Elon Musk’s name is known the world over. He is not only the planet’s wealthiest man but also a super successful entrepreneur who has founded a string of hugely profitable companies. So how did Elon Musk make his money, you ask?
As of 2022, Musk became the richest man globally, surpassing all other billionaires.
This article will examine his early life and struggles, career and achievements, personal life, and Elon Musk’s net worth. Let’s find out what shaped and drove this visionary leader and how he made his fortune.
Without further ado, here’s the inspiring story of Elon Musk.
Elon Musk – Short Bio
He was born Elon Reeve Musk on June 28, 1971, in Pretoria, Transvaal, South Africa. He is a native South African, and he also holds citizenship in Canada and the United States.
His father, Errol Musk, is a South African electromechanical engineer, pilot, sailor, consultant, and property developer. His mother, Maye Haldeman Musk, is a dietician and model born in Saskatchewan, Canada. Elon has two other younger siblings, a brother, Kimbal (1972), and a sister, Tosca (1974).
Elon Musk – Early Life
Rome wasn’t built in a day, and that also goes for the richest person in the world and his fortune. His road to becoming the wealthiest man began in 1989 when he moved to Canada from South Africa to avoid mandatory military service.
He studied at Queen’s University in Ontario in 1990. He then moved to the University of Pennsylvania in 1992, supporting himself through college. With over $100k in student debt, he graduated with a double major in physics and economics at Penn’s Wharton School of Business.
How did debt-straddled Elon turn his finances around to earn billions? Musk has said his success came from taking risks, and this is where he took his first big one.
After just two days, he said farewell to his Ph.D. physics program at Stanford to chase a unique opportunity to start a business.
- Elon Musk – Career & Achievements
- At a Glance: Elon Musk’s Companies
- Zip2 (1995) This start-up provided online guides of cities, including maps, and worked as a directory for newspapers.
- X.com (1999) After merging with Confinity, X.com became Paypal, the well-known digital payments platform used by merchants and consumers globally.
- SpaceX (2002) This company designs and manufactures reusable rockets to facilitate space travel and exploration.
- Tesla, Inc. (2004) Initially an electric car company, Tesla, Inc. has outgrown automobile giants like Toyota, Honda, and Ford, that have dominated the market for decades. Now, the company also manufactures solar power systems and energy storage options.
- SolarCity (2006/2016) As a co-founder, Musk initially provided the concept and financial backing to his cousins’ business venture, SolarCity. It became the second largest provider of solar power systems in the United States. Later, Tesla, Inc. bought the company and merged it with its own battery energy storage products division to form Tesla Energy.
- Neuralink (2016) One of Musk’s many companies with a futuristic goal, Neuralink aims to build a device that can be implanted in the brain and convert our thoughts into actions—helping people with disabilities.
- The Boring Company (2016) Formed to construct tunnels, this company built one underneath the SpaceX office in 2017 and another beneath the Las Vegas Convention Center in 2021.
Elon’s Tips for Success
In all the experiences Elon has undergone over the years, he faced many rough patches on his journey and still came out on top. Take it from someone who has seen so much of the world. His advice is nothing to scoff at because with experience comes wisdom, and he has a lot of it.
Elon’s first piece of advice was to “Do things that are useful to your fellow beings, to the world. It’s hard to be useful to the world, very hard”. In other words, do something beyond serving yourself, which he has exemplified in his work.
Secondly, “Try to have a positive net contribution to society. That’s something to aim for”. This follows the same logic – try to give back something positive to society and everyone will be better for it, including you.
Thirdly, “A lot of the time, the people you want as leaders are the people who don’t want to be leaders. Forcing yourself to do anything or be anyone you do not always end up in disappointment. Play to your strengths, and you’ll succeed.”
Fourth, “I would encourage people to read a lot of books. Try to ingest as much information as you can and develop good general knowledge, so you at least have a rough lay of the land of the knowledge landscape.”
Finally, communicate with one another. As Musk said: “Talk to people from different walks of life and industries, professions, and skills. Learn as much as possible.”
We can see that bonding and learning as a society and a species means a lot for Musk. Talking to one another opens up new insights and broadens your horizon.
You see people and the world from a refreshing new perspective. You develop respect for everyone around you because we’re all humans, and we’re all in here together at the end of the day.
How Did Elon Musk Get So Successful?
Elon Musk had a clear vision of what he wanted to achieve and consistently took risks to make it happen. Although such risk-taking may appear reckless, many people forget that all his risks were calculated. He had a goal and a vision for the future, and he worked towards it.
It all started with him being in debt that most people couldn’t get out of, but his mental fortitude allowed him to push forward. His companies did not begin well and saw some very rough years, but he turned them around in the end.
What Is Elon Musk’s Net Worth?
In 2022, his total net worth is reported to be approximately $273 billion, making him the richest man in America.
How Much Money Does Elon Musk Make a Day?
Based on his reported estimated salary of $2.4 billion per year, Elon Musk makes $6.6 million per day.
Conclusion – How Did Elon Musk Make His Money?
Early on, Elon Musk became a self-made multa-millionaire through his shares in Zip2, the first company he founded. After a merger, his second company, X.com, eventually became well-known as PayPal. Tesla, Inc. and its space transportation and electric car ventures grew his wealth further.