Elon Musk is one of the wealthiest people in the world. With several flourishing businesses under his belt, like SpaceX and Tesla, Musk is worth more than $200 billion. Since it’s difficult for the average person to understand a fortune of that size, we’ve created an easy-to-comprehend rundown of how he accumulated such a huge amount of money over the years. Read on to find out the net worth of Elon Musk.
What is the net worth of Elon Musk?
The net worth of Elon Musk is estimated at $255.1 billion as of August 2022, according to Forbes’ real-time billionaires list.
How much money does Elon Musk have?
Based on the net worth of Elon Musk, it’s safe to say that he is earning more money in a day than the average person makes in a lifetime. Musk’s fortune has significantly increased since 2018. Four years ago, his net worth was $19.9 billion. After holding steady in 2019 ($22.3 billion) and 2020 ($24.6 billion), his worth rose to $151 billion in 2021, before skyrocketing even higher to its current value.
While it’s not unclear how much money Musk makes in a day, experts claim that his wealth is largely tied to the stock performance of Tesla, one of the many businesses he owns.
According to GoBankingRates.com, Musk’s daily earnings for the first quarter of 2022 were estimated at $333.33 million per day or around $51.30 million per hour.
A huge portion of the net worth of Elon Musk comes from the earnings of his many businesses, including spacecraft manufacturer SpaceX, automotive company Tesla, infrastructure services company The Boring Company, and online bank X.com.
Musk also co-founded the neurotechnology company Neuralink, artificial intelligence research laboratory OpenAI, and Zip2, Musk’s first-ever business that provided and licensed online city guide software to newspapers.
In addition to the abovementioned businesses, Musk has also invested in a number of companies since 1995. These include the artificial intelligence company Deep Mind, global neurotechnology pioneer NeuroVigil, and solar energy generation firm Solar City, which was acquired by Tesla and is now called as Tesla Energy. Musk has also reportedly invested in different cryptocurrencies.
Last April, the Twitter board of directors agreed to a $44 billion buyout by Musk. The business magnate, however, said in July, that he was terminating the deal, claiming that the social media company had failed to provide information about fake accounts on the platform. In response to Musk backing out, Twitter board chair Bret Taylor pledged to pursue legal action, launching a lawsuit against him in that month.
The net worth of Elon Musk also includes the value of his car collection. Since Musk has been selling off a lot of his material possessions in recent years, it’s not clear how many cars he owns as of the moment. But according to Motorious.com, Musk owned the following cars at some point:
- 1978 BMW 320i
- 1997 McLaren F1
- 1976 Lotus Esprit “Wet Nellie”
- 2021 Porsche 911 Turbo
- 2006 Hamann BMW M5
- 1920 Ford Model T
- 1967 Jaguar E-Type
- 2008 Tesla Roadster
- Tesla Cybertruck Prototype
- Tesla Model X
- Tesla Model S Performance
His real estate properties
Though Musk is one of the richest men in the world, he doesn’t currently have his own home.
In an April 2022 interview with the non-profit organization TED, Musk shared that he doesn’t spend a lot of his billions on personal consumption. “In fact, I don’t even own a home right now. I’m literally staying at friends,” he said. “If I travel to the Bay Area, which is where most of Tesla engineering is, I basically rotate through friends’ spare bedrooms.”
In May 2020, Musk tweeted, “I am selling almost all physical possessions. Will own no house.” Almost two years later, in March 2022, The Wall Street Journal, reported that he made good on that promise, as he sold seven homes for nearly $130 million.
Musk revealed in a tweet in June 2021 that he was renting a home from SpaceX worth $50,000 in Boca Chica, Texas.
Was Elon Musk born rich?
Musk was not born a billionaire. Born in 1971, he’s the son of Maye Musk, a model and dietitian from Canada, and Errol Musk, a South African electromechanical engineer, pilot, and sailor.
Maye and Errol divorced in 1980 when Mush was about 9 years old. After his parent went their separate ways, Elon lived mostly with his father until he left South Africa at age 17.
In February 2018, Business Insider claimed that Errol acquired a “half-share in a Zambian emerald mine, which would help to fund his family’s lavish lifestyle of yachts, skiing holidays, and expensive computers.”
But in December 2019, Elon denied the emerald mine-and-lavish-lifestyle story on Twitter. “He didn’t own an emerald mine,” Elon tweeted at the time, referring to his father. “I worked my way through college, ending up ~$100k in student debt. I couldn’t even afford a 2nd PC at Zip2, so programmed at night & website only worked during day. Where is this bs coming from?”
“This is a pretty awful lie,” Elon wrote in a follow-up tweet. “I left South Africa by myself when I was 17 with just a backpack & suitcase of books. Worked on my mom’s cousin’s farm in Saskatchewan & a lumber mill in Vancouver. Went to Queens Univ with scholarship & debt, then same to UPenn/Wharton & Stanford.”
Musk’s Indian friend, Pranay Pathole, joined the conversation on Twitter to share that Musk did not even have a place to stay when he started his company Zip2 and used to shower at YMCA. Pathole also revealed that Musk and his roommate turn their room to a college house into a nightclub to afford rent.
Musk confirmed this in a tweet, sharing that they charged a $5 entrance fee to anyone who would like to come into their makeshift nightclub.
How much money did Elon Musk’s parents give him?
Elon didn’t inherit any wealth from his family. But his father gave him and his brother, Kimbal, $28,000 to start their first software company, Zip2.
H2: Is Elon Musk a self-made billionaire?
Despite the undying rumors that Musk inherited lots of money from his parents, especially from the earnings of the supposed emerald mine his father owned, many people consider Musk as a self-made billionaire.
How old was Elon Musk when he became a millionaire?
According to Business Insider, Musk was 41 years old when he became a billionaire in 2012.
Who is the richest man in the world in 2022?
As of August 2022, Elon Musk is currently the richest man in the world. Last year, the net worth of Elon Musk surpassed that of Amazon founder Jeff Bezos, making the former the world’s wealthiest man.
Who is richer than Elon Musk?
No one is richer than Elon Musk. With an estimated net worth of $255 billion, Musk is the wealthiest man in the world. As of August 2022, below are the 5 richest men in the world:
- Elon Musk – $255.1 billion net worth
- Bernard Arnault & family – $162.5 billion net worth
- Jeff Bezos – $154.3 billion net worth
- Gautam Adani & family – $145.7 billion net worth
- Bill Gates – $ 110.7 billion net worth