Elon Musk: The South African-born Canadian-American businessman, inventor, and investor

Elon Musk, a South African-born Canadian-American entrepreneur, inventor, and investor, is one of the most well-known and wealthiest people in the world. With a net worth of $180 billion, he has become a household name in recent years. Musk wears many hats and is involved in many companies, but he has earned the majority of his fortune as the CEO of Tesla Motors.

Early Life

Musk taught himself computer programming when he was a child, and by age 12, he had coded and sold his first computer game, Blastar. He attended Queen’s University in Ontario, Canada, and graduated from the Wharton School at the University of Pennsylvania with dual degrees in business and physics. He later enrolled in a Ph.D. program in physics at Stanford University but dropped out after two days.

Success

Musk’s first venture was a software company called Zip2, which he founded with his brother, Kimbal Musk. Their primary product was an internet-based guide for cities geared towards the publishing industry, particularly newspapers. The brothers sold Zip2 to Compaq in 1999 for $307 million in cash and $34 million in stock.

From there, he launched X.com, an email payment company, which eventually became PayPal. Musk continued to launch new businesses since then, including SpaceX, his aerospace design and development company, and Tesla Motors, the company behind a range of increasingly popular electric sports cars. In October 2022, Musk acquired Twitter for $44 billion.

Elon Musk Net Worth Details

As of this writing, Musk owns approximately 24% of Tesla’s outstanding shares and 43% of the privately-held SpaceX. In October 2021, Tesla’s market cap broke $1 trillion for the first time. That same month, SpaceX raised money at a $100 billion valuation, and at that point, Musk’s net worth teetered around $300 billion for the first time.

Tesla Compensation Plan

In 2018, Tesla announced that Musk would receive no guaranteed compensation or salary. Instead, he would only be paid if he met certain operational milestones and performance targets. The first milestone was met in May 2020, allowing Musk to purchase $1.8 billion in Tesla shares at a discounted price. The second milestone was met in January 2022, allowing Musk to purchase another $50 billion in Tesla shares.

Personal Life

Musk has been married three times and has six children. He has also made headlines for his philanthropic efforts, including donating $100 million to help fund a prize for the best carbon capture technology and providing aid during natural disasters.

Real Estate Holdings

Musk has owned various properties throughout his career, including six homes in Los Angeles, which he sold in 2020. At one point, he owned $100 million worth of real estate. Currently, Musk resides in Texas.

Conclusion
Elon Musk has become a household name in recent years due to his involvement in various companies and his immense wealth. His entrepreneurial spirit and innovative ideas have made him one of the most successful businessmen of our time.