Elon Musk Net Worth 2023: Salary, Age, Family, companies

Elon Musk Net Worth: Elon Musk is a businessman and Elon Musk has a net worth of $219 Billion. Read more about Net Worth, Biography, Wife, Age, Height, Family, and Career. Elon Musk cofounded six companies including electric car maker Tesla, rocket producer SpaceX and tunneling startup Boring Company.

Net Worth: $140 Billion
Salary: $0
Date of Birth: Jun 28, 1971 (51 years old)
Place of Birth: Pretoria
Gender: Male
Height: 6 ft 2 in (1.88 m)
Profession: Aerospace Engineer, Engineer, Entrepreneur, Investor, Designer, Businessperson, Inventor, Film Producer
Nationality: South Africa

Elon Musk Net Worth

What is Elon Musk Net Worth?

Elon Musk is an entrepreneur, inventor, and investor who was born in South Africa and now resides in Canada. Estimates put Elon Musk’s wealth at $140 billion. Elon Musk has made the great majority of his income as the CEO of Tesla Motors, despite his many other roles and his persistent need to outdo himself with his latest endeavor. In addition to leading SolarCity as chairman, he also serves as CEO and CTO of SpaceX. In addition to being the richest person in the world, he is also the richest person in the history of the modern era.

As of this writing, Elon Musk owned about 24% of Tesla’s outstanding shares and 43% of the privately held SpaceX. To put it another way, Tesla’s market cap hit $1 trillion for the first time in October 2021. In the same month, SpaceX made a $100 billion value funding grab. Currently, Elon’s wealth is hovering just below $300 billion.

It would appear that Elon Musk has always been one step ahead of the rest of us. As a young boy, he taught himself how to code on a computer. When he was just 12 years old, he had already sold and successfully marketed his first computer game, Blastar. After that, he continued his education at Queen’s University in Ontario and earned degrees in both business and physics from Penn’s Wharton School. After that, he tried to get his Ph.D. in physics at Stanford University, but ultimately decided it wasn’t worth it. He wasted no time jumping into his planned career path, leaving Stanford just two days into the new semester. Along with his brother Kimbal, he founded off with a software company called Zip2. Their main offering was a web-based city guide catered specifically to the newspaper publishing sector. In 1999, the brothers made $307,000,000 in cash and $34,000,000 in stock options from the sale of Zip2 to Compaq. His next venture was the online payment company X.com, which he established afterward. Soon after, he bought Confinity, the parent company of PayPal. Elon Musk consolidated all of his companies and rebranded them as PayPal. Since then, he has continued a number of companies, such as SpaceX, a company dedicated to aerospace design and development, and Tesla Motors, the company of a growing line of high-performance electric vehicles. Twitter was purchased by Elon for $44 billion in October 2022.

Elon Musk Facts

  • First company, Zip2, sold to Compaq in 1999 for $340 million.
  • contributed to X.com from his wealth.
  • Once known as X.com, Paypal has now changed its name. Payment processing service Paypal was acquired by online auction site eBay in 2002 for $1.5 billion.
  • Has a $46.2 billion stake in SpaceX and owns 48% of the company.
  • holds a 22 percent stake in Tesla.
  • In 2020, wealth grew by $142 billion.
  • Testified in the past that he is “cash poor” and in debt to the tune of $500 million
  • Used to have a real estate portfolio worth $100 million.
  • During 2020, I was able to sell six homes in Los Angeles.

Elon Musk net worth Time Line

  • Elon’s wealth was $28 billion on January 1, 2020. His wealth at the year’s end was $170 billion.
  • Elon Musk is now worth $80 billion, thanks in large part to his investments in SpaceX ($15 billion) and Tesla ($65 billion), which allowed him to cross the threshold on July 13, 2020.
  • Elon’s fortune surpassed $90 billion for the first time in August of 2020 thanks to two major developments. To begin, in the middle of August, Tesla stock reached a new high of $1,900. There were $350 billion in the market value of the whole company at that point. There was a $70 billion market for Elon’s 20% share. The second element was SpaceX’s officially confirmed enhanced valuation on August 18, 2020. SpaceX’s private valuation rose from $36 billion to $46 billion after the funding round. Elon’s 48% ownership is worth $22 billion before taxes, based on the company’s $46 billion valuation.
  • Elon Musk’s fortune reached $100 billion for the first time on November 17, 2020. In doing so, he became the third-wealthiest person on the planet, moving ahead of Mark Zuckerberg for the first time.
  • Elon Musk’s fortune hit $128 billion for the first time on November 24, 2020. He then became the world’s second-wealthiest point, moving ahead of Bill Gates for the first time. On that date, he was only $54 billion short of Jeff Bezos’s $184 billion fortune, and his fortune had grown by an official $100 billion since January 1, 2020.
  • Elon Musk’s fortune exceeded $195 billion on January 7, 2021. Elon became the world’s wealthiest person for the first time on this date, surpassing Jeff Bezos.
  • On January 8, 2021, Elon’s net worth rose from $170 billion to $210 billion by the end of the week.
  • Elon’s wealth reached $300 billion in October 2021, when Tesla’s market cap surpassed $1 trillion and SpaceX was valued at $100 billion.
  • As of November 1, 2021, when Tesla’s market cap hit $1.2 trillion, Elon Musk was worth $335 billion.
  • On December 13, 2022, Bernard Arnault surpassed Elon Musk as the wealthiest person in the world with a net worth of $167 billion, surpassing Musk’s $165 billion.

Elon Musk Compensation for Tesla Motors

As CEO of Tesla, Elon does not receive a salary. Instead, he has an incentive plan related to the company’s market valuation milestones that is both novel and rewarding. It was conceived at a time when Tesla had a valuation of about $50 billion. The $50 billion market value rise milestone is the first of 12 overall milestones. Elon achieved every target, making him eligible for the whole $100 billion incentive. Every quarter, after the Board of Directors has determined that the target has been met, the corresponding number of shares will be released.

Elon Musk Earlier life

Elon Musk’s birthdate is June 28th, 1971, and he was born in Pretoria, South Africa. At age 10, Musk purchased his first computer, and at age 12, he taught himself how to write code. The video game he built and titled “Blaster” was the first piece of software he sold when he was just 12 years old. In 1989, at the age of 17, he moved to Canada to attend Queen’s University. In 1992, he transferred to the University of Pennsylvania to pursue studies in business and physics. Musk continued his BA in economics before moving on to acquire a BS in physics and eventually a PhD in energy physics. However, he abandoned his studies at Stanford to join the internet’s explosive growth.

Elon Musk Success

Zip2 Corporation, Musk’s first company, served as an online city guide. Zip2 was acquired by a Compaq Computer subsidiary in 1999 for $307.7 million (including $307 million in cash and $34.75 million in stock options). In the same year that Musk started PayPal, he also helped launch X.com, an internet-based financial services and payment processing company. As we know it today, PayPal was born the following year after X.com was bought, and eBay paid $1.5 billion in shares to acquire the company in 2002.

Space Exploration Technologies Corporation (SpaceX) was Musk’s third company, founded in 2002 with the intention of creating spaceships for use in commercial space travel. SpaceX was already well-established by 2008 when NASA awarded them a contract to transfer supplies to and from the International Space Station.

Following them came Tesla Motors, a company with a focus on mass-market, low-cost electric vehicles. Elon Musk, together with Martin Eberhard and Marc Tarpenning, established Tesla in 2003. Elon was one of the business’s original workers, along with Ian Wright and J.B. Straubel, whom the company later on recognized as co-founders.

Tesla Motors went public in June 2010 after receiving $226 million from an initial public offering (IPO) helped along by Daimler’s company and a strategic alliance with Toyota. After successfully sending an unmanned spacecraft into space on a Falcon 9 rocket in 2012, Musk and SpaceX made history. A new mode of transportation he termed the Hyperloop was proposed by him in 2013; it was designed for commuting between large cities at speeds of over 700 miles per hour. The Hyperloop would employ tubes for travel instead of rails. Musk estimates that it will take 7–10 years to construct, test, and launch the Hyperloop.

Insights Elon Musk’s Wealth

As of this writing, Elon Musk controls 24% of Tesla and 43% of rocket manufacturer SpaceX.

Musk testified in a lawsuit this year that he is cash-poor and that nearly all of his wealth comes from Tesla and SpaceX stock. Furthermore, the lawsuit disclosed that Musk’s starting salary at Tesla is $56,380. On a yearly basis, he declines the salary. Before the case, Musk owed over $500 million in debt, the vast majority of which was held by Morgan Stanley and Goldman Sachs. His debt to Morgan Stanley included at least $60 million in mortgage-related interest. He eventually liquidated all of his properties and paid off his mortgage.

Reports indicate that he used up all of his liquid cash from the sale of past businesses to get SpaceX off the ground.

Payment Scheme for Employees of Tesla

In January of 2018, Tesla’s board of directors revealed a compensation plan for Musk that would be worth $100 billion by the end of the plan’s term. A total of $100 billion in stock options were to be granted to Musk over a 12-year period. When Tesla’s market cap reaches $100 billion, the first tranche of options will be released (roughly double the value when the plan was announced). Since then, each time the company’s market cap has increased by $50 billion, Elon has gotten another of the tranches.

No compensation would have been awarded if he had not met at least one of the 12 milestones.

Elon Musk was able to cash out all 12 levels of his incentive plan within three years after Tesla’s market cap soared beyond $1 trillion for the first time in October 2021.

Elon Musk personal life

Two of Elon’s three wives were actress Talulah Riley. In the years between 2000 and 2008, he was married to the Canadian writer Justine Wilson. Together, they have five sons. Amber Heard, an actress, and Canadian singer Grimes, who performs under the moniker of “Grimes,” were two of his previous romantic partners. A son, X A-Xii, was born to Grimes and Elon in May of 2020. In December of 2021, they welcomed the birth of their second child, also delivered via surrogate.

Sometime in the latter half of 2021, Elon also celebrated the birth of a pair of twins to one of his Neuralink executives.

As of this writing, he is the father to ten children.

Reports of Elon Musk’s affair with Sergey Brin’s wife, who is also a co-founder of Google, surfaced in July 2022. The affair allegedly took place in December 2021. Sergey’s four-year marriage to Nicole Shanahan apparently ended due to his extramarital affair. Unfortunately, Sergey was one of Musk’s strongest fans for a long time. One of the original investors in Tesla, he also put money into numerous other Musk enterprises.

Elon Musk Real Estate Portfolio

Previously, Elon had California properties worth $100 million. He still owns the 16,000-square-foot, 100-year-old home on over 50 acres in the Northern California hamlet of Hillsborough. In 2017, he bought $23.364 million to purchase this home.

Six of his residences were located in the affluent Bel-Air district of Los Angeles, California. He left a 20,000 square foot footprint in Bel-Air, which he purchased for $17 million in 2012, a 7,000 square foot one for $20 million in 2015, and a 9,300 square foot one for $24.25 million in 2016. Elon shocked the world in 2020 when he announced that he was selling all of his goods, beginning with his homes in Los Angeles. All the houses were sold as promised. In the year 2020’s December, he sold the sale of four homes to a single customer.