In 2020, the economic growth of almost every developing and developed country declined drastically, following the Coronavirus outbreak. But, the year 2020 was the luckiest year for some of the billionaires including Elon Musk to Jeff Bezos (Founder and CEO of Amazon). We will see now how Elon Musk spends his money.
In this year itself, Tesla’s (Electric car manufacturing company) stock price soared up by 700%, which made Elon Musk (CEO and chief engineer of Tesla) the richest person over Jeff Bezos.
Elon Musk owns nearly 20% of Tesla’s stock, which is approximately $150 Billion.
In 2019 his net worth was nearly $300 Billion and now it around $190 billion adding over $140 billion in 2020 itself.
Elon Musk’s Journey to the Billionaire Club
Musk’s first major income was $500 selling the Source code for his first video game “Blaster”.
In 1993, with Kimbal Musk, Elon’s brother, they started Zip2, investing $28,000 from his father. In February 1998, Compaq computer paid $305 million to acquire Zip 2.
Initially, Zip2 was a global link provider to local businesses but later began to assist newspapers in designing an online city guide.
Musk invested $10 million of his Zip2 into founding X.com, one of the first online banking services. Later it was merged with Confinity of Peter Thiel.
In 2001 the company rebranded as PayPal. Later eBay bought PayPal for 1.5 billion. Elon earned somewhere in the range of $100 Million after taxes.
Following the PayPal sale, Musk’s focus centered on space exploration. He founded SpaceX to enable humans to become a space-faring civilization and a multi-planet species by building a self-sustaining city on Mars. The valuation of Spacex $33.3 billion, according to CNBC with 54% of Elon’s share.
Elon Musk, CEO of Tesla
Elon Musk invested $30 million in Tesla, and from 2004, he started serving as chairman. Tesla motors build by Martin Eberhard and Marc Tarpenning After the Roadster’s resignation, in 2008 Musk took over as CEO of Tesla.
In 2006 Tesla’s initial Public offerings raised some $226 million.
Tesla Motors started to branch out into solar energy products. In 2016 Tesla bought SolarCity and in 2017 the Tesla motors were changed to Tesla Inc.
In late 2008, Musk divorced his first wife, and it took a toll on his finances. A year later, Musk said he “ran out of cash” and had been living off loans from friends while trying to keep his companies afloat. But when Tesla debuted on the stock market in 2010, Musk’s fortune skyrocketed.- Business Insider
Tesla’s stock soared after Model Y and the newly built Shanghai Factory and Tesla became the first publicly listed U.S. carmaker to hit & 100 billion marks.
Over the years, Tesla’s stock price graph raised sharply, in 2020 itself Elon added nearly around $140 Billion.
Musk says he enjoys with his children, playing video games, listening to music reading books.
Musk is a workaholic, in June 2019 he said he would spend his 48th birthday on June 28 at work, improving the company’s global logistics.
Hardworking and Workaholic nature of Elon Musk
Despite being Billionaire he does not spend a lavish and luxurious life. In 2015, he said he had only two weeks off since founding SpaceX about 12 years earlier.
Elon is a workaholic, in a tween he wrote, ” Work hard every hour,” If you do the simple math, and see if someone else is working 50 hours (a week) and you’re working 100, you will get twice (as much) done in a year as the other company”
He wrote on Twitter that: “The reason is not what you think. Very little time for recreation. Don’t have vacation homes or yachts or anything like that. About half my money is intended to help problems on Earth & half to help establish a self-sustaining city on Mars to ensure the continuation of life (of all species) in case Earth gets hit by a meteor-like the dinosaurs or WW3 happens & we destroy ourselves.”
How Elon Musk spends his money
Luxury Items and lifestyle
Musk currently owns a $70 million real estate portfolio. His first purchase was $17 million mansions, including a two-story library a home theater, a gym, and a thousand d-bottle wine cellar.
Based on Wealth-X’s estimates of Musk’s owns at least four properties in the Los Angeles area that are worth nearly $40 million combined. These include a 33,976-square-foot property valued at $5 million and a 1,540-square-foot property valued at $850,000, according to the research firm.
Ower of some expensive cars
He has a great attraction toward luxury cars. His car collection includes a $92,000 Lotus Esprit submarine car used in the “James Bond” movie, a Ford Model T, and a Jaguar Series 1 1967 E-type Roadster.
Investment on Innovation
Musk has made sizable donations on exercise he cares about, including a $10 million gift to the Future of life institute to regulate artificial intelligence.
New York Times, reported that 90% of 112 million that The Boring Company raised came from Elon Musk.
Elon Musk, the world’s second-richest man, is donating $100 million toward a prize for the “best carbon capture technology,” – wrote in a recent tweet.
Carbon capture is, in fact, a broad mix of technologies with the aim of collecting carbon dioxide, so it doesn’t escape into the atmosphere and contribute to global warming.
Here is how Elon Musk Spends his billions. Comment below, which of his habits, lifestyle is most interesting.