{"id":107728,"date":"2021-01-07T21:04:33","date_gmt":"2021-01-07T21:04:33","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107728"},"modified":"2021-01-07T21:04:33","modified_gmt":"2021-01-07T21:04:33","slug":"elon-musks-net-worth-how-did-the-tesla-boss-make-his-money","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/world-news\/elon-musks-net-worth-how-did-the-tesla-boss-make-his-money\/","title":{"rendered":"Elon Musk\u2019s net worth – how did the Tesla boss make his money?"},"content":{"rendered":"
ELON Musk is the eccentric billionaire behind some of the world's most innovative companies including SpaceX and Tesla.<\/p>\n
He hit the headlines in 2020 by naming his newborn baby X \u00c6 A-12 before launching USA's first manned spacecraft into orbit since 2011.<\/p>\n
<\/p>\n
Self-made billionaire Elon Musk is the richest person on the planet with an estimated personal fortune of $185bn (\u00a3136bn).<\/p>\n
A\u00a0notorious workaholic, he doesn't spend his money on lavish vacations or expensive hobbies.<\/p>\n
Instead, the entrepreneur spends most of his free time at the office or in factories.<\/p>\n
At the end of the day he heads back to one of several Los Angeles mansions he owns.<\/p>\n
In 1995 he and his brother Kimbal started software firm Zip2, which created internet city guides for the New York Times and Chicago Tribune.<\/p>\n
Four years later Elon pocketed $22million when the firm was sold to Compaq.<\/p>\n
Later in 1999 he founded X.com, one of the world's first online banks, which merged with PayPal the following year.<\/p>\n
Musk, who held 11.7 per cent of PayPal shares, scored a huge payday when the firm was bought by eBay for $1.4bn in 2002.<\/p>\n
He went on to found SpaceX and took over Tesla Motors which is now worth around $70bn.<\/p>\n
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Elon Musk began investing in space travel in 2001 when he tried to buy Russian ballistic missiles that he hoped could send payloads into space.<\/p>\n
Instead he set about building his own rockets through his firm SpaceX.<\/p>\n
The company has pioneered re-usable rockets and has successfully landed its Falcon 9 craft, a first for an orbital rocket.<\/p>\n
SpaceX has won contracts to launch payloads into orbit for Nasa and is now valued at more than $20bn.<\/p>\n
Musk has much grander plans including a colony of a million people living under glass domes on Mars.<\/p>\n
In 2004, Musk was involved in refinancing start-up tech firm Tesla Motors and oversaw the design of its the Roadster electric car.<\/p>\n
He took over as boss in 2008 and has led the push to make electric cars mainstream.<\/p>\n
In 2018, Musk was forced to resign as Tesla chairman and pay a $20million fine after settling a deal with US regulators over tweets about taking the company private.<\/p>\n
The US Securities and Exchange Commission said his claims were "false and misleading".<\/p>\n
The company's market cap hit $100bn in January 2020, helping Musk's personal net worth soar.<\/p>\n
Musk funded the SolarCity firm founded by his cousins, which makes solar panels and is now owned by Tesla Inc.<\/p>\n
He also co-founded Hyperloop One, which aims to develop high-speed train travel, and The Boring Company which is testing cheaper ways to dig tunnels.<\/p>\n
Another of Musk's start-up is Neuralink, which aims to integrate the\u00a0human brain with artificial intelligence through implants in the skull.<\/p>\n
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