What is Elon Musk net worth in 2019 and how did one of the world’s richest man “Elon Musk” attain such success, with a huge net worth? Read on, to find out the impressive secrets behind his salary, earnings, Businesses, and success story.
Elon Musk is a South African born tech guru, entrepreneur and engineer mostly known for his electric car company Tesla and rocket company SpaceX. Apart from the previously listed companies, he also has stakes in numerous companies which include; Neuralinks, PayPal, Solar City and OpenAI. He became a millionaire at a young age and currently is a billionaire. He is rated by Forbes as one of the richest and most influential people in the world.
|Net Worth||$19.5 billion|
|Source of Wealth||Tesla Inc., SpaceX, PayPal, Solar city, Neuralinks, OpenAI|
|Date of Birth||June 28, 1971|
|Citizenship||United States, Canada, South African|
|Residence||Los Angeles, California|
Early Life/Personal Life
Born on June 28, 1971, in Pretoria, South Africa to Maye and Enrol Musk. His father an engineer and pilot by profession. At the age of 9, his parents got divorced and he had to stay with his dad a decision he later regretted. At age of 10, he picked up interest in computing and was self-taught programming. At 12, he sold a BASIC coded video game for $500.
He was also bullied as a child and spent some time in the hospital. Pertaining to his education, he attended Water Kloof House Preparatory School, Bryanston High School and finally graduated from Pretoria Boys High school. When it was time for college he opted to study in the United States against the desire of his dad to study in South Africa. He believed that the United States is a nation where opportunities abound.
He felt it was easier to get to the US from Canada. At 17, he moved to Canada to study at Queens University. At 20, he finally moved to the United States and studied business and physics at the University of Pennsylvania where he obtained a degree in economics and physics. He attained his US citizenship at the age of 30.
Career and Business
In partnership with his brother started ‘Zip2’ a web software company in 1995. In 1999, Compaq bought the company at a price tag of $307 million of which he had a seven percent stake in.
In 1999, he took some of his proceeds from the sale of Zip2 to co-start another company ‘X.com’ an online banking service firm later got its name changed to PayPal. In 2002, PayPal was acquired by E-bay for a whopping $1.5 billion which Musk had an eleven percent stake.
That same year, he went on to start another company ‘SpaceX’ a space rocket company with the aim of technologically advancing rockets. The company made history when its Falcon rocket became the first privately funded vehicle to put a satellite into earth’s orbit.
In 2006, he got a contract from NASA to continue the development of the Falcon rocket and Dragon spacecraft. They consequently received another contract from NASA worth $1.6 billion. The company has gone on to build more series of Falcon and Dragon space vehicle. Currently, the company is the largest producer of rocket engines having produced more than 100 Merlin 1D engines. Its major customers are the United States Defence Ministry and the government of Malaysia.
With the vision of seeing vehicles run on electricity, started another company ‘TESLA INC.’ in 2003 with the help of Marc Tarpenning and Martin Eberhard who helped finance it. In 2008, he assumed the role of CEO to oversee the building of Tesla’s first electric sports car ‘Tesla Roadster’ that sold 2,500 units in 31 countries. Popular cars companies like Toyota and Mercedes have invested in the brand. In 2019, Tesla opened a gigantic factory in China so as to serve its Asian market and is the only gigantic factory outside the US. Currently, Tesla products are the leading electric vehicle company in the world having sold over a million units.
Musk also co-founded Solar city the second largest solar power system in the United States. It has a gigantic factory in Buffalo, New York. He also owns OpenAI an artificial intelligence research company with a goal of combing the human brain with artificial intelligence.
In terms of philanthropy, he owns a foundation named the ‘The Musk Foundation’ through which he gives to charity and has given more than $10 million since its inception.
Awards & Recognition
Elon Musk has received so many awards due to his accomplishments in tech and beyond some of which include;
- -Living Legend of Aviation by the Kitty Hawk Foundation (2010)
- -America’s 20 most powerful CEO under 40 by Forbes (2011)
- -Heinlein prize for advances in space commercialization (2011)
- -Royal Aeronautic Gold Medal (2012)
- -Oslo Business for Peace Award (2017)
- -Fellow of the Royal Society (2018)
- -Order of Direkganabhom
How did Elon Musk amass such wealth?
As of July 15, 2019, Elon Musk net worth is estimated $19.5 billion. In 2014 Musk acquired a house in Los Angeles which is worth $4.2 million. CNBC reported that he transferred the $4.2 million home to his ex-wife Talulah Riley.
However, the house is currently for sale.
Musk also owns a Bel Air mansions worth $70.3 Million located in Los Angeles. Daily mail reports that one of his homes has seven bedrooms and seven bathrooms with four half bathrooms. It is 20,248 square-feet wide and hosts a gym, a two-storey library and a 1,000 bottle wine cellar.
Here is a ted talk from Musk…