Elon Musk, the South African-born tech entrepreneur, has become one of the world’s wealthiest people in a relatively short amount of time. His remarkable jump in wealth is linked to his ownership stake in electric car maker Tesla, and to a lesser extent his holdings in ventures including Space X and Boring Company.
Musk’s journey to becoming a billionaire began in 1995 when he co-founded the web software company Zip2. The company was eventually sold to Compaq for $307 million in 1999, with Musk receiving $22 million for his 7 percent stake. Musk then went on to co-found X.com, an online financial services and email payment company, which eventually merged with Confinity and became PayPal. Musk’s 11.7 percent stake in PayPal was worth $165 million when it was acquired by eBay in 2002.
In 2002, Musk founded SpaceX, a private aerospace manufacturer and space transport services company. He has since invested millions of dollars of his own money into the company and currently owns 54 percent of the company. Musk also founded Tesla Motors in 2003, and has since become the company’s largest shareholder with a 21.9 percent stake.
Musk’s wealth has skyrocketed in recent years due to the success of Tesla. The company’s stock price has surged more than 800 percent since the start of 2020, making it one of the most valuable companies in the world. As of September 30, 2022, Musk’s net worth is estimated to be around $164 billion, making him the second-richest person in the world.
Musk’s success is due to his willingness to take risks and his ability to think outside the box. He has pushed the boundaries of technology and has been a driving force behind the electric vehicle revolution. His vision and ambition have made him one of the most successful entrepreneurs of our time.