Elon Musk was born on June 28, 1971, in Pretoria, South Africa. Musk bought his first computer at the age of 10 and taught himself how to edit. At the age of 12, he made the sale of his first software – a game he developed called Blaster. At the age of 17, in 1989, he moved to Canada to study at Queen’s University but left in 1992 to study business and physics at the University of Pennsylvania.
Elon Musk graduated with an undergraduate degree in economics and went on to earn a second bachelor’s degree in physics and then pursued a Ph.D. in energy physics. He left Stanford University, however, to become part of the online boom.
Elon has been married three times, twice to one woman – actress Talulah Riley. He was married to Canadian writer Justine Wilson from 2000 to 2008. They shared five sons. He has dated actress Amber Heard and Canadian singer Grimes. In May 2020, Grimes and Elon adopted a baby boy named X Æ A-Xii.
Elon Musk does not take a salary as CEO of Tesla. Instead, you have an unusual and cost-effective bonus program that is in line with the company’s landmark market. When the project was launched, Tesla was worth about $ 50 billion.
There are 12 thousand in total based on $ 50 billion market growth. Elon hit all the milestones so he was eligible to receive every $ 100 billion from the bonus program. Shares related to the program are issued quarterly after the Board of Directors has confirmed that a milestone has been reached.
Musk’s first company, Zip2 Corporation, was an online city guide. In 1999 part of Compaq Computer bought Zip2 for $ 307 million and $ 34 million in stock options. And in 1999, Musk founded X.com, an online financial services/payment services company. The purchase of X.com the following year led to the creation of PayPal, as it is known today, and in 2002 PayPal was acquired by eBay for $ 1.5 billion in stock.
Elon Musk set up his third company, Space Exploration Technologies Corporation (SpaceX), in 2002 with the aim of building spacecraft. By 2008, SpaceX was well established and NASA awarded the company a contract to handle the shipping of International Space Station cargo — with future space shuttle systems.
Next up was Tesla Motors, a car dealership dedicated to producing the cheapest electric cars in the market. Tesla was founded in 2003 by Martin Eberhard and Marc Tarpenning. Elon Ian Wright and J.B. Straubel was the company’s first employee and were renamed its co-founders.
With a hand in the company taken over by Daimler and partnering with Toyota’s strategy, Tesla Motors launched its first public offering in June 2010, raising $ 226 million. In 2012, Elon Musk and SpaceX made history when the company launched its Falcon 9 rocket into space with an unmarked capsule.
In 2013, he came up with the idea for a new type of transportation called Hyperloop, which aims to travel at a speed of more than 700 mph to travel between major cities. Unlike the railway line, Hyperloop will use transport tubes. Musk says Hyperloop can take 7 to 10 years to be built, tested, and ready for use.
As of this writing, Elon Musk owns 43% of rocket maker SpaceX and 24% of Tesla.
In an official statement in 2019, Musk explained that he was actually poor in some way and that 99% of his wealth was created by shares in Tesla and SpaceX. The case also found that Musk’s salary at Tesla was $ 56,380.
He refused the salary for many years. At the time of the trial, Musk was owed $ 500 million, and most owed Morgan Stanley and Goldman Sachs. At least $ 60 million of Morgan Stanley’s debt was related to a mortgage. Since then he has sold most of his homes and repaid the mortgage.
He reportedly burned all his liquid money from a previous business sale to launch SpaceX.
In January 2018, the Tesla board unveiled Musk’s compensation plan that will eventually cost $ 100 billion. The plan wanted Musk to earn $ 100 billion in stock options over a decade in 12 tranches. The first chunk of options was awarded when Tesla reached the market limit of $ 100 billion. From then on, Elon Musk acquired one of the companies every time the company went up in the market by $ 50 billion.
If he did not win any of the 12 categories, he would have received zero compensation.
Within three years Elon Musk opened all 12 episodes of the compensation plan as Tesla’s market limit finally dropped to more than $ 1 billion for the first time in October 2021.
Elon Musk previously owned $ 100 billion in real estate in California alone. In the Northern California city of Hillsborough, you still have a 100-year-old, 16,000-square-foot villa occupying about 50 acres. He bought the house for $ 23.364 million in 2017.
In Southern California, he once owned six homes in the Los Angeles area of Bel-Air. His Bel-Air trajectory included a 20,000 square-foot house he bought for $ 17 million in 2012, a 7,000-square-foot house he bought for $ 20 million in 2015, and a 9,300 square-foot house he bought in 2016 for $ 24.25 million.
In 2020 Elon surprised the world by announcing his intention to sell all his property, starting with his LA home. True to his word, he began selling each home. He sold four homes at once to one buyer in December 2020.
Elon Musk’s Net Worth
Elon Musk is a South African-born businessman, founder, and investor. Elon Musk’s total net worth is $ 280 billion. This writing makes him one of the richest people in the world.
Musk’s luck comes from his 24% in Tesla and his 43% share in privately owned SpaceX. Musk is penniless and owes an estimated $ 500 million owed to Morgan Stanley and Goldman Sachs.