How Rich Has Elon Musk Been During Every Decade of His Life?

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As per Forbes, Elon Musk currently holds the position of the wealthiest individual on the planet, with an estimated wealth of approximately $232 billion. However, Musk's journey to becoming a multi-billionaire was not an overnight one. It took him several years of hard work to amass such a colossal fortune by initiating fresh business ventures and putting his money into already-established ones.

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We will examine the immense wealth of Musk during various decades, beginning from his early years in the 1970s, all the way to the present day.

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In 1971, Pretoria, South Africa was the birthplace of Elon Musk. He had a comfortable childhood because his family was financially well-off. His father, Errol Musk, was an engineer and real estate developer, and his mother, Maye Musk, was a successful model and dietitian.

This put him in a good position for upcoming achievements. He was advantaged by his family's considerable riches, opportunities, and assets.

During the 1980s, the Musk family's wealth increased significantly. Errol Musk acquired an emerald mine in Zambia that brought in a substantial profit. Experts estimate that the family's total wealth exceeded $100 million during the decade.

Elon Musk obtained financial stability from the enormous gains of the mine before he went from South Africa to Canada and then to the United States to pursue his education further. The substantial riches of his family also allowed him the liberty to take bold steps as a businessperson. Nevertheless, Musk stated that his family's financial resources did not play a significant role in his achievements.

In the 1990s, Musk started venturing into entrepreneurship. He left Stanford University and together with his brother, Kimbal, founded Zip2, a software company that provided city guides.

Compaq bought Zip2 for a whopping $305 million back in 1999, which meant that Musk received a generous share of the profits totaling $22 million.

During the 2000s, Musk's fortune experienced tremendous expansion.

Back in 1999, Musk co-started X.com, which was an internet bank. After that, X.com and one of its competitors, Confinity, combined in 2000, and a year later, the newly-formed entity was given a fresh name as PayPal. PayPal was ultimately procured by eBay for a remarkable $1.5 billion in 2002. Musk was the largest owner of stocks, which allowed him to depart with a notable amount of $165 million following the acquisition.

In 2002, Musk created SpaceX with $100 million from his own funds.

At the same time, he also invested in Tesla, a company established by Martin Eberhard and Marc Tarpenning. Gradually, Musk got more involved in the organization and eventually took over as its CEO in 2008.

As the 2000s came to a close, Musk had amassed a fortune of approximately $1 billion, primarily thanks to the successful sale of PayPal and the promising beginnings of SpaceX and Tesla.

Musk earned a huge amount of money during the 2010s by leading his companies, particularly Tesla, to incredible heights. When Tesla first started, they had a tough time making money and even lost some in the beginning. In 2010, Tesla entered the NASDAQ market at a value of $17 per share. In 2019, its value had increased to around $27 per share. Customers' increasing interest in electric cars and Tesla's groundbreaking production and promotional practices contributed greatly to Tesla's achievements.

During this period, Musk broadened the scope of SpaceX's activities by obtaining several highly profitable contracts from NASA.

Throughout the majority of the 2010s, Musk possessed a net worth that remained between $10 and $20 billion. However, after Tesla successfully sold more vehicles and began to seize a larger portion of the market, Musk's wealth escalated considerably. In 2019, his net worth had reached approximately $22 billion.

Musk has made a lot of money in the 2020s. This is because the company he owns, Tesla, has been doing really well. In just one year, 2020, he made $142 billion more. Tesla's value went up a lot in late 2021, to over $400 per share. This made Musk the richest person in the world. At the highest point in November 2021, he had $320 billion. But in December 2022, the value of Tesla's shares went down a little, so now he has slightly less money.

According to recent estimates, Musk's total wealth is valued at $232 billion as of 2024.

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The following blog post was first published on GOBankingRates.com. It explores Elon Musk's wealth across different decades of his life.