Elon Musk is the CEO of the famous automotive company TESLA, the maker of top of the line electric cars. Apart from that, he is also the founder of SpaceX, a private American aerospace company that provides space transportation and services. His primary goal is to create state-of-the-art transportation not only on Earth but in space as well.
This young CEO was born and grew up in South Africa. He immigrated to Canada at the age of 17. Elon Musk attended the University of Pennsylvania as a US transfer student.
Musk graduated from the Wharton School with a bachelor’s degree in physics and economics. Then, he went to Stanford to pursue his Ph.D. But Musk didn’t finish and left the program to develop an internet startup. Along with his brother, they created Zip2, a city guide software for newspapers with an initial capital of $28,000 from their father.
In 1999, Zip2 was sold for $307 million, and Musk earned $22 million from the deal. Then, he co-found X.com, an online banking service where he spent more than half of his earnings. X.com merged with its competitor and later became PayPal with Elon Musk as the majority shareholder. In 2002, PayPal was sold to eBay and Musk earned $180 million.
After PayPal, Musk founded – SpaceX, a new space exploration company with headquarters in Hawthorne, California. After a few years, he co-founded electric-car manufacturer, Tesla, which brings high-end fully electric cars to market. Then, he also launched a solar power systems provider – SolarCity. These two companies became very successful, and that’s when he started earning billions.
But in late 2009, he went through financial difficulties when he divorced his first wife. It was until 2010 when Tesla debuted on the stock market that Musk’s wealth bounced back and skyrocketed. He was then included on the Forbes’ richest list for the first time with a net worth of $2 billion in 2012.
Musk owns more than $70 million worth of residential property in the Bel-Air neighborhood of Los Angeles. He started amassing these properties in 2012 when he bought a 1.67-acre estate for $17 million. The said property includes a 20,248-square-foot mansion with the two-story library, a home theater, a gym, and a wine cellar with 1,000-bottle capacity.
At present, Elon Musk’s estimated net worth is $23 billion. Nevertheless, in January, Tesla spokesperson said Musk would not get any compensation or form of payment for the next ten years until the automobile company reaches $100 billion in market value. When that happens, Musk could potentially overtake Jeff Bezos (Amazon CEO) as the richest person in the world.
This young billionaire is known to be extremely workaholic, and he doesn’t want to spend money on lavish vacations or expensive hobbies. Instead, Musk spends a lot of his time doing office work or staying in factories.
In August 2018, he told The New York Times that he has been working 120 hours a week. “There were times when I didn’t leave the factory for three or four days — days when I didn’t go outside,” he continued. “This has really come at the expense of seeing my kids. And seeing friends.”
Musk has five young children. According to a tweet in 2014, He said he takes his kids on a yearly camping trip. “I’m a pretty good dad,” “I have the kids for slightly more than half the week and spend a fair bit of time with them. I also take them with me when I go out of town.”
Musk signed the Giving Pledge in 2012, where he is committed to donating the majority of his wealth during his lifetime. Even though his companies are already helping in preserving our environment for future generations, he also gave considerable donations to causes that he cares about, and these include the $10M gift to the Future of Life Institute to help regulate artificial intelligence.
It is somehow surprising to know that this young multi-billionaire still enjoys the simple things in life like reading books, playing video games, and listening to music. He also said that he wants to spend time with his kids, see friends and do normal stuff. There were also days when he can go crazy on Twitter.