Elon Musk, the driving force behind Tesla and SpaceX, is predicted to reach trillionaire status by 2027. Currently, he holds the title of the world’s richest individual, with an impressive net worth of $264.7 billion. His impact on cutting-edge technology is paving the way for future innovations, as shown by a notable $34 billion surge in his wealth in a single day on October 24, 2024. This extraordinary growth places him $61 billion ahead of Jeff Bezos, the founder of Amazon and the world’s second-richest person. Musk has also taken a public political stance, supporting Donald Trump in the 2024 U.S. presidential election.
In Tesla’s recent shareholder meeting, it was disclosed that Musk’s compensation package stands at a remarkable $56 billion, according to a report by the Economic Times. Yet, despite his vast wealth, Musk leads a surprisingly modest lifestyle. In 2020, he sold his collection of California properties, valued at around $100 million, and relocated to a $50,000 home near SpaceX headquarters in Boca Chica, Texas, moving away from the seven opulent mansions he previously owned.
Being the head of Tesla, Musk naturally owns several Tesla models, including the Cybertruck, Model Y for family use, and a Model S Performance. His collection also features luxury cars like the McLaren F1, a customized BMW M5 by Hamann Motorsport, the 1967 Jaguar E-Type Roadster, and the classic 1976 Lotus Esprit.
Tesla is Musk’s main source of wealth, followed closely by his 42% ownership in SpaceX, both companies experiencing rapid growth with his leadership. According to Bloomberg, Musk’s portfolio extends to other ventures, including X (formerly Twitter), The Boring Company, Neuralink, and xAI, which together contribute an additional $24 billion to his fortune. Musk’s recent acquisition and rebranding of the social media platform demonstrate his diverse interests and impact as an investor.