What is Elon Musk's net worth?

Elon Musk has regularly been making headlines in recent years - from his acquisition of Twitter (now X) in 2022 to his role in the 2024 US election.

Despite his ventures like SpaceX and Tesla, Musk’s influence stretches far beyond the tech world – especially after his efforts to get Donald Trump into power. The businessman was Trump’s largest 2024 presidential campaign donor and individual donor. Musk was even appointed as the sole leader of Trump’s newly created Department of Government Efficiency (DOGE).

According to Forbes, Musk is worth a staggering $433.9 billion, making him the richest person in the world. To put it in perspective, his wealth nearly doubles that of Jeff Bezos, who is the second richest person as per the Bloomberg Billionaires Index. He is on track to become the world’s first trillionaire by 2027, according to the Trillion Dollar Club’s 2024 report.

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We look at the various factors that led Elon Musk to where he is today.

How Elon Musk built his fortune

Born in South Africa in 1971, Musk exhibited a keen interest in technology and innovation from an early age, moving to the US at the age of 17 to attend college. His first major success came with Zip2, a company that provided online business directories and maps to newsletters – a novel concept at the time. In 1999, Compaq acquired Zip2 for nearly $300 million, paving the way for Musk into the tech industry.

Musk used his proceeds from the sale to launch X.com, an online payment platform that eventually evolved into PayPal. In 2002, eBay acquired PayPal for $1.5 billion. That same year, Musk founded SpaceX to make space exploration more accessible, and with the particular aim to colonise Mars. SpaceX quickly emerged as a leader in the aerospace industry, launching satellites and resupply missions to the International Space Station. The company made history in October as it launched Starship – the world’s most powerful rocket, according to Politico.

In 2004, Musk joined Tesla Motors and became the company’s CEO four years later. Under his leadership, Tesla transformed into a trailblazer in the electric vehicle market. Tesla’s revenue jumped from $12 billion in 2017 to $54 billion in 2021. According to Forbes, Tesla’s stocks hit a four-month high in June, with its share price sitting at $214. The Trillion Dollar Club’s 2024 report reveals that Tesla has a market value of $669.3 billion, predicting that it could surpass $1 trillion by 2025 if its annual growth rate of 173.3% continues.

Beyond SpaceX and Tesla, Musk has diversified his ventures into other industries. He co-founded SolarCity, a solar panel installation firm that Tesla acquired in 2016. He also established The Boring Company, focused on developing underground transportation systems.

How Elon Musk created Tesla

Tesla's rise to the top of the automotive industry can be attributed to a variety of factors – the relentless focus on innovation, cutting-edge technology, and creating electric cars that surpassed anything else on the market.

Then there’s Tesla's marketing strategy. It generated significant buzz and excitement around its vehicles by positioning itself as a leader in sustainable transportation and gaining a loyal customer base looking for environmentally friendly alternatives to traditional petrol-powered cars.

With Tesla using artificial intelligence (AI), Musk was able to give a teaser into what people can expect from the company, even going so far as to tweet “the car has a mind”.

On 9 December, Deutsche Bank said Tesla aims to start a robotaxi service, with remote teleoperators as backups for its initial run in case anything goes wrong. The service is expected to launch this year, marking another significant milestone for the electric vehicle company.

Tesla’s share price has surged by more than 70% since the start of November, marking a significant turnaround for the electric car company. This is despite it being the worst-performing stock in the Magnificent Seven last year.

What is Elon Musk’s role in the White House?

After winning the US presidential election, Donald Trump tasked Elon Musk with looking over the newly created DOGE.

Musk was supposed to co-lead the department with former Republican presidential candidate Vivek Ramaswamy. However, hours after Trump’s inauguration, Ramaswamy stepped down from the position, and is set to run for Ohio governor instead.

However, more troubles are brewing for DOGE, as a 30-page lawsuit, obtained by The Washington Post, challenges its legal status, alleging that it violates transparency rules set under a 1972 law.