Elon Musk, born in South Africa and now residing in Austin, Texas, is a 53-year-old entrepreneur who has become a household name in the world of technology and innovation. As of July 31, 2024, Musk holds the title of the world’s richest person, with a staggering real-time net worth of $240.3 billion.
Musk’s approach to business and innovation is best summed up in his own words:
I operate on the physics approach to analysis. You boil things down to the first principles or fundamental truths in a particular area and then you reason up from there.
Elon Musk
This philosophy has guided Musk’s journey from a self-taught coder to a global business icon.
The Rise of a Self-Made Billionaire
Musk’s journey to becoming a billionaire is a testament to his innovative thinking and relentless drive. He cofounded six companies, with Tesla and SpaceX being the most prominent. His success has earned him a self-made score of 8 out of 10, highlighting his rise from selling his first game for $500 to leading multi-billion dollar companies.
Tesla: Driving the Future of Transportation
As CEO of Tesla, Musk owns about 12% of the company, excluding options. Tesla has revolutionized the automotive industry by making electric cars both popular and desirable. However, it’s worth noting that Musk has pledged more than half his Tesla shares as collateral for personal loans.
SpaceX: Reaching for the Stars
Founded in 2002, SpaceX aims to reduce space transportation costs and enable the colonization of Mars. The company’s value has skyrocketed to nearly $180 billion as of December 2023, with its stock value quintupling in just four years.
X (Formerly Twitter): A Controversial Acquisition
In 2022, Musk acquired Twitter for $44 billion, renaming it X. He now owns an estimated 74% of the company. However, Forbes estimates that Musk’s stake in X has decreased in value by nearly 70% since the acquisition.
Other Ventures and Innovations
Musk’s entrepreneurial spirit extends to other companies like the Boring Company, which aims to solve traffic problems through underground tunnels, and Neuralink, which is developing brain-computer interfaces.
Personal Life and Background
Musk’s personal life is as intriguing as his professional endeavors. He has 11 children with three women, including triplets and two sets of twins. His concern about population collapse has influenced his personal choices.
Musk’s educational background includes a Bachelor of Arts/Science from the University of Pennsylvania. Interestingly, his journey in technology began in childhood when he taught himself to code and sold his first game, Blastar, for about $500.
Despite his immense wealth, Musk’s philanthropy score is relatively low at 1 out of 10, suggesting room for growth in his charitable giving.
