Elon Musk has risen to fame by founding some of the most innovative tech companies in the world today, including electric vehicle maker Tesla and space exploration company SpaceX. Today, Musk ranks as the richest person in the world, according to Bloomberg, largely thanks to his roughly 16 percent stake in Tesla, which was worth $144 billion as of August 2022.
But Musk’s business practices are unconventional and sometimes controversial. In 2022, he agreed to acquire social media company Twitter in a $44 billion deal before later backing out of the deal for reasons some experts have said lack credibility. The deal is currently tied up in court with a trial scheduled for October 2022.
Here’s what else you should know about Musk including how he got his start and his largest investments today. • Estimated net worth of $254 billion as of August 2022, making him the richest person in the world, according to Bloomberg. He is nearly $90 billion ahead of the man in second place, Amazon founder Jeff Bezos.
• Leads four ventures: Tesla, SpaceX, Neuralink and The Boring Company.
• Born in Pretoria, South Africa and bought his first computer at age 10.
• Graduated from the University of Pennsylvania with degrees in Physics and Economics.
• In 2012, Musk joined Warren Buffett’s Giving Pledge, which asks billionaires to dedicate the majority of their wealth to charitable causes.
• Co-founder of online payment system PayPal, which was sold to eBay in 2002 for $1.5 billion.
• Helped launch The Boring Company, a tunneling venture that hopes to alleviate urban congestion and allow for high-speed, long-distance travel. • CEO of Neuralink, which is working to develop interfaces that allow the human brain to be connected to computers.
• Agreed in 2018 to settle securities fraud charges brought against him by the Securities and Exchange Commission (SEC) after he tweeted that he could take Tesla private for $420 per share and that funding had been secured, which the SEC said “lacked an adequate basis in fact.”
• Disclosed a 9 percent stake in Twitter in April 2022 before agreeing to acquire the entire company in a $44 billion deal later that month. He later sought to back out of the deal. Elon Musk’s top investments
Elon Musk has been involved in some leading tech companies, some of which have become among the largest companies in the U.S. Tesla $943 billion 99,290 SpaceX $125 billion 12,000 The Boring Company $5.7 billion <200 Neuralink $500 million – $1 billion <200 PayPal $114 billion 30,900 *Note: Tesla and PayPal values are as of Aug. 8, 2022. SpaceX value is as of June 2022, The Boring Company is as of April 2022 and Neuralink is as of August 2021.
Sources: Yahoo Finance, Bloomberg, The Boring Company and Crunchbase PayPal/X.com
After selling Zip2, a software company designed to help newspapers build online city guides, to Compaq Computer in 1999, Musk used the proceeds to create X.com. He later merged the venture with money transfer company Confinity and they combined to create PayPal.
When PayPal was sold to eBay in 2002 for $1.5 billion, Musk’s 11.7 percent stake ended up netting him about $180 million after taxes. The sale of PayPal created significant wealth for its founders and early employees, who went on to create and invest in new tech companies . The group of PayPal founders, which includes investor and political activist Peter Thiel and Affirm CEO Max Levchin, came to be known as the “PayPal Mafia.” Tesla
Founded in 2003, Tesla has become a leader in electric vehicle manufacturing. Musk joined Tesla as an investor in 2004 and became chairman of its board of directors, eventually becoming CEO in 2008. Tesla launched its first car in 2008, and its Model S, launched in 2012, was named the best overall car by Consumer Reports. Tesla became the world’s most valuable car company in the summer of 2020 and its market value topped $1 trillion in the fall of 2021 before falling in 2022.
Musk owns a roughly 16 percent stake in Tesla and has significant influence at the company, leading product design, engineering and global manufacturing for the company’s EVs, battery and solar energy products.
In 2018, Musk and Tesla agreed to each pay $20 million to settle securities fraud charges brought by the SEC after Musk tweeted that he could take the company private for $420 per share and that funding had been secured, despite there being no adequate basis for the claim. Musk was also forced to step down as chair […]
source Elon Musk in 2022: What to know about the world’s richest person
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