Elon Musk, CEO of Tesla and SpaceX, is extending his reign as the world’s richest man by exploding his net worth above the rest of the top earners in 2022. According to the Daily Mail, Musk upped his net worth to $282 billion on the newest Forbes list, making him more than $100 billion richer than Amazon founder Jeff Bezos, who has a net worth of $183.6 billion.
Musk was a major beneficiary of the COVID-19 pandemic, as his net worth was just $26.6 billion (approximately Rs 2.02 lakh crores) at the start of 2020. Musk’s wealth increased by more than $110 billion in 2020, a record for anyone in the history of Forbes tracking such figures.
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Musk earned an additional $90 billion in 2021, when he dethroned Bezos at the top of Forbes’ rich list to begin the year. Musk is now $115 billion wealthier than LVMH CEO Bernard Arnault, who is the world’s third richest man with a net worth of $167.4 billion, according to the research.
He is also significantly wealthier than Microsoft co-founders Bill Gates ($134.2 billion) and Steve Ballmer ($97 billion), according to the report.
If you want to become a billionaire but were not born into the Saudi royal family, there are a few options. You may come up with a truly brilliant idea, such as a new computer operating system or social network, and then scale it to enormous proportions. Alternatively, you may follow Warren Buffet’s lead and accumulate wealth over decades through a succession of prudent, low–risk investments. And then there’s Elon Musk’s actions.
History of Net Worth
- Elon Musk’s net worth was $28 billion as of January 1, 2020. He had a net worth of $170 billion at the end of 2020.
- On July 10, 2020, Elon’s net worth surpassed $70 billion for the first time. At the time, around $15 billion was attributed to privately held SpaceX, while the remaining $55 billion was attributed to Tesla.
- When Elon’s net worth surpassed $80 billion for the first time on July 13, 2020, $15 billion came from SpaceX and $65 billion from Tesla.
- Elon Musk’s net worth surpassed $90 billion for the first time in August 2020 due to two significant reasons. To begin, Tesla shares reached an all-time high of $1,900 in mid-August. The company’s overall market capitalization was $350 billion at the time. Elon’s 20% interest was valued at $70 billion. The second element was an increase in SpaceX’s valuation, which was announced publicly on August 18, 2020. SpaceX’s private valuation jumped to $46 billion from $36 billion following the investment round. Elon’s 48 percent ownership, valued at $46 billion, adds $22 billion in pre-tax riches to his net worth.
- Elon Musk’s net worth surpassed $100 billion for the first time on November 17, 2020. He then surpassed Mark Zuckerberg to become the world’s third-richest person for the first time.
- Elon Musk’s net worth surpassed $128 billion for the first time on November 24, 2020. At that point, he overtook Bill Gates as the world’s second-richest person for the first time. He was $54 billion short of Jeff Bezos’ $184 billion net wealth on that day, and his net worth had climbed by $100 billion since January 1, 2020.
- Elon’s net wealth was $300 billion in October 2021, when Tesla’s market cap surpassed $1 trillion and SpaceX was valued at $100 billion.
- Elon Musk’s net worth was $335 billion on November 1st, 2021, when Tesla’s market valuation surpassed $1.2 trillion.
Elon does not get a salary as Tesla’s CEO. Rather than that, he has a highly unconventional and tremendously profitable bonus structure that is linked to the company’s market capitalization milestones. Tesla was valued at roughly $50 billion at the time the proposal was hatched. There are a total of 12 milestones based on market capitalization rises of $50 billion. Elon achieved every single milestone and thus qualified to win the entire $100 billion bonus pool. Quarterly distributions of shares relating to this plan are made if the Board of Directors confirms the achievement of a milestone.
Childhood Of Elon Musk
Elon Musk was born in Pretoria, South Africa on June 28, 1971. Musk purchased his first computer when he was ten years old and taught himself to programme. He sold his first piece of software when he was 12 years old—a game he built called Blaster. He travelled to Canada in 1989 at the age of 17 to attend Queen’s University, but left in 1992 to attend the University of Pennsylvania to study business and physics. Musk earned an undergraduate degree in economics before pursuing a second bachelor’s degree in physics and then a doctorate in energy physics. He did, however, drop out of Stanford University in order to participate in the internet boom.
Success Of Elon Musk
Zip2 Corporation, Musk’s first venture, was an online city guide. Zip2 was acquired by a division of Compaq Computer for $307 million in cash and $34 million in stock options in 1999. Musk co-founded X.com, an online financial services/payments startup, in 1999 as well. The next year, an X.com acquisition resulted in the formation of PayPal, as it is now known, and in 2002, PayPal was acquired by eBay for $1.5 billion in stock.
Private Life Of Elon Musk
Elon has been married twice, the second time to actress Talulah Riley. From 2000 to 2008, he was married to Canadian author Justine Wilson. They have five sons together. Additionally, he has had romantic relationships with actress Amber Heard and Canadian singer Grimes. Grimes and Elon welcomed a baby boy named X A-Xii in May 2020.
Elon Musk has an estimated net worth of $290 billion. As of this writing, he is one of the world’s wealthiest persons. Musk’s fortune stems from his 24% interest in Tesla and 43% stake in privately held SpaceX. Musk is cash-strapped, owing an estimated $500 million to Morgan Stanley and Goldman Sachs.