Elon Musk Net Worth After Buying Twitter And How Did He Become So Wealthy?

Elon Reeve Musk FRS is a business tycoon and investor who was born on June 28, 1971. He founded The Boring Company, co-founded Neuralink and OpenAI, served as president of the Musk Foundation, and was the owner and CEO of Twitter, Inc. He also founded SpaceX, served as its founder, CEO, and chief engineer, and was the angel investor, CEO, and product architect of Tesla, Inc.

The South African city of Pretoria is where Musk was raised. Prior to relocating to Canada at the age of 17, where he later attained citizenship through his mother, he attended the University of Pretoria. He enrolled at Queen’s University in Ontario two years later and subsequently transferred to the University of Pennsylvania, where he earned bachelor’s degrees in both economics and physics.

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Elon Musk Net Worth

Elon Musk is still the world’s richest person with a $212bn net worth after buying Twitter for $44bn. Musk’s net wealth plummeted by $58.6bn since the start of the year, according to Bloomberg. Musk’s worth exceeds that of LVMH chairman Bernard Arnault by $70bn. Tesla’s CEO was valued at $273.5bn in January 2022, according to Bloomberg.

Bloomberg claimed that Musk reached the inflation-adjusted wealth of modern history’s richest individual. Musk, Twitter’s top shareholder, bid $54.20 a share in April. The COVID-19 epidemic and Russia-Ukraine war reduced the billionaire’s net fortune, despite raising $46.5bn. Musk, who runs SpaceX, was recently named Forbes’ richest man. His fortune was $219bn.

Forbe’s annual World Billionaires List is based on exchange rates and stock prices, but its Real-Time Billionaires list is updated daily. Musk has $221.5bn, per Real-Time Billionaires. Forbes reported that despite “selling billions of dollars of Tesla shares late last year and owing taxes on gains,” Musk is $68bn richer than the previous year.

From South Africa to California

Elon Reeve Musk was raised and briefly attended university in Pretoria, South Africa, where he was born. He was born into a wealthy family and showed an early aptitude for technology and enterprise. When he was only 12 years old, he created and sold the video game’s source code. His aspirations, though, were in America on the other side of the globe.

He was able to obtain a Canadian passport at the age of 17 and move to Canada because his mother was born there. He did this because, after becoming a US citizen in 2002, he knew it would be simpler to enter the US from Canada.

He moved to the United States after spending two years studying at Queens College in Ontario. There, he earned degrees in economics and physics before leaving for the country. He traveled to the west coast in 1995 to pursue a Ph.D. in energy physics at Stanford University, but he left after just two days. It was the height of the internet boom, and Musk thought the internet offered more potential than physics. He founded his first business in the same year.

Elon Musk’s Entrepreneurial Rise to Extreme Wealth

Musk co-founded the web software firm Zip2 with his brother Kimbal and sold it to Compaq four years later for $307 million. Soon after, in 2000, he merged his online bank X.com with Confinity to become what is now known as PayPal. In 2002, the same year Musk became a US citizen and established his next company, PayPal was acquired by eBay for $1.5 billion.

SpaceX is Born

Elon Musk has long held the view that the only way for the human race to ensure its survival is to spread to other planets. His third venture, SpaceX, was born from this idea in 2002. For commercial spaceflight, Musk envisioned creating spacecraft that could be used more than once and would be inexpensive to maintain. The business won a contract from NASA to transport supplies to the ISS within six years (ISS).

As promised, the first manned flight was made in 2020. In doing so, NASA no longer needed to rely on Russia to provide transportation for its astronauts on flights to the ISS that took out from the United States. The corporation’s current focus is on its starship, which will be used in the eventual colonization of Mars.

Tesla Motors

Though SpaceX was still in its infancy at the time, Musk did not rest on his laurels; instead, he invested in Tesla Motors in 2004 and eventually became its largest stakeholder, chairman of the board of directors, and co-founder. The company’s founders had the idea to mass-produce cheap electric cars. In addition to producing lithium-ion batteries for use in their vehicles, the company also produces these for residential energy storage and solar power.

The automobile industry was skeptical at first, but by 2008, Tesla had released its first product, the Roadster sports vehicle. In 2010, Tesla finally started producing its flagship Model S luxury vehicle. In spite of initial setbacks, production of the Model 3, the most cost-effective of Tesla’s four current offerings, is now in full swing. In June of the year 2021, the corporation has already sold over a million Model 3s.

While GM was formerly the most valued American automaker, Tesla passed them in 2017. When the business released its first automobiles, it sparked an electric vehicle revolution. His enormous wealth is the result of the rise of that market and the value of Tesla’s stock.