Elon Musk Net Worth: Down To $186 Billion In 2023?

Elon Reeve Musk FRS or Elon Musk is a world-famous business magnate and investor. In fact, he’s one of the world’s richest people.

So, how much is Elon Musk worth (personal wealth) and how did he accrue his wealth?

Well, we will be seeking to answer those questions in this article.

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Elon Musk Net Worth

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What is Elon Musk’s net worth after his record-breaking wealth loss?

Unless you are completely oblivious to the news, for a little over two years, Elon Musk was the richest man in the world.

Elon Musk is the chief executive of publicly traded Tesla, the world’s most valuable car company. The Texas-based company sells electric vehicles and home solar batteries.

Elon Musk is also the chief executive of SpaceX, a rocket manufacturer that has massive deals with NASA to supply the international space station.

He is also the owner of the popular social networking company, Twitter (now known as X).

By owning or having massive stakes in these three companies, Elon Musk is among the richest people in the world. As of writing this, he has a net worth of $186 billion (the figure changes frequently from day to day).

Elon Musk broke the Guinness world record for the largest loss of personal fortune in history when he shed roughly $182 billion from his net worth. Some sources even suggest that he could actually have lost close to $200 billion.

Those figures (Guinness World Records in their own rights) are by far larger than the previous record of $58.6 billion, that was held by Japanese tech investor Masayoshi Son.

At its peak, Elon Musk’s net worth was $320 billion in 2021. He lost all that money due to the poor performance of Tesla’s stock.

He was overtaken by Bernard Arnault, who became the wealthiest person in the world.

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How Elon Musk Made His Money

Zip2

Elon Musk started making serious money in 1995. In that year, Elon Musk started a software company called Zip2 with his brother. The company was eventually bought by COMPAQ.

X.Com and PayPal

This deal itself helped Elon to make a total of $22 million as he owned 7% share of this company. After this deal, Elon Musk founded X.Com (another company) that was basically a financial service provider company.

This company got merged with another company focusing more money transfer service. After this merger, the new company became PayPal which is now the most popular and prevalent platform when it comes to money transfer.

Of course, this deal was very profitable for Elon Musk because he had a huge chunk of PayPal shares. In fact, he was the largest shareholder with 11.72% of shares and for that, he received $175.8 million when in 2002, eBay bought PayPal for $1.5 billion.

Tesla

But, the most significant asset Elon Musk owns is his Tesla shares.

In 2003, Elon Musk invested $6.5 million in Tesla, became the majority shareholder. He joined Tesla’s board of directors as chairman and took an active role within the company. He oversaw product design but was not deeply involved in day to day activities.

He was appointed the Chief executive officer of Tesla in 2008 after a conflict ensued and Eberhard, one of the original co-founders of the company, was ousted from the firm. Musk also became the product architect in 2008

Elon Musk is still the largest shareholder of the carmaker and his Tesla shares and options make up a significant portion of his net worth.

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SpaceX

In 2002, Musk decided to start a company that could build affordable rockets. He put up $100 million of his own money and founded SpaceX. He was the company’s CEO and Chief Engineer.

Elon Musk believes that humans should aspire to become an interstellar species and SpaceX is working on this mission.

According to Elon Musk, he is expecting to settle humans on Mars by the end of 2030. Of course, SpaceX contributes significantly to his net worth.

Twitter

In April 2022, Elon Musk bought Twitter Inc for $44 billion. The deal was closed in October 2022 and he probably owns about 79% of the company. These Twitter Shares make up a significant part of Elon Musk net worth. He’s now rebranded the company into X which has been growing in popularity due to Musk’s stance on free speech and the introduction of features like Spaces which has enabled numerous influencers to gain popularity (for example Mario Nawfal).

Elon Musk’s Personal Life

Elon Musk was Born in South Africa. His father is an engineer and his mother is a nutritionist. At an early age of 17, he left home in South Africa and moved to Canada to complete his college.

Basically, he wanted to avoid serving for South African army as a teenager and to complete his studies. After he graduated from the University of Pennsylvania with degrees in both physics and economics, he enrolled at Stanford University.

His three main areas of interest have been the Internet, clean energy and space.

Conclusion

To summarize, Elon Musk is among the richest people in the world. He held the position of the world’s richest person for two years before losing record breaking wealth and falling down to second-richest person.

The main sources of his wealth Tesla stock, and ownership of SpaceX and Twitter. Apart from that, he has several other investments as well that also add to his net worth.

Before you leave

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