Wealth of Elon Musk: Difference between revisions - Wikipedia
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{{Short description|noneOverview of the wealth of Elon Musk}}
{{Cleanup reorganize|date=March 2024}}
[[File:Elon Musk Colorado 2022 (cropped2).jpg|thumb|upright=1.0|alt=A graph of Musk's net worth from 2013 to 2023, displaying a roughly exponential trend|Musk in 2022]]
[[File:The Prime Minister, Shri Narendra Modi meeting Mr. Elon Musk in New York, USA on June 20, 2023 (2) (cropped).jpg|alt=Elon Musk standing in front of the American flag|thumb|Elon Musk in 2023]]
[[File:Elon Musk net worth graph.png|thumb|upright=1.5|alt=A graph of Musk's net worth from 2013 to 2023, displaying a roughly exponential trend|Musk's net worth from 2013 to 2023 as estimated by ''[[Forbes]]'' magazine]]
'''[[Elon Musk]]''' made $175.8 million when PayPal was sold to eBay in October 2002.<ref>{{Cite news |last=Klebnikov |first=Sergei |date=August 8, 2017 |title=8 Innovative Ways Elon Musk Made Money Before He Was a Billionaire |work=Money |url=https://money.com/8-innovative-ways-elon-musk-made-money-before-he-was-a-billionaire/ |url-status=live |access-date=April 13, 2021 |archive-url=https://web.archive.org/web/20200809053228/https://money.com/8-innovative-ways-elon-musk-made-money-before-he-was-a-billionaire/ |archive-date=August 9, 2020}}</ref> He was first listed on the [[The World's Billionaires|''Forbes Billionaires List'']] in 2012, with a net worth of $2 billion.<ref>{{cite news |last=Melby |first=Caleb |date=March 12, 2012 |title=How Elon Musk Became A Billionaire Twice Over |work=Forbes |url=https://www.forbes.com/sites/calebmelby/2012/03/12/how-elon-musk-became-a-billionaire-twice-over/?sh=360739d01c88 |access-date=February 17, 2021|archive-url=https://web.archive.org/web/20220711120028/https://www.forbes.com/sites/calebmelby/2012/03/12/how-elon-musk-became-a-billionaire-twice-over/?sh=360739d01c88|archive-date=July 11, 2022|url-status=live}}</ref> He is the founder, chairman, CEO, and CTO of [[SpaceX]]; [[angel investor]], CEO, product architect, and former chairman of [[Tesla, Inc.]]; owner, executive chairman, and CTO of [[X Corp.]]; founder of [[the Boring Company]] and [[xAI (company)|xAI]]; co-founder of [[Neuralink]] and [[OpenAI]]; and president of the [[Musk Foundation]]. He is one of the wealthiest people in the world, with an estimated net worth of US$232248 billion {{As of|20232024|129|df=US|lc=y}},<!-- Do not update his net worth everyday – stick to once a week at most. --> according to the ''[[Bloomberg Billionaires Index]]'', and $182251.6 billion according to ''[[Forbes]]'', primarily from his ownership stakes in Tesla and SpaceX.<ref name="ForbesFeb24Top10">{{cite web |title=The Top 10 Richest People In The World (February 2024) |url=https://www.forbes.com/sites/forbeswealthteam/article/the-top-ten-richest-people-in-the-world/ |website=Forbes |access-date=6 February 2024 |language=en |archive-date=February 6, 2024 |archive-url=https://web.archive.org/web/20240206151700/https://www.forbes.com/sites/forbeswealthteam/article/the-top-ten-richest-people-in-the-world/\|url-status=live }}</ref><ref>{{cite news |title=Bloomberg Billionaires Index |url=https://www.bloomberg.com/billionaires/profiles/elon-r-musk/ |publisher=[[Bloomberg L.P.]] |access-date=July 25, 2022 |archive-date=July 8, 2017 |archive-url=https://web.archive.org/web/20170708045857/https://www.bloomberg.com/billionaires/profiles/elon-r-musk/ |url-status=live }}</ref><ref>{{cite magazine|title=Real Time Billionaires |url=https://www.forbes.com/profile/elon-musk/ |magazine=[[Forbes]] |access-date=August 27, 2017 |archive-date=February 10, 2014 |archive-url=https://web.archive.org/web/20140210112624/http://www.forbes.com/profile/elon-musk/ |url-status=live }}</ref>
== Details ==
At the start of 2020, Elon Musk had a net worth of $27 billion.<ref>{{Cite news |last=Frank |first=Robert |date=January 7, 2021 |title=Elon Musk is now the richest person in the world, passing Jeff Bezos |work=CNBC |url=https://www.cnbc.com/2021/01/07/elon-musk-is-now-the-richest-person-in-the-world-passing-jeff-bezos-.html |url-status=live |access-date=April 13, 2021 |archive-url=https://web.archive.org/web/20210406160534/https://www.cnbc.com/2021/01/07/elon-musk-is-now-the-richest-person-in-the-world-passing-jeff-bezos-.html |archive-date=April 6, 2021}}</ref> By the end of the year his net worth had increased by $150 billion, mostly driven by his ownership of around 20% of Tesla stock.<ref name="tesla stock">{{cite news|last=O'Kane|first=Sean|date=January 7, 2021|title=Elon Musk passes Jeff Bezos to become the richest person on Earth |work=The Verge|url=https://www.theverge.com/2021/1/7/22163361/elon-musk-billionaire-richest-world-jeff-bezos-tesla-stock-spacex |access-date=February 17, 2021|archive-url=https://web.archive.org/web/20221009075740/https://www.theverge.com/2021/1/7/22163361/elon-musk-billionaire-richest-world-jeff-bezos-tesla-stock-spacex|archive-date=October 9, 2022|url-status=live}}</ref> During this period, Musk's net worth was often volatile. For example, it dropped $16.3 billion on September 8, the largest single-day plunge in ''[[Bloomberg Billionaires Index]]{{'}}s'' history at the time.<ref>{{cite news |last=Pitcher |first=Jack |date=September 8, 2020 |title=Elon Musk Loses Record $16.3 Billion With Wild Wealth Swings |work=Bloomberg|url=https://www.bloomberg.com/news/articles/2020-09-08/elon-musk-loses-record-16-3-billion-with-wild-wealth-swings |url-status=live |access-date=February 23, 2021 |archive-url=https://web.archive.org/web/20200927063219/https://www.bloomberg.com/news/articles/2020-09-08/elon-musk-loses-record-16-3-billion-with-wild-wealth-swings |archive-date=September 27, 2020}}</ref> In November of that year, Musk passed Facebook co-founder [[Mark Zuckerberg]] to become the third-richest person in the world; a week later he passed [[Microsoft]] co-founder [[Bill Gates]] to become the second-richest.<ref name="gates">{{cite news |last=Neate |first=Rupert |date=November 14, 2020 |title=Elon Musk overtakes Bill Gates to become world's second-richest person |work=The Guardian |url=https://www.theguardian.com/technology/2020/nov/24/elon-musk-bill-gates-tesla-share-price-microsoft |url-status=live |access-date=February 17, 2021 |archive-url=https://web.archive.org/web/20210114031157/https://www.theguardian.com/technology/2020/nov/24/elon-musk-bill-gates-tesla-share-price-microsoft |archive-date=January 14, 2021}}</ref>
In January 2021, Musk, with a net worth of $185 billion, surpassed [[Amazon (company)|Amazon]] founder [[Jeff Bezos]] to become the richest person in the world.<ref>{{cite news |date=January 7, 2021 |title=Elon Musk becomes world's richest person as wealth tops $185bn |work=BBC News |url=https://www.bbc.com/news/technology-55578403 |url-status=live |access-date=February 17, 2021 |archive-url=https://web.archive.org/web/20210108023023/https://www.bbc.com/news/technology-55578403 |archive-date=January 8, 2021}}</ref> Bezos reclaimed the top spot the following month.<ref>{{cite news |last=Palmer |first=Annie |date=February 16, 2021 |title=Jeff Bezos overtakes Elon Musk to reclaim spot as world's richest person |work=CNBC |url=https://www.cnbc.com/2021/02/16/jeff-bezos-reclaims-spot-as-worlds-richest-person-from-elon-musk.html |url-status=live |access-date=February 17, 2021 |archive-url=https://web.archive.org/web/20210216231812/https://www.cnbc.com/2021/02/16/jeff-bezos-reclaims-spot-as-worlds-richest-person-from-elon-musk.html |archive-date=February 16, 2021}}</ref> On September 27, 2021, after Tesla stock surged, Forbes announced that Musk had a net worth of over $200 billion, and was the richest person in the world.<ref>{{Cite news |last=Cai |first=Kenrick |date=September 27, 2021 |title=Elon Musk Eclipses $200 Billion To Become Richest Person in the World Again |work=Forbes |url=https://www.forbes.com/sites/kenrickcai/2021/09/27/elon-musk-200-billion-richest-person-in-the-world/ |access-date=September 28, 2021 |archive-date=September 28, 2021 |archive-url=https://web.archive.org/web/20210928023801/https://www.forbes.com/sites/kenrickcai/2021/09/27/elon-musk-200-billion-richest-person-in-the-world/ |url-status=live }}</ref> and was the richest person in the world. In November 2021, Musk became the first person to have a net worth of more than $300 billion.<ref>{{cite news |last=Haverstock |first=Eliza |date=November 2, 2021 |title=Elon Musk Is The First Person Worth More Than $300 Billion |url=https://www.forbes.com/sites/elizahaverstock/2021/11/02/elon-musk-is-the-first-person-worth-more-than-300-billion-but-hertz-uncertainty-threatens-tesla-stock-tear/?sh=289580b521f4 |access-date=November 4, 2021 |work=Forbes|archive-url=https://web.archive.org/web/20220531073421/https://www.forbes.com/sites/elizahaverstock/2021/11/02/elon-musk-is-the-first-person-worth-more-than-300-billion-but-hertz-uncertainty-threatens-tesla-stock-tear/?sh=289580b521f4|archive-date=May 31, 2022|url-status=live}}</ref>
On December 30, 2022, it was reported that Musk had lost $200 billion from his net worth due to declining stock values in Tesla, becoming the first person in history to lose such a large sum of money.<ref>{{cite news|last=Chappatta|first=Brian|date=December 30, 2022|title=Elon Musk Becomes First Person Ever to Lose $200 Billion|url=https://www.bloomberg.com/news/articles/2022-12-30/elon-musk-becomes-first-person-ever-to-lose-200-billion|work=Bloomberg|access-date=September 19, 2023|archive-date=September 19, 2023|archive-url=https://web.archive.org/web/20230919020703/https://www.bloomberg.com/news/articles/2022-12-30/elon-musk-becomes-first-person-ever-to-lose-200-billion|url-status=live}}</ref><ref>{{cite news |url=https://www.independent.co.uk/tech/elon-musk-net-worth-tesla-twitter-200-billion-b2254493.html |title=Elon Musk is the first person in history to lose $200 billion |last=Woodward |first=Alex |date=January 1, 2023 |work=The Independent |access-date=January 11, 2023 |archive-date=January 4, 2023 |archive-url=https://web.archive.org/web/20230104193845/https://www.independent.co.uk/tech/elon-musk-net-worth-tesla-twitter-200-billion-b2254493.html|url-status=live}}</ref> In January 2023, Musk was recognized by [[Guinness World Records]] for experiencing the "largest loss of personal fortune in history" with regards to his financial losses since November 2021, which Guinness quoted a Forbes estimate of $182 billion.<ref>{{Cite web|last=Gans|first=Jared |date=January 7, 2023 |title=Elon Musk secures world record for largest-ever loss of personal fortune |url=https://thehill.com/policy/finance/3803661-elon-musk-secures-world-record-for-largest-ever-loss-of-personal-fortune/|url-status=live |archive-url=https://web.archive.org/web/20230109121749/https://thehill.com/policy/finance/3803661-elon-musk-secures-world-record-for-largest-ever-loss-of-personal-fortune/ |archive-date=January 9, 2023 |access-date=January 10, 2023 |work=The Hill}}</ref>
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=== Sources of wealth ===
Around 75% of Musk's wealth was derived from Tesla stock in November 2020,<ref name="gates" /> a proportion that fell to about 37% as of December 2022,{{efn|According to the ''[[Wall Street Journal]]'', he was worth $140 billion, with $52 billion of that attributable to his ownership of Tesla stock.}} after selling nearly $40 billion in company shares since late 2021.<ref>{{cite news|last=Higgins|first=Tim|date=December 23, 2022|title=Elon Musk's Finances Complicated by Declining Wealth, Twitter Pressures|url=https://www.wsj.com/articles/elon-musks-finances-complicated-by-declining-wealth-twitter-pressures-11671834066 |work=The Wall Street Journal}}</ref> Musk does not receive a salary from Tesla; he agreed with the board in 2018 to a compensation plan that ties his personal earnings to Tesla's valuation and revenue.<ref name="tesla stock" /> The deal stipulated that Musk only received the compensation if Tesla reached certain market values.<ref name="payout2">{{cite news|last=Sorkin|first=Andrew Ross|date=January 23, 2018|title=Tesla's Elon Musk May Have Boldest Pay Plan in Corporate History|url=https://www.nytimes.com/2018/01/23/business/dealbook/tesla-elon-musk-pay.html|work=The New York Times| access-date=February 17, 2021|archive-date=February 11, 2021|archive-url=https://web.archive.org/web/20210211195909/https://www.nytimes.com/2018/01/23/business/dealbook/tesla-elon-musk-pay.html|url-status=live}}</ref> It was the largest such deal ever done between a CEO and a company board.<ref name="payout" /> In the first award, given in May 2020, he was eligible to purchase 1.69 million Tesla shares (about 1% of the company) at below-market prices, which was worth about $800 million.<ref name="payout">{{cite news|last=O'Kane|first=Sean|date=May 28, 2020|title=Elon Musk reaches first Tesla compensation award worth nearly $800 million|url=https://www.theverge.com/2020/5/28/21273882/elon-musk-tesla-compensation-plan-stock-award-dollars|work=The Verge| access-date=February 17, 2021|archive-date=February 2, 2021|archive-url=https://web.archive.org/web/20210202011557/https://www.theverge.com/2020/5/28/21273882/elon-musk-tesla-compensation-plan-stock-award-dollars|url-status=live}}</ref><ref name="payout2" />
The above stock compensation deal was invalidated by the Delaware court due to Musk controlling Tesla and having massive influence on the directors, making the compensation decision a "conflicted-controller transaction" which is subject to court review in Delaware law to be judged for fairness. Tesla is trying to reinstate the payment package via new shareholders votes.
Musk paid $455 million in taxes on $1.52 billion of income between 2014 and 2018.<ref name="CNBCTax">{{cite news |last1=Browne |first1=Ryan |title=Elon Musk says he will pay over $11 billion in taxes this year |url=https://www.cnbc.com/2021/12/20/elon-musk-says-he-will-pay-over-11-billion-in-taxes-this-year.html |access-date=March 3, 2022 |work=CNBC |date=December 20, 2021|archive-url= https://web.archive.org/web/20221103145815/https://www.cnbc.com/2021/12/20/elon-musk-says-he-will-pay-over-11-billion-in-taxes-this-year.html|archive-date=November 3, 2022|url-status=live}}</ref> According to [[ProPublica]], Musk paid no federal income taxes in 2018.<ref>{{cite news|last=Mangan|first=Dan|date=June 8, 2021|title=Bezos, Buffett, Bloomberg L.P., Musk, Icahn and Soros pay tiny fraction of wealth in income taxes, report reveals|url=https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg-icahn-and-soros-pay-little-in-taxes.html|work=CNBC| access-date=June 8, 2021|archive-url=https://web.archive.org/web/20221005013150/https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg-icahn-and-soros-pay-little-in-taxes.html|archive-date=October 5, 2022|url-status=live}}</ref> He stated his 2021 tax bill was estimated at $12 billion based on his sale of $14 billion worth of Tesla stock.<ref name="CNBCTax" />
Musk has repeatedly described himself as "[[wikt:cash poor|cash poor]]",<ref name="cash">{{cite news |last=Pendeleton|first=Devon|date=January 6, 2021|title=Elon Musk Surpasses Jeff Bezos to Become World's Richest Person |url=https://www.bloomberg.com/news/articles/2021-01-06/musk-close-to-surpassing-bezos-as-world-s-richest-person|publisher=Bloomberg L.P.|access-date=February 17, 2021|archive-url=https://web.archive.org/web/20210106191553/https://www.bloomberg.com/news/articles/2021-01-06/musk-close-to-surpassing-bezos-as-world-s-richest-person|archive-date=January 6, 2021|url-status=live}}</ref><ref name="wsj">{{cite news|last=Higgins|first=Tim|date=May 8, 2020|title=Elon Musk, Tech's Cash-Poor Billionaire|url=https://www.wsj.com/articles/elon-musk-techs-cash-poor-billionaire-11588967043|work=The Wall Street Journal|access-date=February 17, 2021|url-status=live|archive-date=February 16, 2021|archive-url=https://web.archive.org/web/20210216200534/https://www.wsj.com/articles/elon-musk-techs-cash-poor-billionaire-11588967043}}</ref> and has "professed to have little interest in the material trappings of wealth".<ref name="cash" /> In May 2020, he pledged to sell almost all physical possessions after a talk with [[Cory Spears]].<ref name="wsj" /> Musk has defended his wealth by saying he is accumulating resources for [[Space colonization|humanity's outward expansion to space]].<ref>{{Cite news|last=Woodward|first=Alex|date=March 22, 2021|title=Bernie Sanders responds to Elon Musk's space travel plans with call for progressive taxes|work=The Independent |url=https://www.independent.co.uk/news/world/americas/us-politics/bernie-sanders-elon-musk-space-b1820744.html|url-status=live |access-date=April 13, 2021|archive-date=April 13, 2021|archive-url=https://web.archive.org/web/20210413233021/https://www.independent.co.uk/news/world/americas/us-politics/bernie-sanders-elon-musk-space-b1820744.html}}</ref>
== Notes ==
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[[Category:Elon Musk]]
[[Category:Wealth by individuals]]