Perhaps the most well-known billionaire and businessman in the world is Elon Musk, where is Elon Musk wealth from? How did he get so rich? Jef Bezos had been shockingly ousted from the top spot on the Forbes List of the world’s richest people in January 2021. The financial world was shocked by how Elon Musk became the richest person in the world.
The ambitious and forward-thinking billionaire has a passion for space travel. He’s currently one the most successful tech entrepreneur and owns some of the futuristic companies in existence including Tesla, SpaceX, and Neurolink. He traversed a long way ever since he dropped out of Stanford. Elon Musk made his money by not only one amazing idea, but he had several of them. His way of earning money is different from most famous billionaires today.
where is Elon Musk wealth from? Surprisingly, Musk’s family was well-off. Fun fact, Elon Musk had an early aptitude with computers and designed his own video game at 12. In this article, we will be explaining the fantastic story of how Elon Musk became one of the richest people in history.
In Pretoria, South Africa, on June 28, Elon Musk Reeve was born. His father Errol Musk is a South African electromechanical engineer, pilot, and sailor, and his mother Maine Musk is a model and dietitian from Regina, Canada. His father owned an emerald mine in Zambia. When he was 17 he enrolled at Queen’s University. Two years later, he transferred to the university of Pennsylvania where he graduated with his Bachelor’s degree in Economics and Physics.
Elon was a very skilled learner easily understanding programming and complex reading. In the middle of the 90s, Musk and his brother Kimball founded a company to test the idea that the internet, a new network of connectivity between computers might be more than a playground for computer nerds. The company Musk’s brother founded was named Zip2 operates as an online business directory. At the time the idea of web-enabled pages that also included maps was extensive.
The brothers were both successful in gathering investors, finding outside personnel to operate the company, and establishing partnerships with publications like The New York Times and Chicago Tribune. They sold Zip2 for 307 million dollars to COMPAQ in 1999. After this massive sale, Musk took the opportunity to co-found a new online banking company known as X.COM in March 2000 using 10 million dollars of seed capital from the Zip2 sale. X.COM merged with competitor Confinity incorporated and was later renamed PayPal a software company based in Silicon Valley which Musk was attracted to because of its easy payment system. Musk got kicked out as CEO though he remained on the board due to disagreements with other company executives over his desire to move PayPal’s UNIX-based infrastructure to Microsoft Windows.
Where is Elon Musk Wealth from? In 2002, eBay bought PayPal for 1.5 BILLION US Dollars. Out of this deal, Elon musk accumulated a hefty fortune of about 180 million dollars. Instead of relaxing with all of the things he could purchase with his newfound wealth, he used his wealth and connections to establish SpaceX in 2002 with the eccentric goal of populating mars.
The next year, he invested more than six million dollars in Tesla which back then was nothing more than a couple of founders and a concept of electric sports vehicles. Both businesses got off to a shaky start in their first few years and Elon musk admitted that he ultimately invested almost all of the money that he made from the sale of PayPal into sustaining their respective projects. The company fell into problems when Tesla’s engineers realized that their prototype battery packs had a high risk of catching fire. Meanwhile, SpaceX had repeated unsuccessful launches which almost caused the company to go bankrupt. However, this didn’t discourage Elon Musk. He and his staff spent more time and effort.
Eventually, both of his companies started to make progress. SpaceX won a contract with NASA for 1.6 billion dollars in 2008. 4 years later, Tesla began producing the model S which was the company’s first vehicle aimed at the mainstream market. Even though Tesla manufactures lesser automobiles than traditional automakers like Ford, and GM its market value is relatively higher than theirs. Elon Musk’s total net worth is over 266 billion dollars. Not only that, he founded THE BORING COMPANY in 2016 which builds tunnels, and another company NEUROLINK which is a NEUROTECHNOLOGY BUSINESS. Both are worth several hundred million dollars.
Try noticing, Elon Musk started by founding smaller companies then he made lucrative profits by selling those and then he reinvested those amounts to make even bigger companies. Elon Musk’s venture happened over a period of almost 20 years so, as you can see it doesn’t take a fortune in the beginning in order to become the wealthiest man on earth. You could start with nothing today and grow big in steps just like Elon Musk did. Another important thing to remember here is that Elon Musk was never obsessed with money instead he is captivated by the possibilities that money may offer.
He has mentioned again and again in his talks that he doesn’t want to pass away wealthy instead he wants his wealth to be used to establish a colony on Mars.