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Elon Musk is the wealthiest person in the world, with an estimated net worth of US$486 billion as of December 2024, according to the Bloomberg Billionaires Index, and $464 billion according to Forbes, primarily from his ownership stakes in Tesla, Inc. and SpaceX. In November 2021, he became the first person in the world to have a net worth above $300 billion, and in December 2024, he became the first person to reach a net worth of $400 billion.
Elon Musk’s Wealth History
Elon Musk’s journey to becoming the richest person in the world is a story of rapid growth and volatility. In October 2002, Musk made $175.8 million from the sale of PayPal to eBay. By 2012, he had entered the Forbes Billionaires List with a net worth of $2 billion.
In 2020, Musk’s wealth began to increase dramatically. Starting the year with a net worth of $27 billion, it soared by $150 billion due to the surge in Tesla’s stock, where he owned around 20%. By January 2021, Musk’s net worth reached $185 billion, overtaking Amazon founder Jeff Bezos to become the richest person globally. In September 2021, Tesla’s stock surge further pushed his wealth past $200 billion, and by November, he was the first individual to surpass $300 billion in net worth.
However, Musk’s wealth has also been subject to significant fluctuations. For instance, on December 30, 2022, Musk lost $200 billion from his net worth due to declining Tesla stock values, a record-breaking financial loss recognized by Guinness World Records. Despite these fluctuations, Musk’s net worth continued to grow, reaching unprecedented levels of $400 billion by December 2024, following the 2024 United States presidential election.
Wealth Graph
+------+----------------+-----------------+--------------+
| Year | Net Worth ($B) | Significant Event|
+------+----------------+-----------------+--------------+
| 2012 | 2 | Entered Forbes |
| 2020 | 27 | Tesla stock rise|
| 2021 | 185 | Overtook Bezos |
| 2021 | 200 | Surpassed $200B |
| 2021 | 300 | Passed $300B |
| 2022 | 100 | Lost $200B |
| 2024 | 400 | First to $400B |
+------+----------------+-----------------+--------------+
Sources of Wealth
Musk’s primary sources of wealth are his ownership stakes in Tesla and SpaceX. Initially, about 75% of his wealth was tied to Tesla stock, that proportion has since decreased as he sold nearly $40 billion in shares since late 2021. Musk agreed to a compensation plan in 2018 that tied his personal earnings to Tesla’s valuation and revenue targets instead of a traditional salary. This agreement included milestones allowing him to purchase Tesla shares at below-market rates.
Additionally, SpaceX has been a significant contributor to Musk’s net worth. As of November 2024, the United States government had signed contracts worth $20 billion with SpaceX.
Conclusion
Elon Musk’s financial journey is emblematic of extreme wealth volatility and significant business success. Through his revolutionary companies and strategic financial decisions, he has achieved a global financial status that is often as fluctuating as the stock market itself. As of early 2025, Musk continues to be at the pinnacle of global financial success, primarily driven by Tesla and SpaceX.
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