Elon Musk Net Worth In $400 Billion Mark Amid Rocketing Growth in 2024

Elon Musk the world’s richest person, is now just $16 billion away from reaching the $400 billion milestone. His wealth has seen an extraordinary surge in 2024, growing by $155 billion so far this year. On Tuesday alone, Musk’s net worth increased by $8.01 billion, according to the latest Bloomberg Billionaires Index. If this momentum continues, Musk might surpass the $400 billion mark within the next few days.

How Musk’s Wealth Is Accelerating

Elon Musk serves as the CEO of Tesla, the most valuable car manufacturing company globally. Headquartered in Austin, Texas, Tesla specializes in electric vehicles and solar-powered home batteries. Musk also leads SpaceX, the aerospace company that collaborates with NASA to supply the International Space Station. Furthermore, he owns X Corp, previously known as Twitter, a prominent social media platform.

Unprecedented Growth in 2024

This year, Musk’s net worth has seen a meteoric rise, climbing by 67.8% to date, according to Bloomberg. Tesla remains a significant contributor to this growth. As of April 2023, Musk owned approximately 13% of Tesla’s shares and held around 304 million stock options stemming from his 2018 compensation package. Although a Delaware judge invalidated this package in January 2024, Tesla’s skyrocketing valuation has bolstered Musk’s overall wealth.

SpaceX, another jewel in Musk’s portfolio, currently holds a valuation of $210 billion as of June 2024, according to tender offers. Musk owns 42% of SpaceX, making it a substantial part of his net worth. Additionally, Musk’s ownership of X Corp accounts for 79% of the company, a dominant share stemming from his $44 billion acquisition in 2022.

Diverse Investments and Innovations

Musk’s wealth also includes stakes in several cutting-edge ventures like Neuralink, xAI, and The Boring Company. Neuralink focuses on brain-machine interface technology, while xAI aims to develop safe and beneficial artificial intelligence. The Boring Company, on the other hand, works on advanced tunnel construction for urban mobility.

The valuation of these startups is derived from funding rounds and data from PitchBook. To account for market volatility, a 15% liquidity discount is applied to these valuations.

From College Dropout to the World’s Richest Person

Elon Musk’s journey to becoming the world’s wealthiest individual is nothing short of inspiring. Born in South Africa, Musk’s father was an engineer, and his mother worked as a nutrition expert. At 17, Musk left his home country to avoid serving in the South African military, enrolling in college in Canada. He later transferred to the University of Pennsylvania, where he earned degrees in physics and economics.

Musk briefly attended Stanford University for graduate studies but dropped out to pursue his entrepreneurial ambitions in internet technology, clean energy, and space exploration.

In 1995, Musk co-founded Zip2, an online city guide platform. He sold the company four years later for over $300 million. Using the proceeds, he launched X.com, an online payment system that later merged with PayPal. eBay acquired PayPal in 2002 for $1.5 billion, marking another milestone in Musk’s career.

Tesla, SpaceX, and the Future

Musk’s most transformative ventures include SpaceX, founded in 2002, and Tesla, co-founded in 2004. SpaceX aims to revolutionize space exploration and has already replaced NASA’s space shuttles for resupplying the International Space Station.

Meanwhile, Tesla has disrupted the automotive industry by producing all-electric, zero-emission vehicles. In 2010, Tesla introduced its first electric sports car and has since become a leader in renewable energy and autonomous driving technologies.

Musk also spearheaded the creation of SolarCity, a company providing solar energy solutions. In 2016, Tesla acquired SolarCity, integrating its capabilities into Tesla’s renewable energy portfolio.

What Lies Ahead for Elon Musk?

Musk’s unwavering focus on innovation, sustainability, and exploration continues to fuel his wealth and influence. With Tesla expanding its reach, SpaceX working toward Mars colonization, and Neuralink exploring human-machine integration, Musk remains at the forefront of technological advancement.

His ability to leverage investments across diverse sectors like AI, clean energy, and aerospace positions him to redefine industries. As 2024 progresses, Musk’s ascent toward the $400 billion net worth milestone underscores his unmatched dominance in the billionaire club.