Elon Musk Net Worth

Elon Musk is a South African-born Canadian-American entrepreneur, inventor, and investor. As of 2024, Elon Musk net worth is $264 billion.

As of now, he holds the title of the richest person in the world. In November 2021, Musk’s net worth briefly peaked at $340 billion, surpassing John D. Rockefeller‘s record to become the wealthiest individual in modern history.

From January 2021 through March 2024, Musk maintained his position as the world’s richest person, occasionally trading places with Jeff Bezos and Bernard Arnault.

Elon Musk Primary Sources of Wealth

Musk’s wealth predominantly stems from his 13% equity stake in Tesla, comprising approximately 412 million shares.

Additionally, he possesses 304 million exercisable options in Tesla, collectively amounting to around 21% ownership of the company.

Notably, Musk has pledged 58% of his Tesla shares as collateral against $3.5 billion in personal loans. In 2022, he sold $40 billion worth of Tesla shares to finance his acquisition of Twitter.

Elon Musk Business Ventures

Beyond Tesla, Musk co-founded SpaceX and the Boring Company and serves as chairman of SolarCity.

He owns 43% of SpaceX, which was valued at $180 billion during its last valuation round. The Boring Company, valued at $5 billion in its latest round, further contributes to Musk’s vast fortune.

In October 2022, Musk acquired Twitter for $44 billion, owning approximately 79% of the company.

However, under his ownership, Twitter’s private valuation has significantly decreased, potentially dropping to as low as $19 billion.

Elon Musk Key Achievements

Zip2 Corporation: Sold to Compaq in 1999 for $340 million.
X.com and PayPal: X.com evolved into PayPal, which was sold to eBay in 2002 for $1.5 billion.
SpaceX: Musk owns 43% of the company, valued at $180 billion.
Tesla: Musk holds a 21% stake.
2020 Wealth Surge: Musk’s net worth increased by $142 billion.
Real Estate: Previously owned $100 million worth of real estate, selling six homes in Los Angeles in 2020.

Elon Musk Salary and Compensation Plan

Elon Musk does not receive a traditional salary as Tesla’s CEO. Instead, in 2018, he devised an unusual and potentially lucrative bonus plan tied to Tesla’s market capitalization milestones.

Initially, Tesla’s market cap was around $50 billion. According to the plan, Musk would receive substantial Tesla options (equal to 1% of the company) each time Tesla’s market cap increased by $50 billion and sustained that level for at least three months.

If the market cap reached $600 billion, Musk would receive options equaling 12% of the company.

By January 2024, Tesla’s market cap had surged past $1 trillion, entitling Musk to options worth approximately $55 billion.

Elon Musk Legal Challenges

Despite the successful execution of his compensation plan, some shareholders opposed its terms, arguing it was excessively generous and approved by a board under Musk’s influence.

In January 2024, a Delaware judge ruled in favor of a shareholder, effectively nullifying Musk’s compensation package. Musk plans to appeal, and a new compensation plan will likely be established for his performance from 2018 to 2023.

Elon Musk Early Life

Elon Musk was born on June 28, 1971, in Pretoria, South Africa. At ten, he bought his first computer and taught himself programming. By 12, he sold his first software, a game called Blaster.

In 1989, at 17, he moved to Canada to attend Queen’s University, later transferring to the University of Pennsylvania, where he earned degrees in economics and physics.

Although he began a PhD in energy physics at Stanford University, he left to join the internet boom.

Elon Musk Professional Success

Musk’s entrepreneurial journey began with Zip2 Corporation, an online city guide. In 1999, Compaq acquired Zip2 for $307 million in cash and $34 million in stock options.

That same year, Musk co-founded X.com, which later became PayPal. In 2002, eBay acquired PayPal for $1.5 billion in stock.

In 2002, Musk founded SpaceX to revolutionize commercial space travel.

By 2008, SpaceX secured a contract with NASA for cargo transport to the International Space Station, with future plans for astronaut transport.

Next, Musk joined Tesla Motors, dedicated to producing affordable electric cars. Tesla, founded by Martin Eberhard and Marc Tarpenning in 2003, named Musk and his early colleagues as co-founders.

In June 2010, Tesla went public, raising $226 million. Musk and SpaceX made history in 2012 by launching the Falcon 9 rocket with an unmanned capsule.

In 2013, Musk unveiled the Hyperloop concept, aiming to achieve speeds over 700 mph for city-to-city travel using tubes.

Elon Musk Personal Life

Musk has been married three times, twice to actress Talulah Riley, and once to Canadian author Justine Wilson, with whom he shares five sons.

He has also dated actress Amber Heard and Canadian musician Grimes, with whom he has two children.

In late 2021, Musk fathered twins with a Neuralink executive, bringing his total number of children to ten.

In July 2022, reports surfaced of an affair between Musk and Nicole Shanahan, wife of Google co-founder Sergey Brin, allegedly leading to Brin filing for divorce.

Elon Musk Real Estate

Previously, Musk owned $100 million worth of real estate in California.

He retains ownership of a 16,000-square-foot villa in Hillsborough, Northern California, purchased for $23.364 million in 2017.

In Southern California, he once owned six homes in Los Angeles, including a 20,000-square-foot house bought for $17 million in 2012.

In 2020, Musk announced plans to sell all his properties, successfully selling his LA homes by the end of the year.