Elon Musk, a business magnate and investor, is a subject of curiosity and admiration for many. His enormous wealth and financial success have frequently landed him on the list of the world’s wealthiest people. So, how much does he earn to maintain such an astonishing net worth, and what are the primary sources of his income?
If you are curious about the financial journey of a business magnate like Elon Musk, then you have come to the right place. In this article, I will explore in detail Elon Musk’s net worth, the sources of his wealth, and his assets. Therefore, keep reading to gain insight.
Elon Musk Net Worth
Who is Elon Musk? Born on June 28, 1971, in South Africa, Musk is a prominent business magnate and investor who has risen to become a well-known figure in the fields of technology, space exploration, and entrepreneurship. He is the chairman, founder, CEO, and chief technology officer of Space X, angel investor, and former chairman of Tesla, Inc.
In addition, Musk is also the owner, chairman, and CTO of X Corp. Moreover, he is the founder of the Boring Company and serves as the co-founder of Neuralink and OpenAI. Additionally, he is the president of a non-profit organization called the Musk Foundation.
How Much Does Elon Musk Earn?
Elon Musk is a distinguished shareholder of PayPal, a position that contributes significantly to his financial success. A small portion of Musk’s net worth is derived from his ownership of approximately 13.4% of Tesla’s shares. Currently, he holds a substantial stake in the company Space X, estimated at around 25%, including stock and options.
Furthermore, he also holds a significant stake in the micro-blogging platform Twitter. Elon Musk’s financial journey was far from smooth. There has been a remarkable surge in his net worth since he became a billionaire in 2012.
Over the course of years, from 2012 to 2023, his net wealth experienced staggering growth, soaring from approximately 38,762,272,000.00 ZAR ($2 billion) to 3.492 trillion ZAR ($180 billion). This means that each year, his earnings increase by about 324.57 billion($16.8 billion) due to the rising value of his stocks. Nevertheless, there were times when he earned more than this.
In 2020, his wealth experienced a staggering growth of about 2.66 trillion ZAR($140 billion), followed by another remarkable increase of about 2.319 trillion ZAR ($120 billion) in 2021. However, in 2022, his net worth plummeted by over 1.932 trillion ZAR ($100 billion). Despite this loss, he is still considered one of the wealthiest people in the world.
Moreover, as of Today, Elon Musk’s net worth is estimated to be approximately 4.889 trillion ZAR ($252.6 billion), according to Forbes. With such an enormous and remarkable net worth, it’s no wonder that he holds the title of the richest person in the world.
Net Worth: 4.889 trillion ZAR ($252.6 billion)
Annual Salary: 46,535,539,200.00 ZAR ($2400 million approximately)
Elon Musk’s Primary Sources of Income
Elon Musk has amassed a vast fortune over the years. His wealth and fortune is primarily derived from various sources and investment, putting him on the list of billionaires. Let me list down some of his primary sources of income:
Tesla is a major source of income for Musk. In 2003, Musk joined Tesla Motors, now known as Tesla Inc., an electric vehicle startup established by Martin Eberhard and Marc Tarpenning. Musk played a significant role in 2004 by leading the Series A round of investment.
He invested about 126,074,455.00 ZAR ($ 2.5 million), which not only made him the major shareholder of the company but also positioned him as the chairman of Tesla’s board of directors. Musk’s Involvement with Tesla has contributed a lot to his overall financial success. As Tesla’s stock price increased due to its growing market share, aggressive development plan, and innovation in electric vehicles, Musk experienced a significant rise in his wealth.
Musk co-founded X.com in 1999, an online payment company that was later renamed PayPal. However, in 2002, eBay acquired PayPal for 28.982 billion ZAR ($1.5 billion), and Musk, who held the position of PayPal’s largest shareholder, received 3,412,548,380.40 ZAR ($175.8 million).
SpaceX is another company established by Elon Musk in 2002 with the intention of reducing the cost of space travel. Initially investing 1,941,153,800.00 ZAR ($100 million) from his own pocket, Musk was on a mission to make space exploration more accessible. He eventually succeded, and Space X achieved numerous milestones, including the first spacecraft to reach orbit(Falcon 1) and the development of the Falcon 9 rocket.
SpaceX significantly boosted Elon Musk’s overall net worth. While SpaceX is a private organization, Musk owns a sizeable portion of it. Moreover, his ownership stake in SpaceX has increased in value because of the company’s successful collaboration with NASA and significant progress in the development of the Starship spacecraft.
The Boring Company
Musk founded The Boring Company in 2017, focusing on tunneling and urban transportation solutions. Musk’s investment in this venture represents another potential source of income for him.
Solar City and Solar Energy Ventures
Elon Musk provided the financial capital for Solar City, a solar energy services organization that focuses on making solar power more accessible to homeowners. By 2013, Solar City was considered the second-largest provider of solar power systems in the United States. His interest and involvement in solar technology and energy ventures have contributed significantly to his financial success.
Twitter, one of the prominent social platforms, also adds a lot to Musk’s income. Musk has invested in various ventures, and Twitter is one of them. While he does not actively participate in Twitter’s day-to-day operations, his investment in the company has increased his net worth.
Neuralink and OpenAI
Musk is a co-founder of Neuralink company that focuses on integrating the human brain with artificial intelligence. He also founded OpenAI with the aim of focusing on artificial intelligence research. While these ventures are more research-oriented, they represent Musk’s dedication to transformative technology.
In essence, Elon Musk’s substantial amount of earnings come from his ownership of Tesla’s shares. Although he does not receive a fixed salary from Tesla, he is granted stock options from Tesla when the company achieves particular challenging performance milestones. The rest of his wealth comes from 20% shares in SpaceX and other ventures.
Elon Musk’s Assets and Possessions
Elon Musk, a billionaire, has amassed remarkable wealth and also possesses a diverse range of assets and possessions that reflect his financial success. Let me list down some of the assets disclosed to the public.
|Residence||Elon Musk, in his tweet, stated his intent to “own no house” and currently resides in Boca Chica, Texas.|
|Cars||1978 BMW 320i, 1967 Jaguar E-Type, 1997 McLaren F1, 2006 Hamann BMW M5, 2008 Tesla Roadster, 2010 Audi Q7, 1976 Lotus Esprit “Wet Nellie”, 2012 Porsche 911 Turbo, 1920 Ford Model T, Tesla Model X, Tesla Model 3 Performance, 2019 Tesla Model S Performance, Tesla Cyberstruck|
|Private Jets||Gulfstream G650ER, Gulfstream G550s, Dassault Falcon 900 B|
|Investments and Ventures||SpaceX, The Boring Company, Twitter, Tesla and PayPal|
|Net Worth||4.889 trillion ZAR ($252.6 billion)|
What is the net worth of Elon Musk?
As of 2023, according to Forbes, Elon Musk’s net worth is estimated to be approximately 4.889 trillion ZAR ($252.6 billion), solidifying his position as one of the wealthiest businessmen in the world. However, his net worth is subject to fluctuation because of the volatile nature of the stock process of his companies and other financial factors.
What is Elon Musk’s main source of income?
Elon Musk’s primary source of income comes from his ownership stakes at different companies, such as Tesla, SpaceX, Twitter, and more. Tesla significantly contributes to half of his wealth and financial success.
Does Elon Musk take a salary from Tesla?
No, he does not. Elon Musk does not receive a fixed salary from Tesla; instead, he is awarded stock options when the company attains specific, challenging performance milestones. This means that Musk is offered stock options as a form of compensation when Tesla achieves certain difficult performance goals.
To sum up, Elon Musk is a prominent businessman and investor and is considered one of the wealthiest individuals on earth. He has invested in multiple companies, including Tesla, Twitter, The Boring Company, SpaceX and PayPal. His main source of income comes from these companies, with Tesla accounting for approximately half of his total net worth.
While the rest of his wealth is derived from his 20% shares in SpaceX and other ventures, according to Forbes, Musk’s total net worth is approximately 4.889 trillion ZAR ($252.6 billion), which puts him on the list of wealthiest businessmen in the world. Furthermore, he has a collection of assets and possessions that contribute significantly to his financial success.
He owns multiple expensive and luxurious cars and private jets. However, he has made a public declaration of “owning no house,” indicating that he does not own any luxurious residence or mansions. He currently resides in a modest property in Boca Chica, Texas.