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How Elon Musk Earned $20 Billion Net Worth

Tesla Elon Musk continues to earn more money, reaching $104 billion as of November 2020 based on the Billionaires Index report from Bloomberg. He currently occupies the fourth spot in the list of the wealthiest billionaires in the world. The South African business tycoon is currently one of the most influential people in the business world. His wealth continued to increase, thanks to the astronomical increase in the stock price of Tesla.

Born and raised in Pretoria, South Africa to Canadian-South African model Maye Musk and South African engineer Errol Musk, he reportedly showed interest in computer programming even at an early age. According to reports, he was able to sell his first project, a video game called Blastar, for around $500 when he was 12 years old.

The business magnate briefly enrolled at the University of Pretoria but moved to Canada at 17. He transferred to Queen’s University in Ontario then moved to the University of Pennsylvania after two years to earn his economics and physics degrees.

He decided to move to California in 1995 to take his doctorate at Stanford University, but he opted to drop out two days later to begin a business career. Together with his brother Kimbal Musk and Greg Kouri, they founded the web software firm Zip2. Compaq acquired it in 1999 for $307 million.

Musk went on to launch other businesses. He started the online financial services and payment company called X.com, using some of the money he earned from selling Zip2. In 2000, he merged his company with Continuity, the business behind Paypal. He also founded the US aerospace manufacturing company SpaceX in 2002.

In 2004, Musk contributed $6.5 million for the Series A funding of Tesla Motors. The company specializes in manufacturing electronic vehicles and clean energy products like solar panels and solar roof tiles. His contribution allowed him to become the board of directors’ chairman and one of the company’s co-founders.

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Everyone who had the chance to work with Musk described him as a very workaholic person. He reportedly spends a lot of time researching and innovating new concepts for Tesla Motors, where he reportedly owns a 32% stake. One of his groundbreaking concepts is called SolarCity. It aims to encourage more people to use solar power as the main vehicle power source instead of petroleum products.

Musk is also known as a very dynamic person. He reportedly has a considerate and generous nature, making him a well-loved boss and a dependable partner to other entrepreneurs and inventors worldwide.

Aside from his businesses, Musk is also known for establishing the Musk Foundation, an organization that provides solar power in disaster-stricken areas. The foundation donated $250,000 to fund a solar power initiative in Soma, Japan, shortly after a tsunami gravely hit the city.

Musk’s wealth is expected to increase in the coming years, especially when Tesla’s electronic vehicle sales continue to reach greater heights in the market. He could retain his status as one of the richest billionaires in the world for years to come.

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Written By

Riley is a finance, lifestyle, and entertainment writer living in San Diego. He received his bachelor's degree in Journalism and Multimedia from the University of Oregon. His work has been featured in many finance and lifestyle publications throughout the US. When he is not writing, Riley enjoys reading and hanging out at the beach with his dog.

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