Elon Musk’s web value – how did the SpaceX founder make his cash?

Elon Musk’s net worth – how did the SpaceX founder make his money?

ELON Musk is the eccentric billionaire behind a few of the world’s most progressive corporations together with SPACEX and Tesla.

He hit the headlines earlier this yr by naming his new child child X Æ A-12 – as his earnings continued to soar. Right here’s what that you must know.

Tesla Motors boss Elon Musk is value an estimated $23.5bn
AP:Related Press

What’s Elon Musk’s web value?

Self-made billionaire Elon Musk, 48, is ranked quantity 25 on the Forbes wealthy record with an estimated private fortune of $37.2bn (£30.1bn).

A infamous workaholic, he doesn’t spend his cash on lavish holidays or costly hobbies.

As a substitute, the entrepreneur spends most of his free time on the workplace or in factories.

On the finish of the day he heads again to one in every of a number of Los Angeles mansions he owns on the finish of the day.

How did he make his fortune?

In 1995 he and his brother Kimbal began software program agency Zip2, which created web metropolis guides for the New York Instances and Chicago Tribune.

4 years later Elon pocketed $22million when the agency was bought to Compaq.

Later in 1999 he based X.com, one of many world’s first on-line banks, which merged with PayPal the next yr.

Musk, who held 11.7 per cent of PayPal shares, scored an enormous payday when the agency was purchased by eBay for $1.4bn in 2002.

He went on to discovered SpaceX and took over Tesla Motors which is now value round $70bn.

Musk has unveiled plans to ship hundreds of individuals on a one-way journey to colonise Mars

What corporations does Elon Musk personal?

Elon Musk started investing in house journey in 2001 when he tried to purchase Russian ballistic missiles that he hoped may ship payloads into house.

As a substitute he set about constructing his personal rockets by means of his agency SpaceX.

The corporate has pioneered re-usable rockets and has efficiently landed its Falcon 9 craft, a primary for an orbital rocket.

SpaceX has received contracts to launch payloads into orbit for Nasa and is now valued at greater than $20bn.

Musk has a lot grander plans together with a colony of one million individuals residing beneath glass domes on Mars.

In 2004, Musk was concerned in refinancing start-up tech agency Tesla Motors and oversaw the design of its the Roadster electrical automobile.

He took over as boss in 2008 and has led the push to make electrical automobiles mainstream.

In 2018, Musk was pressured to resign as Tesla chairman and pay a 15million effective after settling a cope with US regulators over tweets about taking the corporate non-public.

The US Securities and Alternate Fee mentioned his claims have been “false and deceptive”.

The corporate’s market cap hit $100bn in January 2020, serving to Musk’s private web value soar.

Musk funded the SolarCity agency based by his cousins, which makes photo voltaic panels and is now owned by Tesla Inc.

He additionally co-founded Hyperloop One, which goals to develop high-speed practice journey, and The Boring Firm which is testing cheaper methods to dig tunnels.

One other of Musk’s start-up is Neuralink, which goals to combine the human mind with synthetic intelligence by means of implants within the cranium.

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