Elon Musk has cemented his place as the world’s richest person with an estimated net worth of $194.3 billion as of May, 2024. The CEO of Tesla, SpaceX, and Twitter, Musk has built his fortune through a series of bold investments and ambitious projects that have disrupted multiple industries. In this article we talk about Elon Musk Net Worth In 2024.
Tesla’s Meteoric Rise
A significant portion of Musk’s net worth comes from his holdings in Tesla, the electric vehicle company he co-founded in 2003. Musk owns about 12% of Tesla when not including his stock options. However, he has pledged over half of his Tesla shares as collateral for personal loans believed to be worth up to $3.5 billion.
Tesla has grown to be the world’s most valuable automaker, with soaring revenue and profits in recent years. The company delivered over 2 million electric vehicles in 2023 and is on track to increase production capacity to 20 million per year by 2030. This incredible growth has led to Tesla’s market capitalization ballooning to over $1 trillion.
Musk’s Tesla stake is worth an estimated $116 billion as of May 2024. However, this part of his net worth took a slight hit earlier in 2024 when a Delaware judge ruled that Musk’s 2018 performance-award stock option agreement granting him the right to buy 22.8 million split-adjusted shares at $70.01 per share was invalid. Musk has appealed the ruling, and Forbes has discounted the value of the disputed options by 50% while awaiting the appeal outcome.
SpaceX Reaches for the Stars
Another major contributor to Musk’s wealth is his stake in SpaceX, the aerospace company he founded in 2002 with the ambitious goal of colonizing Mars. SpaceX has disrupted the space industry through innovations like the partially reusable Falcon 9 rocket and the new, fully reusable Starship system currently in development.
SpaceX was recently valued at $137 billion after a December 2023 tender offer that raised an additional $750 million in funding. Musk owns just under 50% of SpaceX, making his stake worth around $69 billion as of May 2024. This represents a fivefold increase over the company’s $36 billion valuation just four years ago in 2020, showcasing the incredibly rapid growth.
With massive NASA and commercial satellite launch contracts under its belt, SpaceX shows no signs of slowing down its trajectory as it works towards ambitions like providing global high-speed internet through its Starlink constellation. As the first private company set to land astronauts on the Moon, SpaceX’s future looks bright, further boosting Musk’s already incredible fortune.
Twitter Takeover Triggers Turmoil
Musk has been no stranger to controversy throughout his career, and his $44 billion takeover of social media platform Twitter in late 2022 prompted criticism over allowing misinformation and toxic speech to spread unchecked. After initially attempting to back out of the deal, Musk was forced to follow through on the full purchase price.
The months after Musk took over Twitter as its new owner were turbulent, with mass resignations and firings of key personnel leading many investors to downgrade the company’s valuation. By December 2023, investment firm Fidelity marked down its Twitter investment by 60%, valuing the company at just $16 billion compared to the $44 billion Musk paid.
With an estimated 74% ownership of the company now called X, Musk’s stake is likely worth around $12 billion as of May 2024 according to private shareholder transactions. This represents a nearly 70% reduction compared to his purchase price less than two years earlier, making it Musk’s most questionable investment decision in recent years despite his plans to monetize X through subscriptions and other new revenue streams.
Future Innovation Fuels Further Fortune
While Musk has already achieved a net worth mileston of over $200 billion, he shows no signs of resting on his laurels between his leadership of Tesla, SpaceX, and X. Upcoming products like Tesla’s Cybertruck and Semi truck as well as SpaceX’s Starship rocket and Starlink internet network present massive opportunities to disrupt more markets in transportation, energy, and communications.
As the real-life inspiration for Robert Downey Jr’s Tony Stark Iron Man character, Musk has built a reputation as an innovative visionary who turns sci-fi concepts into reality. With many ambitious projects still in the pipeline, Elon Musk has a high chance of accumulating even greater wealth over the next decade through his drive to develop technologies that shape the future of multiple industries among the stars and here on Earth. His net worth in 2024 is likely just one stop on what seems an unstoppable ascent to ever higher fortunes. I sincerely hope you like reading this “Elon Musk Net Worth In 2024? From Tesla to Treasures” article.
