Elon Musk Net Worth (Richest Man on the Planet in 2024)

Elon Musk, born on June 28, 1971, in Pretoria, South Africa, is a prominent entrepreneur and inventor known for founding and leading several high-profile technology companies. He moved to the United States to pursue greater economic opportunities, earning degrees in physics and economics from the University of Pennsylvania. Musk’s early ventures include Zip2, a company providing online business directories and maps, and PayPal, an online payment system later acquired by eBay for $1.5 billion.

Elon Musk net worth is $258.5 billion as of 4th July 2024. This makes him the world’s richest person after he grabbed this position by surpassing the CEO of Louis Vuitton Bernard Arnault and Jeff Bezos. He co-founded six companies, including electric car maker Tesla, rocket producer SpaceX, and tunneling startup Boring Company.

Elon Musk’s net worth surged by $10 billion recently due to a significant rally in Tesla shares. This increase has brought his total net worth to over $258.5 billion, reinforcing his position as the world’s richest person. The surge in Tesla’s stock price is attributed to positive market responses and Musk’s substantial stake in the company, which stands at 20.5%.

Elon Musk’s plan to fund his $21 billion equity portion of the Twitter acquisition remains partly unclear. While Musk has secured $13 billion in bank financing and $12.5 billion backed by a pledge of some of his Tesla shares.

Tesla’s share price rose 4.8% to $264.98, the highest since last December. After 10 consecutive days of gains, Tesla stock increased by 44%. In July alone, Tesla’s stock went up by 33%, raising its market value from $631 billion to $822 billion. This made Tesla the top performer among S&P 500 stocks, beating Corning, which saw a 15% increase. The Nasdaq index rose by 0.1% on Tuesday, with Tesla being the biggest gainer among large S&P stocks.

What is Elon Musk Net Worth?

Elon Musk net worth is estimated to be $258.5 billion, making him one of the wealthiest individuals in the world. Elon Musk, the founder of Tesla and SpaceX, is now the richest person in the world, according to the Forbes Real Time Billionaires list. His net worth has reached $258.5 billion. He has surpassed Jeff Bezos, who is in second place with $216.5 billion, and Bernard Arnault, who is third with $192.9 billion.

Elon Musk owns about 12% of Tesla, excluding options, but has pledged more than half of his shares as collateral for personal loans up to $3.5 billion.

In early 2024, a Delaware judge voided Musk’s 2018 deal to receive options equaling an additional 9% of Tesla. Forbes has discounted the options by 50% pending Musk’s appeal.

SpaceX, founded in 2002, is worth nearly $180 billion after a December 2023 tender offer of up to $750 million; SpaceX stock has increased five times in value over four years.

Musk bought Twitter in 2022 for $44 billion, later renaming it X. He owns an estimated 74% of the company. Forbes estimates Musk’s stake in X is now worth nearly 70% less than he paid for it, based on investor Fidelity’s valuation as of December 2023.

As of May 31, 2024, Musk leads the Forbes list, which is updated regularly to reflect changes in net worth.

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Elon Musk Net Worth – Highlights

Elon Musk
Net Worth (2024)	$258.5 billion
Major Companies	Tesla, SpaceX, Neuralink, The Boring Company, X (formerly Twitter)
Assets	Shares in Tesla and SpaceX, real estate, investments in various companies
Age	53 years old (Born on June 28, 1971)
Height	6 feet 2 inches (188 cm)
Personal Life	Known for his relationships and 12 children
Residence	Austin, Texas
Country	United States
Education	Degrees in Physics and Economics from the University of Pennsylvania
Philanthropy	Significant donations to renewable energy, science and engineering education, and other causes

Where did Elon Musk’s wealth come from?

Elon Musk made his wealth through a series of successful ventures in various industries. He co-founded Zip2 in 1995, a web software company that provided business directories and maps for newspapers. In 1999, Compaq bought Zip2 for $307 million, netting Musk $22 million from the sale.

Using the proceeds from Zip2, Musk founded X.com in 1999, an online payment company that later became PayPal after merging with Confinity. In 2002, eBay acquired PayPal for $1.5 billion in stock, earning Musk approximately $180 million.

In 2002, Musk invested $100 million to found SpaceX, a company focused on reducing space transportation costs through reusable rockets. SpaceX has since secured lucrative contracts with NASA and is valued at over $100 billion, with Musk owning about 42% of the company.

Musk joined Tesla in 2004, becoming its largest shareholder and CEO. Tesla revolutionized the electric vehicle market, and its market capitalization has exceeded $1 trillion. Musk’s stake in Tesla, including stocks and options, forms a significant part of his wealth.

Additionally, Musk founded SolarCity (acquired by Tesla in 2016), Neuralink (developing brain-machine interfaces), The Boring Company (focused on tunnel construction), and OpenAI (an AI research lab). His ventures and investments reflect a pattern of reinvesting his earnings into innovative and high-potential businesses.

Musk’s involvement in cryptocurrencies has also impacted his wealth. His statements and Tesla’s investments in Bitcoin and Dogecoin have influenced their market prices significantly. Overall, Musk’s strategic reinvestments and leadership in pioneering technologies have been key to his rise as one of the wealthiest individuals in the world.

How much of Tesla does Elon Musk own?

Elon Musk owns approximately 20.5% of Tesla as of early 2024. This stake is valued at over $120 billion, making him the largest shareholder of the company. Musk’s ownership includes over 411 million shares of Tesla common stock and options to purchase nearly 304 million additional shares. His ownership percentage has slightly decreased from previous years due to the sale of some shares to fund his acquisition of Twitter (now X).

Elon Musk net worth grew by $67 billion during Tesla’s 10-day win streak

Elon Musk’s net worth surged by $67 billion during a recent 10-day winning streak for Tesla. This significant increase in his wealth is attributed to the rapid rise in Tesla’s stock price, which reached new highs as investors showed strong confidence in the company’s future performance. Musk’s net worth now exceeds $258.5 billion, making him the richest person on Earth, surpassing both Bill Gates and Warren Buffett combined. The surge in Tesla’s stock highlights its growing influence and success in the electric vehicle market.

Key facts about Elon Musk

1. Net Worth: Elon Musk’s estimated net worth is $200 billion as of February 2024, making him the richest person in the world, according to Bloomberg.

2. Ventures: Leads five companies: Tesla, SpaceX, Twitter, Neuralink, and The Boring Company.

3. Background: Born in Pretoria, South Africa, and bought his first computer at age 10.

4. Education: Graduated from the University of Pennsylvania with degrees in Physics and Economics.

5. Philanthropy: Joined Warren Buffett’s Giving Pledge in 2012.

6. PayPal: Co-founder of the online payment system PayPal, sold to eBay for $1.5 billion in 2002.

7. The Boring Company: Launched to alleviate urban congestion and allow high-speed travel.

8. Neuralink: CEO, developing brain-computer interfaces.

9. SEC Settlement: Settled SEC charges in 2018 over a misleading tweet about taking Tesla private.

10. Twitter Acquisition: Acquired Twitter for $44 billion in April 2022 after initially seeking to back out.

Elon Musk’s top investments

Elon Musk has been involved in several leading tech companies, some of which have become among the largest in the U.S.

Company	Value	# of Employees
Tesla	$587 billion	140,473
SpaceX	$180 billion	13,000
The Boring Company	Over $7 billion	~200
Neuralink	$3.5 billion	<500
PayPal	$68 billion	29,900

OpenAI, The Boring Company, & more

Elon Musk net worth is estimated at around $258.5 billion as of early 2024, making him the richest person in the world. His wealth primarily comes from his stakes in several companies, including Tesla, SpaceX, Neuralink, and The Boring Company. Here are some key points about his financial status and involvement in various ventures:

Tesla: Musk owns approximately 20.5% of Tesla, which is valued at over $120 billion. Tesla’s significant market capitalization has been a major contributor to his wealth growth.

SpaceX: Musk holds a 42% stake in SpaceX, valued at around $77 billion. SpaceX has become a leading private aerospace manufacturer and space transportation company, known for its reusable rocket technology.

Neuralink: This neurotechnology company, which aims to develop brain-machine interfaces, is valued at around $5 billion. Neuralink recently made headlines for successfully implanting a brain interface in a human patient.

The Boring Company: Valued at over $7 billion, The Boring Company focuses on developing tunneling technology to reduce urban traffic congestion. It is currently working on the Vegas Loop, a major transportation project in Las Vegas.

OpenAI: Although Musk co-founded OpenAI, he no longer has a stake in the company and has recently sued it, claiming it has deviated from its original mission.

Elon Musk’s purchase of Twitter — ‘X’

Elon Musk net worth as of July 2023 is estimated to be around $258.5 billion, making him the richest person in the world. In October 2022, Elon Musk bought Twitter for $44 billion. He renamed it X Corp. and introduced the paid-verification blue checkmark system to make money.

In July 2023, Musk and Meta CEO Mark Zuckerberg had a major conflict when Meta launched a new app called Threads. Around this time, Musk stepped down as CEO of Twitter, and Linda Yaccarino took over.

By the end of 2023, the value of X dropped to $19 billion, and Musk’s 79% stake was worth about $15 billion.

Elon Musk and cryptocurrency

Elon Musk has had a profound influence on the cryptocurrency market, often causing significant fluctuations with his remarks and tweets. As a long-time supporter of Dogecoin, Musk has frequently referred to it as his favorite cryptocurrency. His public endorsements have led to notable surges in Dogecoin’s value, such as a 15% increase when he suggested that Tesla might accept it as a payment method.

Tesla itself holds approximately $148 million worth of Bitcoin, highlighting Musk’s strategic investment in cryptocurrencies. However, the company ceased accepting Bitcoin for vehicle purchases due to environmental concerns related to Bitcoin mining. Despite this, Tesla still allows customers to buy merchandise using Dogecoin.

Looking forward, Musk’s platform X (formerly Twitter) is set to launch in-app payment services by mid-2024. There has been speculation about the inclusion of cryptocurrencies like Dogecoin and Bitcoin, although Musk has expressed that he spends little time thinking about digital assets, suggesting a cautious approach.

Elon Musk Reclaims Title As World’s Richest From Bernard Arnault

Elon Musk, the founder of Tesla and SpaceX, has reclaimed the title of the richest person in the world, surpassing Bernard Arnault and Jeff Bezos. According to the Forbes Real Time Billionaires list, Musk’s net worth has soared to $258.5 billion, placing him at the top spot. Amazon founder Jeff Bezos is third with $216.3 billion, while Bernard Arnault, who oversees the LVMH luxury goods empire, is now second with $191.3 billion.

Musk’s substantial increase in wealth follows his acquisition of the social media platform X (formerly Twitter) for $44 billion in October 2022. As of May 31, 2024, Musk continues to lead the Forbes Real Time Billionaire list, which is frequently updated to reflect changes in net worth.

The list also features other notable billionaires:

Mark Zuckerberg is fourth with $163.9 billion,
Larry Ellison fifth with $146.2 billion,
Larry Page sixth with $142.6 billion,
Sergey Brin seventh with $136.6 billion,
Warren Buffett eighth with $134.9 billion,
Bill Gates ninth with $128.6 billion,
Steve Ballmer tenth with $123.1 billion

Elon Musk Net Worth (Real Estate and Investments)

Elon Musk net worth is fueled by his significant investments and real estate holdings. As of July 2024, his net worth is estimated to be around $258.5 billion, primarily driven by his stakes in Tesla and SpaceX.

Investments

Tesla: Musk owns a 20.5% stake in Tesla, valued at over $120 billion. His compensation package from Tesla, based on performance milestones, further boosts his wealth.
SpaceX: He holds an estimated 48% stake in SpaceX, valued at approximately $35 billion based on recent funding rounds.
Cryptocurrencies: Musk has investments in Bitcoin, Ethereum, and Dogecoin. While the exact amounts are unknown, these holdings contribute to his portfolio.
Other Ventures: Musk also has stakes in Neuralink and The Boring Company, though these are relatively smaller compared to his major investments.

Real Estate

Musk has been known for his extensive real estate portfolio, although he has sold many of his properties in recent years:

Bel-Air Properties: He once owned multiple properties in the Bel-Air neighborhood of Los Angeles, including a $17 million mansion and several other homes which he sold for a combined total of $84.1 million.
Northern California: Near Tesla’s headquarters, Musk owns a historic mansion on 47.4 acres, purchased for $23 million.
Gene Wilder’s Former Home: He bought and later sold Gene Wilder’s former home with the stipulation that it not be torn down.

In recent years, Musk has sold most of his real estate, including seven homes worth around $130 million, as part of his pledge to “own no house”.

What Companies Does Elon Musk Own?

Elon Musk owns several companies, including:

Tesla, Inc.: Electric vehicles and energy products
SpaceX: Space exploration and transportation
Neuralink: Brain-machine interfaces
The Boring Company: Tunnel construction
X (formerly Twitter): Social media platform
He has also founded or invested in other ventures like SolarCity and OpenAI

Elon Musk Cars

The billionaire has quite a good collection of cars, including:

1978 BMW 320i: $1,400
1967 Jaguar E-Type: $40,000
1997 McLaren F1: $815,000
2006 Hamann BMW M5: $103,500
2008 Tesla Roadster: $98,950
2010 Audi Q7: $48,000
1976 Lotus Esprit “Wet Nellie”: $920,000
2012 Porsche 911 Turbo: $154,710
1920 Ford Model T: $850
Tesla Model X: $94,990
Tesla Model 3 Performance: $58,990
2019 Tesla Model S Performance: $20,000
Tesla Cybertruck: $69,900

Conclusion

Elon Musk net worth in 2024 stands at approximately $258.5 billion, solidifying his position as the world’s richest person. His wealth is primarily derived from his substantial stakes in Tesla, SpaceX, and X (formerly Twitter). Despite fluctuations in market value, particularly with X’s significant drop from its $44 billion purchase price to $19 billion, Musk’s innovative ventures in electric vehicles, space travel, and tunneling technology continue to drive his financial success and influence in multiple industries.