Elon Musk, the founder of Tesla and SpaceX, is currently the richest person in the world with a net worth of around $232 billion, according to Forbes. However, Musk’s journey to immense wealth didn’t happen overnight. He has built his fortune over several decades through his entrepreneurial ventures and strategic investments. Let’s take a closer look at how rich Musk has been during each decade of his life.
1970s
Elon Musk was born in Pretoria, South Africa, in 1971. Coming from a well-off family, Musk had a comfortable childhood. His mother, Maye Musk, was a successful model and dietitian, while his father, Errol Musk, was an engineer and real estate developer. Musk’s family wealth and resources played a significant role in setting him up for future success.
1980s
In the 1980s, the Musk family’s wealth grew even further. Errol Musk’s purchase of an emerald mine in Zambia proved to be incredibly profitable, and their wealth surpassed $100 million during this decade. This financial security provided Elon Musk with the freedom to pursue higher education in Canada and the United States and take risks as an entrepreneur. However, Musk has stated that his family’s money wasn’t the primary factor in his success.
1990s
The 1990s marked the beginning of Musk’s entrepreneurial journey. After dropping out of Stanford University, Musk co-founded Zip2, a city guide software company, with his brother Kimbal. In 1999, Compaq acquired Zip2 for $305 million, leaving Musk with a substantial $22 million share of the proceeds.
2000s
The 2000s brought significant growth to Musk’s wealth. In 1999, Musk co-founded X.com, an online bank, which later merged with Confinity and became PayPal. eBay acquired PayPal in 2002 for $1.5 billion, and Musk, as the largest shareholder, received $165 million from the sale. He used $100 million of this money to establish SpaceX in 2002 and became an early investor in Tesla. By the end of the 2000s, Musk’s net worth was estimated to be $1 billion, primarily due to the profits from the sale of PayPal and the early success of SpaceX and Tesla.
2010s
The 2010s were a transformative decade for Musk’s wealth. Tesla, initially facing challenges and losses, experienced remarkable growth during this period. The company’s stock price surged from $17 per share in 2010 to around $27 per share by the end of the decade. Tesla’s success was driven by the increasing demand for electric cars and its innovative manufacturing and marketing strategies. Musk’s net worth fluctuated between $10-$20 billion for much of the 2010s but eventually reached around $22 billion by 2019.
2020s
The 2020s have been exceptionally lucrative for Musk. His net worth has continued to rise dramatically, primarily due to Tesla’s relentless growth. In 2020 alone, his wealth increased by an astounding $142 billion. With Tesla’s share price reaching new heights, Musk became the richest person in the world, with his fortune peaking at $320 billion in November 2021. Although there was a slight dip in Tesla’s share price in late 2022, Musk’s net worth is currently estimated at $232 billion.
Elon Musk’s journey to becoming the richest person in the world has been a result of his entrepreneurial spirit, strategic investments, and the success of his companies, Tesla and SpaceX. While his family’s wealth provided him with opportunities, Musk’s own vision, determination, and relentless pursuit of innovation have been the driving forces behind his immense fortune.
