Have you ever wondered how much money the genius behind Tesla, SpaceX, Neuralink, and PayPal makes? With passion fueling his innovation, Elon Musk has co-founded six companies and stands first among the richest people in the world.
From a net worth of $2.7 billion in 2013 to $198.3 billion in 2024, the billionaire has surely earned a lot in the decade. He was atop Forbes’ annual billionaire list in 2022. Though he regressed to the second spot on the list in late 2022 or early 2023 – overtaken by LMVH’s Bernard Arnault- he is now once again the top money-maker in the world.
Many wonder how much money he makes with all his achievements and undertakings. The thing is that Musk does not have a fixed salary. Instead, what he earns is compensation for how his companies perform.
This article breaks down just how much money does Elon Musk make in a second, minute, hour, or day?
At A Glance!
| Name | Elon Reeve Musk |
| Date of birth | 28 June 1971 |
| Place of birth | Pretoria, South Africa |
| Residence | Austin, Texas |
| Education | Bachelor of Arts/ Science, University of Pennsylvania |
| Occupation | Investor, entrepreneur |
| Companies | Tesla, Solar City, Neuralink, Twitter, The Boring Company |
| Net worth | $198 billion (as of March 2024) |
| Current roles | CEO of Tesla, CEO of SpaceX, CEO of Twitter |
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Elon Musk’s Business-O-Graphy: An Introduction!
Elon Musk’s business journey is a remarkable story of innovation and entrepreneurship. He has founded, led, and invested in multiple companies. Musk has become a key figure in electric vehicles, space exploration, and clean energy industries.
1. Zip2:
In 1995, Elon Musk co-founded an online business directory, Zip2, that provided maps and business information to newspapers. He sold it to Compaq Computer Corporation in 1999 for $307 million. Musk himself earned around $20 million from the sale.
2. PayPal:
Following the sale of Zip2, Musk co-founded X.com (now PayPal), transforming online payment transactions. In 2002, it was acquired by eBay for a $1.5 billion deal. Musk held a share of around 11.7% in the company, which earned him over $150 million following the sale. He used this amount to start SpaceX and fund Tesla.
3. SpaceX:
Later, in 2002, Elon Musk established SpaceX, intending to reduce the cost of space travel. It holds the achievement of being the first privately funded spacecraft to reach orbit. SpaceX works with NASA to supply their flagship Falcon9 rockets to the International Space Station (ISS).
4. SolarCity:
SolarCity (now operating as Tesla Energy) works on installing solar panels, powering residential and commercial buildings. In 2006, it was acquired by Tesla for $2.6 billion and now works as a subsidiary of Tesla.
Read Also: A Complete Solar Panel Maintenance Guide
5. Tesla:
In 2006, Elon Musk became the largest shareholder in Tesla with about $6.5 milllion investment. He assumed the role of the CEO in 2008, promoting sustainable solutions in the automotive industry. The company sold over 2000 Roadsters just after Musk took over. He now owns 13% shares in the company and still serves as the CEO and has overseen several innovative products.
The Boring Company:
The Boring Company is a startup established in 2016 that aims to alleviate traffic congestion on roads. The company that Musk serves as the CEO builds underground tunnels for transportation. It is currently valued at more than 7 billion dollars.
X (Formerly Twitter):
The billionaire’s recent venture is X (Formerly Twitter) which he bought in 2022 for $44 billion with original proposed price of $54.20 per share. Musk became the majority shareholder of Twitter in April 2022 owning up to 9.2% of the company, and offered to buy. The acquisition concluded in October 2022, with Musk becoming Twitter’s new owner and CEO.
In addition to these ventures, Elon Musk has made significant investments in other companies, including Neuralink, which is focused on developing technology to merge the human brain with artificial intelligence.
Understanding Elon Musk’s Net Worth
According to sources, Bernard Arnault has dethroned Elon Musk to second spot in World’s Richest Billionaires list with a net worth of $198.3 B (as of March 2024), owing to his stakes in Tesla, SpaceX, The Boring Company, Neuralink, and X (Formerly Twitter).
Musk is the largest shareholder of Tesla with a 20.5% stake valued at almost $120B. Similarly, Musk does not own the entire SpaceX as well. He has the largest share of 42% in the company, with 79% voting power. It means that he has the power to take a loan from the company. And around the time of acquiring Twitter (now X), he took that opportunity. He withdrew the loan of almost 1 billion from SpaceX. Currently, the valuation of the company has shot up to 150 billion.
Moreover, the billionaire bought Twitter for 44 billion and now also owns 79% of its stocks. Although Twitter shares have fluctuated post-acquisition, the company remains a valuable contributor to Musk’s overall network. Though the billionaire has pledged most of his holdings as collateral, his diverse investments and entrepreneurial endeavors have made him one of the wealthiest people.
How Much Does Elon Musk Make A Year?
The annual earning of around $18.3 billion based on the calculation for past 11 years. This colossal figure puts the average US annual income of around $50K to shame.
However, it is noteworthy that Musk draws his wealth from his stock holdings in multiple companies. It makes his net worth dependent on the stock market performance and, thus, quite volatile.
Some years have been extra impressive for Mars’s future colonizer, while others have been bad. Elon Musk made around $135 billion in 2020 and $112 billion in 2021. In November 2021, his net worth peaked at about $340 billion.
While in 2022, he lost about 48% of his net worth. The loss occurred after he used Tesla shares to fund the Twitter purchase of $44 billion. The stunt spooked the investors and sent Tesla’s shares spiraling downward. In fact, interestingly, he broke the Guinness World Record for the “largest loss of personal fortune in history.”
Breaking It Down: How Much Does Elon Musk Make In A Day?
The new CEO of Twitter makes quite the money in the day. With an annual income of $18.3 billion, his daily earning sums up to around $54 million per day.
These astonishing figures might seem like something out of a money meme, showcasing the stark contrast between the ultra-wealthy and the average income earner. But it’s crucial to remember that Musk’s wealth is tied up in company assets and is prone to fluctuation. For instance, he lost $16 billion in a day when Tesla shares dropped by 9% amid missed earnings and sales in 2023.
How Much Does Elon Musk Make An Hour?
Not-so-surprising fact: Elon Musk makes a 7-figure in just one hour! He earns around $2,320,000 an hour, about hundreds of thousands of times more than the average hourly wage of $10.99.
Digging It Deeper: How Much Money Does Elon Musk Make Per Second?
Now, the most awaited question; how much does the billionaire make in a second? Elon Musk earns approximately $656 per second. Turns out, the billionaire can earn an average annual salary of approximately $6887 in a minute.
Remember that all the above calculations are mere estimates. And as we have stated above, Musk’s earnings vary depending on many factors, including stock market fluctuations and his ventures’ performance. In July 2023, his net worth increased by $10.3 billion within 24 hours due to Tesla stock price surges.
Conclusion
How much does Elon Musk make every second? While there’s no exact answer, the billionaire’s estimated earning is $656 a second, rendering him an inspiration for those looking to achieve financial success. For more personal finance tips, check out the featured section of SpoliaMag.
While the figure is quite overwhelming, remember that Musk has had his share of losses and setbacks as well. He has lost around $13 billion in just a day recently, in April 2023.
Despite such setbacks, his innovation, dedication, and hard work have earned him a good chunk of wealth. His companies are at the forefront of technology with the potential to impact the world profoundly.
Who Is The Wealthiest Person In The World?
Elon Musk is the second most wealthiest person in the world with a net worth of 198 billion dollars. LMVH’s CEO, Bernard Arnault recently took over his no.1 position with a net worth of $226 billion.
FAQs
Elon Musk earns around $18.3 billion a year.
The new Twitter boss, Elon Musk, earns around $54 million a day.
Elon Musk makes approximately $69.4 million per week.
The second richest person in the world, Elon-the-wealthy-Musk, earns more than $1.5 billion every month.
He earns around $39,360 in a minute.
The owner of Tesla, The Boring Company, and Twitter (now X) earns around $2.3 million in just one hour.
