Elon Musk‘s wealth has been a hot topic among followers, especially since he has been getting closer to Donald Trump during the 2024 US election period. As per the Wall Street Journal’s report on July 15, 2024, Musk, the tech mogul, revealed his intention to donate around $45 million monthly to support Donald Trump’s presidential campaign. People are eager to know more about his earnings and where it comes from.
Here are all the details regarding Elon Musk’s financial status in 2024 as co-founder and CEO of Tesla.
What is Elon Musk’s net worth in 2024?
Elon Musk has an estimated net worth of $221.4 billion in 2024.
Elon Reeve Musk a well-known entrepreneur and investor, has founded and owns multiple companies. The main ones include SpaceX, Tesla, Inc., and X Corp. (formerly Twitter). He has also been instrumental in establishing The Boring Company, xAI, Neuralink, and OpenAI. According to Bloomberg’s Billionaire Index, Musk’s net worth was around $202 billion as of late May 2024. Most of his wealth is invested in Tesla and SpaceX shares.
Elon Musk’s earnings explained — how does he make money?
Musk’s celebrity status is hard to miss and sparks conversations. Whether seen in a positive or negative light, his name and financial power are major players in different fields. From Tesla’s electric cars to SpaceX’s interplanetary missions and Neuralink’s brain technology, Musk’s projects often seem like they’re from a sci-fi movie. However, his wealth is closely tied to the stock market, which can bring significant gains or losses. Here are some key sources of income that have helped him become a billionaire.
Tesla stock
Musk’s wealth has been primarily accumulated through his established companies, with a portion also stemming from passive investments. The majority of Musk’s fortune is intricately linked to the stock performance of Tesla. For instance, a $10,000 investment made on Tesla’s first day of trading in 2010 would have yielded $1.37 million by the end of May 2024. Musk’s net worth is also greatly impacted by the fluctuations in Tesla’s stock. Tesla’s stock has also caused significant changes in Musk’s wealth, including a notable decrease of $29.9 billion.
Businesses
Musk owns Tesla, an electric car manufacturer, and SpaceX, a space exploration company. Tesla is where Musk focuses most of his business efforts. In 2010, Musk took Tesla public, and the company saw significant growth in market value in 2020 and 2021, making Musk one of the top 10 richest individuals in the world by September 2021. By November 2021, Musk’s wealth peaked. Rather than receiving a traditional salary from Tesla, Musk benefits from stock options and the overall performance of his companies, with his income primarily coming from stock sales and the value of his holdings.
Investments
Musk, a renowned engineer, industrial designer, and technology entrepreneur, is widely recognized for revolutionizing various industries. Despite his diverse talents, he also has a keen interest in investing. Some of Musk’s most successful investments include PayPal, SpaceX, DeepMind Technologies, Tesla, and The Boring Company. As a result, he has earned the title of the world’s wealthiest individual. These strategic investments not only enhance his financial standing but also act as a safeguard against fluctuations in Tesla’s stock value. For instance, on October 3, 2002, Musk held 7,109,989 shares of PayPal, establishing himself as the largest shareholder with an 11.7% stake.
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