Elon Musk’s net worth is 38.7 USD billion currently in 2020. He is ranked no. 31 in the list of world’s richest according to Forbes. Believe it or not, Elon made more than $500M a day according to a report by CNBC.
Early Life and Education
Elon Musk, a South African tech enthusiast, was born in South Africa on June 28, 1971. During his early years, he was fond of reading. He was fascinated with books on science fiction and topics revolving around astronomy. Then he graduated with a B.A. degree in economics and a B.Sc. degree in physics. He began a Ph.D. in energy physics and material science at Stanford University, California.
Early Career and Start-up
Around the age of 10, he became self-taught in computer programming. At the mere age of 12, he sold a game called “Blaster” that he made at $500. According to the book “Elon Musk” by Ashlee Vance, his first job was working on his cousin’s farm.
He had some odd jobs in his early life as well. He even took a dangerous gig of cleaning out the boiler room of a lumber mill for only $18 hourly. Elon Musk was determined to be an entrepreneur and started his first start-up in 1995 along with his brother, Kimbal Musk. The company was called Zip1 that provided service to newspapers with online city guides.
Becoming a Millionaire
At the age of only 27 years old, he became a millionaire by selling Zip2 in 1999. It was sold to Compaq, a computer manufacturing company, for over $300 million.
Following the sale, Elon Musk founded an online financial service company working using emails named X.com. Later on, X.com was merged with Confinity, a software company based in Silicon Valley. The company became known as Paypal because of focusing on e-commerce services especially online money transfer. In 2000, he was no more the CEO of Paypal. Furthermore, eBay bought it in 2002. Elon Musk benefited $165 million for his share portions.
With the goal of reducing space transportation costs in order to colonize Mars easily, SpaceX was founded in 2002. This is his valuable rocket-making company. Elon oversees the manufacture of spacecraft in the company. SpaceX tweeted, “Falcon 9 flew for the first time ten years ago today. Completing 85 missions to date, Falcon 9 is now the most flown operational rocket in the United States”. It is now valued at more than 20 billion USD. Since 2019, SpaceX has been worth more than his other creation, Tesla.
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Intending to building electric cars, Elon Musk started Tesla in 2003. It is worth more than Ford and General Motors combined. At present, it has 10,000 employees. Their revenue in 2019 is $24.58B. In 2019, Tesla was ranked as the world’s best-selling plug-in and battery/electric car manufacturer. Recently, Model 3 became the world’s best-selling plugin cars in 2020. It was sold to over 500000 customers. Tesla has a market capitalization of $166B.
Becoming a Billionaire
By the age of 40, he reached an ultimate milestone by becoming a billionaire. Not only that, but he debuted on Forbes Billionaires List with a net worth of $2 billion.
Proposing and Developing Hyperloop 2014
In 2012, Elon Musk publicly expressed his idea to start a company based on the concept of hyperloop. He aimed to commercialize the idea of this high-speed technology and bring it into reality. He wanted to implement the concept of a train traveling through an evacuated tube. Hyperloop was founded by Shervin Pishevar and Brogan BamBroga in 2014 after they took Elon’s challenge. Elon Musk’s SpaceX sponsored pod design competition in 2016.
OpenAI is a research-based company aiming to ensure AI for the welfare of mankind. He has some controversial views on AI, where the research community thinks some of his views are misplaced. Their latest work was developing a robotic hand that demonstrates logical dexterity. It is capable of solving a Rubik’s cube.
Neuralink aims to work in brain engineering and neuroscience research. It aims in the restoration of sensory and motor nerve functionality. The company also focuses on the treatment of neurological disorders done via BMI. Neuralink received funding of 66.27M USD in 2019. As stated by Pitchbook, the funding is accurate with an estimation of 509.3M USD for the valuation of the start-up.
Tips to Success
People don’t call their workplace “second home” for no reason. Elon Musk has admitted sleeping at his workplace and working long hours. Success requires a lot of ingredients. Published in Forbes, here are some tips to success by Elon Musk:
- Read to Lead: Elon Mush stated that he had read the entire Encyclopedia Britannica when he was just a child. He emphasizes knowing the unknown more and more because we never stop learning. The key is to stay a learner and have the huger for the search of knowledge.
- Don’t Spend All Your Money on Advertising: He mentions many companies fail to capitalize on advertising. To stay rich, it is important to advertise cautiously.
- Take Risks before Life Gets in the Way: It is important to work hard while you are young. Elon says that as we get older, our responsibilities increase. The more the obligations, the fewer risks we can take. Therefore it is important to take a few risks before our family starts.
- Burn the Midnight Oil: People working with multiple companies are often night owls. Elon says that he has worked up to 100 hours a week in between multiple companies. That takes immeasurable dedication.
- Create Instead of Complaining: Nobody likes a whiner. Crying about issues, difficulties, or challenges never brings a solution from the sky. You should have an optimistic outlook and a problem-solving brain. Think of ways how can be solved by you, or by a group. This vision motivated him to create “The Boring Company” in 2016 to provide tunnel construction services to reduce road congestion. This mentality resulted in “The Boring Company” the mind-draining, energy-sucking traffic.
Elon Musk is not only a technological entrepreneur, but he is the longest-tenured CEO of any automotive manufacturer globally. His multiple ventures and principals have made him what he is today.
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