Elon Musk Net Worth 2022

 

 

Career

After dropping out of Stanford University to pursue entrepreneurship, Elon, along with his brother Kimbal, founded Zip2.

Zip2 was a web software company, which developed and marketed an Internet “city guide” for the newspaper publishing industry. The company received contracts with the likes of the Chicago Tribune and The New York Times, and was eventually sold to Compaq for $307 million.

With $22 million now in his pocket from the sale of Zip2, Musk founded X.com, an E-Mail payment company. This later became the notorious PayPal, when X.com merged with Confinity.

PayPal became the biggest online payment transfer company, and was acquired by eBay for $1.5 billion in stock. Musk was now $165 million richer.

It was at this time that Elon Musk began to pursue his passion of changing and advancing the world for the better, investing in Tesla, founding SpaceX and Solar City.

The success of these three companies is growing month by month, and is responsible for Musk’s sudden jump in net worth.

SpaceX is advancing space technology, and strives to reduce the cost of human spaceflight by a factor of 10.

Tesla is focused on solving the fossil fuels crisis in the automobile industry, by developing affordable and stylish electric vehicles.

Solar City is the 2nd largest provider of solar power systems in the United States.

As of 2022 , Elon Musk’s net worth is estimated to be $273 billion.

 

 

Success

Musk’s first company, Zip2 Corporation, was an online city guide. In 1999 a division of Compaq Computer bought Zip2 for $307 million in cash and $34 million in stock options. Also in 1999, Musk co-founded X.com, an online financial services/payments company. An X.com acquisition the following year led to the creation of PayPal, as it is known today, and in 2002 PayPal was acquired by eBay for $1.5 billion in stock.

Musk founded his third company, Space Exploration Technologies Corporation (SpaceX), in 2002 with the intention of building spacecraft for commercial space travel. By 2008, SpaceX was well-established and NASA awarded the company the contract to handle cargo transport for the International Space Station—with plans for astronaut transport in the future.

Next was Tesla Motors, an automobile company dedicated to producing affordable, mass-market electric cars. Tesla was founded in 2003 by Martin Eberhard and Marc Tarpenning. Elon along with Ian Wright and J.B. Straubel were the company’s first employees and retroactively named co-founders.

With a stake in the company taken by Daimler and a strategic partnership with Toyota, Tesla Motors launched its initial public offering in June 2010, raising $226 million. In 2012, Musk and SpaceX made history when the company launched its Falcon 9 rocket into space with an unmanned capsule. In 2013, he released a concept for a new form of transportation called the Hyperloop, intended for travel at speeds greater than 700 mph to commute between major cities. As opposed to railroads, the Hyperloop would use tubes for transportation. Musk says the Hyperloop could take from 7 to 10 years to be built, tested and ready for use.

 

 

Highlights

Here are some of the best highlights of Elon Musk’s career:

• Moved to Silicon Valley (1995)
• Sells Zip2 to Compaq for $307 million (1999)
• Creates X.com, which later becomes PayPal (1999)
• eBay acquires PayPal for $1.5 billion (2002)
• Becomes an American citizen (2002)
• Founds SpaceX9 (2002)
• Becomes CEO of Tesla (2008)
• Tesla Begin Deliveries of the All-Electric Model S (2012)
• The Model X Launch (2015)
• Tesla Merged with SolarCity (2016)
• The Model 3 Arrives (2017)
• The SpaceX Falcon Heavy Rocket Launches (2018)

 

Favorite Elon Musk Quotes

“Some people don’t like change, but you need to embrace change if the alternative is disaster.” – Elon Musk

 

“I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better. I think that’s the single best piece of advice: constantly think about how you could be doing things better and questioning yourself.” – Elon Musk

 

“When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

 

“Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk

 

 

3 Success Lessons from Elon Musk

Here are 3 success lessons we can all learn from Elon Musk:

 

1. Don’t Be Afraid to Put Yourself in Uncomfortable Situations

Elon has previously explained that after the sale of PayPal; he invested almost all of the money he received into other companies. He took an incredible risk, and could have easily lost all the money he worked so hard to attain in the first place.

However, Musk had a vision, and that’s why he wasn’t afraid to take the risk. We all know how well it’s paid off for him, considering that 15 years later he’s worth more than 100 times the amount he received from PayPal.

“My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent.” – Elon Musk

 

2. Focus On Building Amazing Products

Elon Musk = Amazing products.

PayPal, Tesla, SpaceX, Solar City; they all have the main focus of being the best solution out there to each individual market they target. Hence, they’ve become so successful because said focus has controlled just how good the end product is.

The reality is that if your end product isn’t good enough, nothing else you do will help you achieve the same level of success.

 

3. Follow the End Vision

Musk is changing the world; with space and automobile technology, revolutionising the world as we know it. He wants to, and is making a difference.

This is his vision, his aim, and he directed all of his energy towards it once he had the money to do so. You should always follow your vision, and no one else’s.