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Elon Musk Net Worth 2022: How Did He Get So Rich? Everything You Need To Know!

Elon Musk Net Worth In 2022

Elon Musk is a Canadian-American businessman, inventor, and investor of South African origin. Elon Musk is worth $264 billion dollars. Elon Musk is best known for being the CEO and CTO of SpaceX, the CEO and chief product architect of Tesla Motors, and the chairman of SolarCity.

He wears many hats and is constantly topping his latest project. He is the wealthiest person in the world and the wealthiest person in modern history. Elon Musk currently owns approximately 24% of Tesla’s outstanding shares and 43% of privately held SpaceX. Tesla’s market cap will surpass $1 trillion for the first time in October 2021.

That same month, SpaceX raised $100 billion in funding. For the first time, Elon’s net worth hovered around $300 billion at this point.

The Financial Worth Of Elon Musk

Elon Musk owns 43% of SpaceX and 24% of Tesla as of this writing. Musk explained in a 2019 legal deposition that he is actually somewhat cash-strapped and that shares in Tesla and SpaceX account for 99% of his personal wealth.

According to the lawsuit, Musk’s base salary at Tesla is $56,380. In most years, he declines the salary. Musk had $500 million in debt at the time of the lawsuit, with the majority owed to Morgan Stanley and Goldman Sachs.

At least $60 million of his Morgan Stanley debt was related to home mortgages. He has since sold most of his properties and paid off his mortgage. He is said to have spent all of his liquid cash from previous business sales to launch SpaceX.

Tesla Salary

Elon Musk does not receive a salary as Tesla’s CEO. Instead, he has a highly unusual and extremely lucrative bonus plan based on the company’s market capitalization milestones. Tesla was worth around $50 billion at the time the plan was devised.

There are a total of 12 milestones based on market cap increases of $50 billion. Elon met every single milestone and thus qualified for the entire $100 billion bonus plan. This plan’s shares are released quarterly after the Board of Directors confirms the milestone has been met.

Elon Musk Early Life

Musk, who was born on June 28, 1971, in Pretoria, South Africa, created his first video game when he was 12 years old. He obtained a Canadian passport and left South Africa in 1988 to pursue opportunities in the West.

He began his studies at Queen’s University in Ontario before transferring to the University of Pennsylvania in 1992 to study physics and economics. He then went to Stanford University to study physics, but the course failed to pique his interest, which had already been piqued by the internet’s ever-expanding horizons.

Elon Musk founded Zip2 in 1995 to provide maps and directories to digital newspapers. Four years later, the company was purchased for USD 307 million by computer manufacturer Compaq. Musk later founded the financial services and online payment system company X.com, which later became PayPal. PayPal was sold to eBay, an American e-commerce company, for USD 1.5 billion in 2002.

There was no turning back for him after that. The world is witnessing today the enormous dedication and perseverance that has gone into making Elon Musk’s net worth what it is.

Elon Musk Personal Life

Elon has had three marriages, two of which were to Talulah Riley, an actress. From 2000 to 2008, he was wed to Canadian writer Justine Wilson. They have five sons together. Additionally, he shared a romantic relationship with both Canadian musician Grimes and actress Amber Heard.

Grimes and Elon had a boy named X Æ A-Xii in May 2020. In December 2021, they welcomed a second child via surrogate. Elon ALSO welcomed a set of twins that were born to one of his Neuralink executives at some point in late 2021. He currently has 10 kids in total, as of this writing.

Elon Musk allegedly had an affair with Sergey Brin’s wife in December 2021, according to a report from July 2022. According to reports, Sergey’s four-year wife, Nicole Shanahan, and he filed for divorce as a result of the affair. Unfortunately, Sergey had long been one of Musk’s staunchest backers. He made investments in a number of Musk companies and was among the first to back Tesla.

SpaceX Is Created

Elon Musk has long believed that in order for humanity to survive, it must evolve into a multi-planet species. This resulted in the formation of his third company, SpaceX, in 2002. Musk wished to create reusable commercial spacecraft that would be less expensive to operate. Within six years, the company had landed a NASA contract to handle cargo transport for the International Space Station (ISS).

The goal had always been to transport humans into space, and the company launched its first manned flight in 2020. This enabled NASA to send astronauts to the International Space Station on flights launched from US soil, eliminating the need to rely on Russia for transportation. The company is currently working on its next project, a Starship that it hopes to use to colonize Mars.

About Tesla Motors

Not one to rest on his laurels, Musk invested in Tesla Motors in 2004, becoming the company’s largest shareholder and chairman of the board of directors along the way, earning the title of co-founder. The founders of the company set out to build affordable, mass-market electric vehicles. The company also manufactures lithium-ion batteries for their cars, as well as for homes to store energy and charge them using solar panels.

Despite widespread skepticism in the automotive industry, Tesla released its first model, the Roadster sports car, in 2008. Tesla began producing its Model S sedan four years later. Following some delays, production of the Model 3, the most affordable of Tesla’s four current models, has resumed. By June 2021, the company had sold over one million Model 3 units.

Tesla surpassed General Motors to become the most valuable automaker in the United States in 2017. The company’s cars sparked an electric vehicle revolution, making them appealing to the general public. The expansion of that market, as well as the price of Tesla’s stock, is the driving force behind his enormous wealth.

Real Estate Investments

Elon previously owned real estate worth $100 million in California alone. He still owns a 100-year-old, 16,000-square-foot villa on nearly 50 acres in the Northern California town of Hillsborough. In 2017, he paid $23.364 million for this home.

In Southern California, he once owned six homes in the Bel-Air neighborhood of Los Angeles. His Bel-Air footprint included a 20,000-square-foot home purchased for $17 million in 2012, a 7,000-square-foot home purchased for $20 million in 2015, and a 9,300-square-foot home purchased for $24.25 million in 2016.

Elon stunned the world in 2020 when he announced his intention to sell all of his worldly possessions, beginning with his Los Angeles homes. He kept his word and proceeded to sell each house. In December 2020, he sold four homes at once to a single buyer.

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