Entrepreneur, businessman and engineer Elon Musk is one of the richest men in the world. But how did he first accumulate his wealth?
Billionaire Elon Musk has an investment portfolio spanning across 3 main sectors: renewable energy, electric cars, and space. He has various business ventures, but his first significant profits were from selling his company X.com, now known as PayPal. Tesla Motors, his electric car company, has a significant stock market value, as does SolarCity. He is the CEO of space technology company SpaceX.
Read more about how Elon Musk gradually built his business empire below.
Elon Musk was born in South Africa in 1971. He made his first profits at just 12 years old when he sold a game that he created called “Blastar” to a computer magazine for $500.
Musk was meant to attend Stanford, but abandoned his studies for his entrepreneurial dreams almost immediately after graduating from UPenn.
He founded the company Zip2 in 1995, which connected advertisers with users, providing “city travel guides” to newspapers.
The company went on to generate millions of dollars, although Musk only remained CEO for a year.
Musk is quoted saying that the ultimate goal of SpaceX is to make it affordable to travel to Mars.
They have carried out over 25 successful launches, working closely with NASA.
Musk co-founded luxury electric car company Tesla with Martin Eberhard.
However, he later staged a coup and removed Eberhard from the company entirely.
However, by 2008, Musk was living off personal loans, as his companies were not faring well.
Nevertheless, by 2010, Musk saw a significant upwards trend.
In 2006, Musk provided his cousins with the capital to launch the solar energy company SolarCity.
Tesla later bought the company in 2016 for $2.6 billion. His vision was to change the way people view energy distribution.
He wanted to create a centralized solar panel system that would distribute energy to the entire city.
Musk has since started several other innovative businesses. One of these is “The Boring Company”, launched in 2016.
The company aims to build a series of tunnels that cars can pass through within cities to reduce traffic and congestion.
In 2017, he founded Neuralink, a company manufacturing neural implant technology designed to be placed inside the human brain.
In 2020, Musk was labeled the seventh richest man in the world, and his wealth continues to rise.