Elon Musk is a Canadian-American business magnate, inventor and engineer with a net worth of $13 billion and an annual salary of $1. Here’s how he got so rich…
Elon Musk Net Worth: How It All Began
Like most famous billionaires today, Musk began from humble beginnings. Born during the apartheid-era in South Africa on June 28, 1971, Musk developed an interest in computers at the age of 10. At the age of 12, he was already a programmer. Soon he developed his own video game called “Blastar”, which he sold for about $500.
After graduating from high school, Musk just before the age 18 moved to Canada. He enrolled at Queens University but transferred to the University of Pennsylvania after two years. Musk graduated from college with dual Bachelor degrees in 1995 at the age of 24. One in Physics and the other in Economics.
Just after college graduation, Musk moved to California to pursue a PhD in applied physics and materials science at Stanford University. However, he dropped out two days later in order to pursue a business career in the area of internet which was burgeoning at the time.
Elon Musk Net Worth: Breakthrough With Inventions
Musk’s decision to become a businessman hugely paid off sooner rather than later. Together with his brother and with the help of the $28,000 they got from their father, the brothers co-founded Zip 2, a web software company. The company was bought by Compaq in February 1999 for US$307 million in cash and US$34 million in stock options. Musk got a 7% cut, and equivalent of $22 million.
Musk was now officially a millionaire but there’s no way he was stopping there, not with the much he still had to offer the world. He took $10 million out of his Zip 2 earnings to found online financial services and e-mail payment company called X.com. The company merged with another to become PayPal. Paypal was then acquired by ebaY in October 2002 for US$1.5 billion in stock. Musk who was the largest shareholder at the time received US$165 million.
See Also: Steve Jobs Net Worth
Elon Musk Net Worth: Continued Success With SpaceX, Tesla Motors, Hyperloop And Others
In a bid to create true spacefaring civilization and advance the state of rocket technology, Musk founded SpaceX in 2002 with $100 million of his fortune. SpaceX which develops and manufactures space launch vehicles is currently in a long-term contract with NASA.
In 2004, Musk assumed a position on the board of Tesla Motors. He is currently the CEO and product architect of the electric car manufacturing company and owns over 20 million of its shares.
Musk is the highest shareholder in SolarCity (f. 2006) now the second largest provider of solar power systems in the United States. In 2013, he developed a concept of high speed transportation system called Hyperloop, which incorporates tubes rather than rails. He is the founder and co-chairman of OpenAI, a non-profit artificial intelligence company.
Among Elon Musk’s many goals include reducing global warming by the increase consumption sustainable energy, setting up a human colony on Mars in order to reduce the risk of human extinction. In a nutshell, Elon Musk aims to change the world.
He has 5 sons from his first marriage which ended in 2008. His second wife of about 6 years, actress Talulah Riley filled for divorce from the billionaire in 2016.