musk — they appear to call the little one “X” for fast. The two moreover had a second child, a daughter named Exa Dark Sideræl Musk or “Y” for fast, by the use of surrogate mother. (Musk and Grimes have since broken up.)

Grimes Elon Musk
Musk and Grimes.

Source: Insider, Insider

Insider moreover reported that Musk quietly had twins in November 2021 with one in all his excessive executives at Neuralink, Shivon Zilis.

A picture of Elon Musk from the shoulders up. He's wearing a black t-shirt and clasping his left hand to his head with a calm expression on his face.

Source: Business Insider

At the end of the day, the multibillionaire says he enjoys low-cost hobbies like listening to music, participating in video video video games, and learning books. “Hang out with kids, see friends, normal stuff,” he acknowledged. “Sometimes go crazy on Twitter. But usually it’s work more.”

Elon Musk

Source: Quartz

In August 2018, Musk knowledgeable The New York Times that he had taken to working 120 hours each week. “There were times when I didn’t leave the factory for three or four days — days when I didn’t go outside,” he knowledgeable The Times. “This has really come at the expense of seeing my kids. And seeing friends.”

elon musk
Engineer and tech entrepreneur Elon Musk of The Boring Company listens as Chicago Mayor Rahm Emanuel talks about growing a extreme velocity transit tunnel at Block 37 all through a data conference on June 14, 2018 in Chicago, Illinois.

Source: The New York Times

Musk acknowledged on an earnings title in 2017 that he wouldn’t have a desk at the Tesla manufacturing facility: “I always move my desk to wherever — I don’t really have a desk actually — I move myself to wherever the biggest problem is in Tesla. I really believe that one should lead from the front lines, and that’s why I’m here.”

tesla factory

Sources: Insider, Fortune

Musk admitted to spending “many late nights” at Tesla’s Nevada Gigafactory re-writing software program program all through a producing sprint for the Model 3.

elon musk gigafactory tour
Elon Musk displaying YouTuber Marques Browne spherical the Gigafactory 1

Source: Fortune

For a story printed in August 2018, Insider reporters spoke with 42 Tesla employees who acknowledged Musk is a visionary, but moreover unpredictably demanding.

tesla employees

Source: Insider

Musk acknowledged in June 2019 that he even consider to spend his forty eighth birthday on June 28 at work, bettering the agency’s “global logistics.”

Elon Musk
Tesla CEO Elon Musk walks onto the stage to introduce the Model Y at the agency’s design studio Thursday, March 14, 2019, in Hawthorne, Calif.

Source: Insider

Musk knowledgeable CBS’ “60 Minutes” that he’s, in reality, “somewhat impulsive” and wouldn’t “really want to try to adhere to some CEO template.”

Elon Musk

Source: Insider

Not solely does Musk spend a ton of time at Tesla, he moreover spends numerous his money on the agency. In the first six months of 2018, he bought higher than $35 million worth of shares in Tesla.

Elon Musk Tesla Spacex

Source: CNN

Musk moreover invests numerous time, vitality, and belongings into SpaceX.

elon musk spacex

Source: Insider

SpaceX has raised billions to develop, assemble, and launch Starlink — an effort to cowl Earth in ultra-fast broadband net — and assemble the prototype of Starship, a gargantuan reusable space automobile designed to convey people to Mars. The agency was valued at $100 billion as of October 2021.

READ ALSO  The EU warns Elon Musk that Twitter could be banned if it doesn't comply with content moderation legal guidelines: FT
spacex falcon 9 block 5 rocket launch es hail 2 november 15 2018 32040174368_1cb3d93808_o
The Es’hail-2 mission launches in the direction of space aboard one in all SpaceX’s Falcon 9 rockets on November 15, 2018.

Source: Insider, CNBC

Musk moreover helms The Boring Company, which he based mostly in 2016 to develop and assemble underground tunnels in an effort to mitigate web site guests.

Boring Company Hawthorne tunnel
The Boring Company’s Hawthorne, California, Tunnel.

Source: Insider

According to The New York Times, The Boring Company raised over $112 million in 2018 — and higher than 90% of it acquired right here from Musk. In 2019, the agency raised outdoor funding for the first time to the tune of spherical $120 million.

elon musk boring company

Source: The New York Times, Insider

In 2012, Musk signed The Giving Pledge, vowing to donate the majority of his wealth all through his lifetime. Though he’s already in the enterprise of bettering our environment and the future all through his day job, Musk has made sizable donations to causes he cares about, along with a $10 million current to the Future of Life Institute to manage artificial intelligence.

elon musk robots

Sources: Twitter, Insider

Musk found himself in licensed trouble with the SEC in 2018 after he tweeted that he had obtained the funding to take Tesla private, which moved the agency’s stock worth. Musk reached a settlement with the SEC in April 2019 in which he and Tesla every agreed to pay a $20 million penalty.

elon musk court

Source: Insider

Musk moved Tesla share worth as soon as extra in May 2020, sending it down 13% after tweeting “Tesla stock price is too high imo.”

FILE PHOTO: Tesla Inc CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo
FILE PHOTO: Tesla Inc CEO Elon Musk speaks at a spot ceremony for Tesla China-made Model Y program in Shanghai

Source: Markets Insider

Musk’s Twitter habits as quickly as as soon as extra obtained him into licensed trouble in 2019 after he referred to as the British cave diver who helped rescue a Thai soccer group a “pedo guy”; the diver sued Musk, claiming defamation, but a jury dominated in Musk’s favor.

vernon unsworth
A courtroom sketch of British cave diver Vernon Unsworth all through his defamation go properly with in the direction of Elon Musk.

Source: Insider

Musk’s web worth soared in 2020 amid the pandemic, rising by 197% between March and August, in response to an analysis by the Institute for Policy Studies. By December 2020, Musk had develop into the world’s second-richest person behind Amazon founder Jeff Bezos.

Jeff Bezos Elon Musk
Jeff Bezos, left, and Elon Musk.

Source: Insider

Only numerous months later, Musk grew to change into the world’s richest person and his web worth has solely grown since: In October 2021, Musk’s wealth elevated by $36 billion in a single day, the largest purchase ever recorded by Bloomberg’s Billionaires Index.

elon musk spacex launch.JPG
Elon Musk.

Source: Insider

But after shares of Tesla plunged by 16%, Musk misplaced $50 billion in merely two days. Tesla’s share worth dipped after a string of headlines, along with a tweet from Musk asking if he ought to advertise 10% of his Tesla stock. Still, Musk stays $78 billion richer than Bezos as of October 27.

Photo by BRITTA PEDERSEN:POOL:AFP via Getty Images
Tesla CEO Elon Musk

Source: Insider

Tanza Loudenback and Taylor Nicole Rogers contributed to an earlier mannequin of this story.

His latest and possibly most exorbitant purchase acquired right here Thursday when Musk bought Twitter for $44 billion. Investment banks have agreed to help finance the purchase, whereas Musk pays the rest in cash.

Elon Musk
Elon Musk’s Twitter account is displayed on the show display of an iPhone on April 26, 2022 in Paris, France.

Source: The New York Times

Read the distinctive article on Business Insider

Go to Source