As one of the richest men in the world, few names command as much attention and intrigue as Elon Musk.
From owning multi-billion companies and pushing to revolutionize the automotive and space industries through innovation and unique business models, Musk is often cited as one of the most influential figures of our time.
This article delves into this entrepreneur’s life, providing more depth to the understanding of his management, leadership and investment styles. Reading across a host of Elon Musk facts will ensure investors better understand who he is and the businesses he has built – offering an extra layer for informed decision making when it comes to Elon Musk’s companies.
Elon Musk Quick Facts
Full Name: Elon Reeve Musk
Parents: Errol Musk, Maye Musk
Siblings: Sister Tosca Musk and brother Kimbal Musk
Born: June 28th, 1971
Place of Birth: Pretoria, South Africa
Net Worth: $208.6 billion (as of March 2024)
Current Partner: Grimes
Ex-Spouse(s): Justine Wilson, Talulah Riley
Owner Of: SpaceX, Tesla Inc, X (formerly Twitter), The Boring Company, xAI, and Neuralink
Elon Musk’s Family
Parents
Musk is the son of Errol, a South African engineer, and Maye, a Canadian model and nutritionist. Musk’s parents divorced in 1980 shortly before his 9th birthday.
He is the eldest of three siblings, Kimbal Musk and Tosca Musk, who also share his entrepreneurial spirit. Kimbal is the founder of three food companies, while Tosca is a director, producer and the owner of Passionflix, a romance series/film streaming service.
Partners & Children
Elon Musk has fathered 11 children with 4 partners.
Musk’s first wife (2000-2008), Justine Wilson, is the mother of 6 of his children, although their firstborn tragically died at 10 weeks from sudden infant death syndrome (SIDS). Musk and Wilson would later have twins Griffin Musk and Vivian Jenna Wilson through in vitro fertilization. The couple also had a set of triplets; Kai, Saxon, and Damian, also via IVF. While still in contact with most of his children, Musk’s continued vocal anti-trans stance caused Vivian to completely cut all contact with her father in 2022.
He married his second wife, British actress Talulah Riley, in 2010. The couple divorced in 2012, and then remarried in 2013. The pair split for good in 2016.
Musk started dating Grimes, a Canadian musician, in 2018 and the couple had their first son, X AE A-XII, two years later. They welcomed a daughter (Exa Dark Siderael Musk) in December 2021 through a surrogate despite splitting up in September of the same year.
The tech entrepreneur was also the sperm donor for a set of twins in 2021, with Shivon Zilis, a director of operations and special projects at Neuralink.
Musk and Grimes still consider themselves best friends, and recently revealed they’d had another son via a surrogate birth, Techno Mechanicus, in September 2023.
Elon Musk’s Early Life & Education
Elon Musk was born in 1971 in Pretoria, South Africa. After his parents divorced in 1980, he initially lived with his father, although later came to regret the decision and eventually became estranged from his father.
Musk spent much of his time reading both genre fiction and non-fiction during his time at private preparatory school, and later also during Pretoria Boys High School. It was while at High School that Elon reportedly called someone’s father “stupid” for dying by suicide, he was beaten up and thrown down a short flight of concrete steps. His father allegedly offered no sympathy due to his actions, despite Elon’s injuries.
It was at age ten that the soon-to-be entrepreneur developed an interest in computing and video games. He soon taught himself to code using relevant manuals, and at age twelve had already sold a videogame to a PC magazine for around $500.
Did Elon Musk’s Family Own an Emerald Mine?
Yes, Musk’s father was a part owner of the emerald mine situated near Lake Tanganyika. Although Elon refutes these claims, Errol Musk has previously confessed to being a shareholder of the mine in an interview with Business Insider, Africa, in 2018. Errol Musk reveals, “I said, ‘Oh, all right’. So I became a half owner of the mine, and we got emeralds for the next six years.” In the interview, he says he spent half of the £80,000 he got from selling an airplane to purchase part of the mine. Consequently, he and his family received emeralds for the following six years.
Musk’s College Career
Musk enrolled at the University of Pretoria, where he studied for only five months before migrating to Canada and joining the Queen’s University in Kingston, Ontario, in 1990. Here, he met his first wife, Justine Wilson, then an aspiring writer.
Two years later, he made the transition to the Ivy League’s University of Pennsylvania. There, he pursued and successfully obtained two degrees: a Bachelor of Arts in physics and a Bachelor of Science from the Wharton School of Business. During his time there, Musk organized house parties with a door fee in order to help pay for his tuition, and created a business plan for an electronic book-scanning service along a similar vein as Google Books.
In 1994, Musk worked at two notable internships in Silicon Valley: one at the forward-thinking energy storage startup Pinnacle Research Institute, and another at the Palo Alto-based startup, Rocket Science Games. The following year, he received acceptance into a PhD program in materials science at Stanford University. However, enticed by the fast-growing Internet industry, Musk decided to drop out rather than start the PhD, opting instead to pursue tech-based opportunities.
When Did Elon Musk Come To America?
In 1992, Elon transferred to the University of Pennsylvania in America.
Notable Businesses
Elon Musk has created a solid reputation for being a highly successful entrepreneur. His propensity for risk-taking has enabled him to create and take forward a series of ground-breaking companies. Here are some of the notable businesses the entrepreneur is or has been involved in:
X.com (Paypal)
For some time, Musk had envisioned developing an online bank system and eventually spent about $12 million on co-founding X.com in 1999 with several other investors. The platform went on to attract more than 200,000 sign-ups within 2 months of being live.
X.Com later merged with Confinity, a money transfer company, to become PayPal. Being the largest shareholder, Musk became the CEO of the tech firm that now enabled users to send money utilizing the web and email. By the time PayPal was sold to eBay in 2002 for $1.5 billion, Musk had an 11.7% stake. As a result, he generated approximately $180 million after taxes, creating additional substantial wealth.
Tesla
This is the company that the billionaire is most well-known for. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla has continuously made headlines owing to its innovations in the automotive industry and contributions to clean energy efforts.
Musk joined the company in 2004 by becoming one of its main funders. He was later appointed the chairman of the board of directors before assuming the position of CEO in 2008.
Elon was also the visionary behind the Roadster, an all-electric vehicle released in 2008 that achieved 245 miles on a single charge and boasted massive acceleration thanks to its immensely powerful lithium-ion batteries. Tesla sold thousands of these revolutionary vehicles between 2008 and 2011, earning substantial revenue.
Through Musk’s stewardship, Tesla launched another innovative electric car—the Model S—in 2012. The vehicle was praised for its performance and design, with Consumer Reports naming it the best overall car of that year. The company won further acclaim for its Model X luxury SUV launched in 2015. Model 3 came soon after (2017) and became the best-selling electric car of all time, with the ability to travel 263 miles on a single charge.
Tesla has grown to be one of the most valuable companies globally, with the TSLA market cap exceeding $755 billion. It also continues to increase its electric vehicle production annually, a move that has helped expand its revenues.
Chart source: Investing.com Tesla (TSLA) Stock page
Boring Company
The Boring Company was established by Musk in 2016. It mainly focuses on infrastructure and underground tunnel construction to reduce urban congestion and mitigate traffic challenges. The firm also seeks to offer high-speed, long-distance travel through a transportation mode called “hyperloop.” This is where passengers are transported underground using electric cars with no stops in between. The overarching goal is to test the loop-based transportation system and research ways to make tunneling more affordable and faster.
Boring is still growing after successfully raising $675 million in a Series C funding round. This in turn increased its value to $5.75 billion as of April 2022.
SpaceX
This company is central to Musk’s ambition to colonise Mars. Musk started SpaceX in 2002 using some of the money he received from selling PayPal. He aims to decrease costs associated with space exploration by designing and manufacturing affordable rockets.
The Falcon 1 rocket first launched in 2006, followed by Falcon 9 in 2010. Both launch vehicles cost much less than other competing rockets.
The years that followed saw Musk spearhead the development of further groundbreaking innovations. An example is the Falcon Heavy (2018) which could carry 53,000 kg weight and orbit almost twice the distance of its biggest competitor (the Delta IV Heavy from Boeing) for a third of the cost.
SpaceX also invented the Dragon spacecraft that carries astronauts and cargo to the International Space Station.
These inventions under Musk’s leadership have made SpaceX one of the most valuable private companies globally.
Neuralink
Musk and a team of scientists and engineers launched Neuralink in 2016. This neurotechnological company seeks to develop brain implants capable of “communicating” (i.e. linking) with computers and phones. The company aims to help treat severe brain illnesses in the short term, with the ultimate goal to enhance the human brain’s cognitive abilities.
In May 2023, the FDA gave Neuralink the go-ahead to start testing the chips on humans despite rejecting the application in 2022, citing safety concerns. The company opened its first human trials for recruitment in September 2023.Like many of his other businesses, Neuralink has generated substantial returns for Musk. In June 2023, Neuralink’s value sat at $5 billion.
Twitter (Now X)
Twitter is one of the latest companies to be acquired by Musk. He initially revealed having a 9% stake in the social media company after being an active user for many years. Musk expressed his interest in buying the whole firm in April 2022.
Twitter agreed to sell the company at $44 billion, though Musk tried to withdraw from the deal. The deal was eventually closed in October of the same year, with Musk officially taking over as the owner and CEO. The company was subsequently privatised and removed from the stock market, with each shareholder receiving $0.52 per Twitter share as a buyout.
Unfortunately, X lost nearly 50% of its ad revenue several months after the takeover. The number of users declined substantially worldwide, as did the company’s value. In March 2023, Musk admitted that Twitter was worth about $20 billion, representing a 55% decline from what he paid while purchasing it.
When did Twitter Become X?
Musk renamed Twitter to X in July 2023.
What Does Elon Musk Own?
Alongside Tesla, Boring Company, Neuralink and X, Musk launched the xAI Company in 2023. The venture aims to develop alternative products to OpenAI’s chatbot ChatGPT.
Musk also acquired SolarCity, a company that sells solar energy generation systems, through Tesla in 2016 for $2.6 billion.
Elon Musk’s Net Worth
Here’s how Musk’s wealth has grown since 2014:
| Year | Elon Musk Net Worth ($ Billion) |
|---|---|
| 2014 | 8.4 |
| 2015 | 12.0 |
| 2016 | 10.7 |
| 2017 | 13.9 |
| 2018 | 19.9 |
| 2019 | 22.3 |
| 2020 | 24.6 |
| 2021 | 151 |
| 2022 | 219 |
| 2023 | 108 |
| 2024 (so far) | 251 |
How Does Elon Musk Make Money?
Elon Musk is well known for his remarkable entrepreneurial skills, focus, and role as a tech visionary. He has also been hailed as a genius for his innovative approach to technology for clean energy and space exploration.
In any case, Musk has created wealth mainly through the many companies he has founded and invested in. He established his first company Zip2 in 1995 and sold it in 1999, pocketing millions of dollars as a result. He also co-founded X.com (now PayPal) and earned millions after selling it to eBay in 2002. It was during this period that he created SpaceX, a spaceflight services company that he still owns. Forbes puts the company’s worth at nearly $150 billion, with Musk’s ownership at about 42%.
The business genius also makes money from his electric car company, Tesla, which he became involved with through funding in 2004. Currently, Musk has a 21% stake in Tesla stocks and options. Even though Tesla doesn’t guarantee him a salary, it nevertheless awards him a package when he achieves certain performance targets.
His tunnel-digging firm, the Boring Company, and the neurotechnology business, Neuralink, also earn him a significant amount of money through stock options. Other investments that contribute to his fortune include Twitter, SolarCity, and xAI. The entrepreneur has also been known to invest in cryptocurrency, which while volatile, can produce remarkable return percentages.
Can I Buy Tesla Stock?
Yes, you can. Tesla (TSLA) is a publicly traded company, and is listed on major stock exchanges like the NASDAQ. The purchase process is easy and entails the following:
- Step 1: Open an online account with a reputable and regulated broker and deposit funds.
- Step 2: Log in to your account, look for the Tesla stock ticker symbol (TSLA) and select it.
- Step 3: State the number or amount of shares you wish to buy.
- Step 4: Remember to indicate the type of order. You can either choose a market or limit order. If you choose the former, your broker will execute trades at the current market price. Selecting a limit order means your stock is traded when it reaches a specified price.
Step 5: Submit your order and ensure you monitor the investment. Tesla stock prices can change often, so staying updated on any developments that may affect the parent company or the market in general is essential. Consequently, you can adjust your position to optimize gains or curb potential losses.
Key Elon Musk Facts and Statistics
Here are some important Elon Musk statistics and facts:
- His first company, Zip2, was established in 1995 and mainly focused on offering an online city guide service in partnership with newspapers. He sold it 4 years later to Combaq for $340 million.
- Musk has earned several awards, including the President’s Award for Exploration and Technology of the Explorers Club, the Royal Aeronautical Society Award, the Edison Achievement Award, and more.
- Musk officially bought Twitter in October 2022 and now owns approximately 74% of the company that’s now known as X.
- In 2012, Musk became part of Bill Gates/Warren Buffett’s Giving Pledge, which requires billionaires to commit a majority of their wealth to philanthropic causes.
- His Neuralink Company wants to create interfaces that make it possible to connect the human brain to computers.
- He holds citizenship in multiple countries: South Africa, Canada, and the United States.
- He co-founded PayPal and sold it to eBay for $1.5 billion in 2002.
- Musk is known for his ambitious vision of colonizing Mars and making humanity multi-planetary. He has stated that he plans to die on Mars, “but not on impact”.
- In 2008, SpaceX’s Falcon 1 became the first privately-funded liquid-fueled rocket to reach orbit.
- Tesla’s Model S, introduced in 2012, was the first electric car to have a range of over 300 miles per charge.
- Musk has advocated for the development of artificial intelligence, while also warning about its potential risks.
- Musk is a proponent of renewable energy and sustainable transportation.
- Musk has frequently clashed with regulatory agencies and traditional automakers over issues like safety standards and direct sales of Tesla vehicles.
- Musk has made headlines for his often controversial statements and behavior on social media surrounding trans and female rights, immigration and racism.
- Musk has expressed interest in developing a high-speed transportation system known as the Hyperloop (similar to a train or metro line, but with additional efficiencies).
- He purchased the domain name “X.com” in 2017, the same domain used by his online payment company that eventually became PayPal.
- Musk has a fascination with science fiction and has cited authors like Isaac Asimov and Douglas Adams as influences.
- Musk has stated that he works up to 100 hours per week across his various companies and projects.
Famous and Controversial Moments
Elon Musk seems to thrive on controversy, and he has been criticized severally for offensive comments on various issues.
For instance, the US Security Exchange Commission sued the entrepreneur for distributing misleading info in 2018 when he tweeted about privatizing Tesla at $420 per share despite failing to secure funding.
In another instance, he faced backlash for calling a British diver involved in rescuing a group of boys trapped in a flooded cave in Thailand a “pedo” on Twitter (now X).
Musk also received a lot of criticism after officially purchasing Twitter towards the end of October 2022. While the acquisition itself raised eyebrows but wasn’t a cause for concern, his almost immediate actions around the treatment of his employees and controversial user-facing practices such as charging users who wanted their accounts verified, suspending parody accounts without warning, and rolling back hate-speech guidelines, were widely criticized.
In 2018, he appeared on the Joe Rogan Podcast show, where he famously smoked marijuana during the interview, instantly becoming an actual meme on the internet.
The famous businessman was outspoken during the COVID-19 pandemic and regularly made controversial statements. From terming the stay-at-home orders ‘fascist’ to stating that the panic over the virus was ‘dumb’ and casting doubt on the efficiency of tests.
More recently, in November 2023, Musk said, “Go f*ck yourself” to advertisers who stopped spending on X following his promotion of anti-Semitic conspiracies on the platform.
Famous Musk Quotes
Musk is known for speaking his mind and certainly isn’t shy about letting the world know what drives him. Here are some of his famous quotes:
- “When something is important enough, you do it even if the odds are not in your favor.” – From an interview with Business Insider, February 19, 2014.
- “I think it is possible for ordinary people to choose to be extraordinary.” – From an interview with Gigaom, May 11, 2008.
- “Persistence is very important. You should not give up unless you are forced to give up.” – From an interview with The Independent, November 24, 2017.
- “Failure is an option here. If things are not failing, you are not innovating enough.” – From a speech at the International Space Station Research and Development Conference, July 19, 2017.
- “I would like to die on Mars. Just not on impact.” – From an interview with Aeon Magazine, December 12, 2014.
- “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better.” – From an interview with Mashable, September 18, 2015.
- “If something’s important enough, you should try. Even if the probable outcome is failure.” – From an interview with TED Talks, March 2013.
- “The first step is to establish that something is possible; then probability will occur.” – From an interview with Wired, December 24, 2012.
- “I would like to be on the cover of Rolling Stone.” – From an interview with Rolling Stone, November 15, 2017.
- “Really pay attention to negative feedback and solicit it, particularly from friends. Hardly anyone does that, and it’s incredibly helpful.” – From an interview with Business Insider, February 19, 2014.
- “There’s a tremendous bias against taking risks. Everyone is trying to optimize their ass-covering.” – From an interview with Vanity Fair, April 3, 2013.
- “I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that.” – From an interview with Bloomberg, February 15, 2013.
- “Great companies are built on great products.” – From an interview with CBS News, November 13, 2011.
- “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” – From an interview with Inc. Magazine, June 1, 2008.
- “The future of humanity is going to bifurcate in two directions: Either it’s going to become multi-planetary, or it’s going to remain confined to one planet and eventually there’s going to be an extinction event.” – From an interview with Aeon Magazine, December 12, 2014.
Elon Musk’s Social Impact
The Musk Foundation is a private entity that Musk established in 2002. The foundation provides grants that support paediatric research, science and engineering education, renewable energy research, and human space exploration research. Some of the foundation’s recipients include World Spine Care, the co-educational Mirman School for Gifted Children, and Doctors Without Borders.
Does Musk Do Anything For Charity?
Yes. Musk has long been involved in various philanthropic activities, although their efficacy has often come under scrutiny. For example, during the COVID-19 pandemic, the billionaire donated more than 1,000 ventilators and other medical equipment to hospitals in New York. Unfortunately, these were later deemed to be the incorrect type of ventilator required for the safe intubation of COVID-19 patients.
Elon Musk was also able to provide clean drinking water to 12 schools in Flint, Michigan, where the water supply was contaminated with lead and other toxins. He achieved this by giving money to set up new water fountains with filtration systems in a dozen schools. However, this falls short of his promise to “fixing the water in any house in Flint.”
He has also contributed millions of dollars to the X Prize Foundation, which he worked with in 2021 to develop a prize for carbon removal projects.
However, he has been criticized several times for using less than 1% of his total wealth on philanthropic activities and never quite fully following through with the philanthropic promises he makes across social media.
Wrapping Up
Regardless of individual sentiment on him as a person, Elon Musk’s achievements are indeed remarkable. His focus and ability to take advantage of opportunities have seen him rise over the years to become one of the consistently wealthiest people on the planet.
He has leveraged the power of the internet and technology to create companies like SpaceX, Neuralink, and Boring from scratch and steer them to success. Tesla has also experienced massive growth under his leadership; arguably the best is yet to come.
Musk continues to inspire up-and-coming entrepreneurs that hard work, innovativeness, and persistence pay.
Elon Musk FAQs
Q. How Many Kids Does Elon Musk Have?
Elon Musk has 11 children:
- Nevada Alexander (deceased)
- Griffin Musk and Vivian Jenna Wilson – April 2004
- Kai, Saxon, and Damian Musk – January 2006
- X AE A-Xii – May 2020
- Azure and Strider – November 2021
- Exa Dark Siderael Musk – December 2021
- Techno Mechanicus – June 2022
Q. Where Was Elon Musk Born?
Elon Musk was born in Pretoria, South Africa in 1971. He stayed with his father in the country during his early life before moving to Canada at 17 and later to the USA.
Q. What Nationality is Elon Musk?
The tech mogul has three nationalities — South African, Canadian, and American.
Q. Where is Elon Musk From?
Musk is originally from South Africa.
Q. Why Did Elon Musk Buy Twitter?
He acquired Twitter with the aim of transforming it into a platform that supports free speech globally. He hoped the platform would significantly promote democracy. According to Musk, the offer to buy was not driven by the desire to increase his wealth.
Q. When Did Musk Buy Twitter?
Elon Musk Twitter deal was initiated on April 14, 2022, and he offered to purchase the platform for $44 billion. However, he later put the agreement on hold, stating concerns over the prevalence of bot and spam accounts. This prompted the company to sue Musk to force him to honor the deal. He eventually completed the purchase on October 27, 2022, at the original offer.
Q. Does Musk Have Autism?
Yes. He confirmed having autism during a TED talk. He believes living on the spectrum drove his specialized interest in science and technology, contributing to who he is today.
Q. Did Elon Musk Bring Out A Single?
Yes. The track is called “Don’t doubt your vibe,” and is available on SoundCloud. Musk wrote the lyrics, and so far, it has attracted millions of listens.
