The Billionaire’s Journey
The Billion dollar man Elon Musk, CEO of Tesla and SpaceX has been a topic of discussion for everyone. The sharp-minded entrepreneur is known by many different names and definitions nowadays – The Man Who Disrupts The Market, The Billionaire Guy or The Guy Who Bought Twitter.
Billionaires have a strong influence over the world economy, politics, and philanthropy. The wealthiest of them are members of an even more elite club with even more influence. Many of these billionaires are the founders of technology behemoths, with a sizable portion of their fortune still invested in the businesses they founded. In 2022, Forbes estimates that there will be 2,668 billionaires in the world.
But how did Elon Musk make so much money? Today, we’re going to take a scenic route of how Elon musk made his wealth over the years and much more. Let’s go!
The current Net worth of Elon Musk
The net worth of Elon Musk currently stands at around $224 billion. The richest guy in the world didn’t become The Richest overnight. Being the CEO of Tesla, SpaceX, who also Co-Founded PayPal, bought Twitter (Still Processing) and Founded The Boring Company. Elon Musk has left all his competitors such as Jeff Bezos and Bill Gates by a huge margin. The shares of Tesla soared up by 740% in the year 2020. While the pandemic was a tough time for the people, the billionaire Elon Musk grew his wealth manifold times. Currently, Elon Musk has a 16% stake in Tesla which takes his value of shares to 107 billion dollars.
Elon Musk has a net worth of $224 billion dollars presently and it isn’t the result of just one big shot. He was always an entrepreneur with the sharpest mind and he wasn’t born with the title of “Technoking of Tesla”. Let’s see where the history of Elon Musk’s wealth goes.
Companies That Made his Wealth
It wasn’t just Tesla that made him a billionaire. He started many other companies which you might not have heard of. What are those companies? Let’s find out!
Zip2 was a web software firm that would assist newspapers in creating online city guides. Elon and his younger brother Kimbal started the company in 1995 with just $15,000 dollars in their hands. The company made huge bucks for them and in 1999, Zip2 was acquired by Compaq Computer Corp. for $341 million. With his buyout money, Elon Musk created X.com (now known as PayPal).
X.com (Now PayPal)
The fintech company X.com was later merged with a money transfer firm called Confinity, and later the name of the company was changed to PayPal. Later on, eBay bought the company for $1.5 billion. Elon Musk reportedly earned $180 million after-tax from the buyout since his 11.7% stake in Paypal bought him such proceeds. Reportedly, the money he had was reinvested into SpaceX, Tesla, and SolarCity out of which $100 million went into creating SpaceX, $70 million to Tesla, and the remaining $10 million was for the SolarCity project.
Tesla has become the world’s most valuable automaker and one of his most well-known businesses under his leadership. Musk started getting involved with the electric car endeavour as an early investor in 2004, investing around $6.3 million at the time and joining the team, which included engineer Martin Eberhard, to help operate a firm known as Tesla Motors at the time. Eberhard was fired in 2007 after a series of conflicts, and an interim CEO was recruited until Musk took over as CEO and product architect.
Tesla, in addition to creating electric automobiles, has a strong presence in the solar energy sector, courtesy of its purchase of SolarCity. 24 The firm now produces two solar batteries that can be recharged. Elon currently owns 16% of the company which values at around $107 billion dollars.
Elon Musk created SpaceX in 2002 with the purpose of lowering space transportation costs so that Mars may be colonised. With his $180 million PayPal stake, he used $100 million to create Space Exploration Technologies Corporation, to develop and launch advanced rockets and spacecraft in 2002. SpaceX has had many prominent contracts with the US Air Force and NASA to design and manufacture space launch rockets. SpaceX has been upping their game each time. Recently, they have successfully launched 3 rockets in just a time span of 36 hours!
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The Boring Company
Founded in 2016, The Boring Company is an underground transportation network infrastructure and tunnel construction company. Its goal is to build transportation, utility, and freight tunnels that are safe, quick to excavate, and inexpensive. The Boring Company wasn’t a planned idea but a tweet that started it all – “Traffic is driving me nuts. I am going to build a tunnel boring machine and just start digging”, Elon Musk tweeted.
Musk actually took his words seriously and actually went through with it and founded “The Boring Company“. The Boring Company is currently valued at $5.7 billion and till now, the company has completed three major projects – the R&D Tunnel project, the Hyperloop Test Track, and the Las Vegas Convention Center (LVCC). Recently, The Boring Company received the approval of expanding its underground tunnel operation in Las Vegas. With the expansion of the projects, do you think the futuristic travel and transportation system through the use of tunnels may arrive sooner than expected?
More Money for Elon Musk?
After building 5 companies and taking them to new heights, maybe his idea to create a “media credibility website” would be successful with his recent buyout offer to Twitter. Now that he is going to buy Twitter, how much money will he make from the platform since Twitter has been underperforming and has been spending a major proportion of its revenue on sales and ad elements?
He had already been keeping people posted with some changes that he’s going to bring to the platform that promotes his “free speech” motto and of course, generate revenues like never before! So, Let’s find out how Twitter will make money for the Billionaire guy and the owner, Elon Musk.
How Twitter will Make Money for Elon Musk?
Elon Musk offered a buyout offer to the Twitter board which was at first discouraged by the board members, but eventually, it was agreed upon and now Elon has bought Twitter for $44 billion but its still on hold due to some court hearings and internal litigation due to privacy and user data management. For full information, read this post – Elon Musk Buys Twitter For $44 Billion – Was it Worth?
Elon always does something out of the blue and knows something that we don’t. With his entrepreneurial skills, Elon Musk must have something big planned for Twitter’s future. While he wants to make Twitter an independent platform abiding by democratic principles, what could be the monetary reasons for buying Twitter and how is it going to add to Elon’s wealth?
- Monthly Subscriptions: Elon Musk is planning to charge monthly fees from the users to get the verification tick. This is actually a good way to rule out bots from the platform and increase transparency. Elon is actually taking the bots situation seriously since it’s the only problem that’s holding the Elon-Twitter deal right now. Plus, it would also ensure that you’re actually talking to an actual person and not a bot.
- Cutting-down costs: Twitter has been spending billions of dollars on marketing and sales, research and development, and more. All these costs would be cut down if Twitter no longer run ads on its platform. While ads make up more than 95% of the company’s revenue, it would take time to heal from such drastic changes but if the subscription model works successfully, it would generate huge revenue easily and run the platform independently and promote the “free speech” motto.
If Elon Musk plans to take Twitter private and cross-out ads from its platform, would users pay to use the platform? At first, your answer would be simply NO. But in the long run, Twitter has and will make an influential impact on the upcoming generation. Journalists, Politicians, and other influential personalities rely on Twitter to share their thoughts and opinions on Twitter even though there are other alternatives to it. So, it is highly likely that Elon’s grand plan for Twitter would work out well if things don’t go south and double his wealth in a few years.
Till now, you are now familiar with the companies he founded and how he made his billion-dollar wealth. Let’s cover the highlights of Elon Musk’s journey and you may also get to read some of the lesser-known interesting facts about his journey. Let’s see how many you already know!
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The Journey of Elon Musk
- At 24 years of age, he left his PhD program at Stanford University after two days; look where he’s now.
- Founded PayPal, sold it to eBay and used up the money to create SpaceX.
- Bought a 10-bedroom house and turned it into a nightclub to pay for rent.
- Created a video game called BLASTER at the age of 10 and later sold the source code to a magazine for $500.
- Worked towards building companies crucial for humanity’s future and planning to colonize Mars.
- The $5.7 billion valued The Boring Company began as a tweet and later on became a full-fledged transportation and tunnel construction company.
- Joined Tesla as an investor and then became CEO of the company.
- Elon Musk, a frequent Twitter user ranted about Twitter not following the democratic principles and free speech and later bought Twitter for $44 billion.
Ending on a Good Note
Who wouldn’t be motivated after taking covering such an influential journey of Elon Musk? The man who has faced everything knows the value of everything. Who wouldn’t want to be as rich as Elon Musk? But if you have planned a big future ahead of yourself, you have got to believe in yourself and never look back. Use your money wisely. Money can either make you or break you, the choice is yours!
He works in areas that he believes are critical to humanity’s future, such as renewable energy, space exploration, and the Internet. Despite the inevitable setbacks, Musk has defied detractors, disrupted businesses, and amassed the most wealth of anybody ever through PayPal, Tesla Motors, SolarCity, and SpaceX—all game-changers.
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