Brilliantly smart, immensely motivated, most outstanding entrepreneur, and ready to handle massive risk levels, the world’s most controversial and outspoken whom we’ve learned to love, Elon Musk has now been bestowed the title of the richest man on this planet. With a net total worth of $188 billion dollars and surging, Musk has now outdone Amazon’s CEO, Jeff Bezos making him the most prosperous man in the world.
At odds with reality
In 2008, the third consecutive failure of the Falcon Rocket SpaceX had disheartened Elon Musk. Tesla almost went bankrupt and thus they closed financing around 6 PM Christmas Eve, 2008. It was the last hour of the workday. They would have gone back two days after Christmas, but Elon was getting a divorce. 2008 was horrendous to Musk. Furthermore, he had given both Tesla and SpaceX, from day one, a probability of less than 10% of apt success. Elon refused to let his friends invest because he didn’t want them to lose their money.
Elon reported in an interview with INC that they almost died at SpaceX and he had already budgeted three flights. However, he had no solid plan or any plan at all. He had money from PayPal, around 180 million dollars and Elon thought he should designate half of that to SpaceX and Tesla and Silver City, and that should be fine because he will be left with 90 million dollars, which was a lot to Elon, back then. Nevertheless, things cost more and took longer than he’d expected. He had a choice of either putting the rest of the money in, or the companies were going to sink. He ended up putting all the money in, and he actually borrowed more money from friends for rent.
A billionaire in the making
Growing up, Elon Musk did not really know what he was going to do as he grew older. People kept asking him that question and eventually, he thought that the idea of inventing things would be “really cool”. The reason he thought that was because of a quote he read by the author Arthur C. Clarke which really inspired him; the quote says, “Sufficiently advanced technology is indistinguishable from magic”. Elon believes this quote to be definitely true. He said that if we go back in time, say 300 years, the things that we take for granted today would burn us on a stake. For example, being able to fly, being able to communicate, having access to all the world’s information instantly from almost anywhere on Earth. “This is the stuff that would really be magic”, he added, “It would be considered magic in past times. In fact, it actually goes beyond that because there are many things that we take for granted today, that weren’t even imagined 300 years ago.
They weren’t even in the realm of magic, so it actually goes beyond that”. Elon thought that if he can do some of those things, basically he can advance technology, which would seem like magic. Growing up, Elon always had a slight existential crisis because he was trying to find out what does all this mean, and what the purpose of things are. He came to the conclusion that if he can advance the knowledge of the world and do things that expand the scope and scale of consciousness, then he better start asking the right questions and finally become more enlightened and that is “really the only way forward”. Furthermore, Elon believes that even if you are the best, there is always a chance of failure. It is really important to like what you’re doing. He says if you really like it, you think about it even when you’re not working.
As Elon grew older and started to ask the right questions that lead him to the elite entrepreneur he is today: What kind of future do we want? Do we want a future where we are forever confined to one planet until some eventual extinction event however far in the future that might occur? Or do we want to become a multi-planet species and then ultimately be out there among the stars, among many planets, among star systems? And he thinks the latter is a far more exciting and exhilarating future than the former.
Back to 2008, SpaceX was alive but it had its seed sown at Tesla, if things just got a little bit out of the way, both companies would be wasted. One of the most difficult things Elon has ever faced in life was the mishaps during that year. He had 30 to 40 million dollars left. He could put it all in one company and the other would definitely die or split between both companies, but then they both might die. Elon said that when you put your blood, sweat, and tears into creating something, your own building, it’s like a child. Will he let one starve to death? He cannot bring himself to do that. Thus, he split the money between the two. Fortunately, they both came through.
Elon Musk tells a reporter that the odds of him coming into the rocket business, not knowing anything about rockets, not having ever built anything, he might’ve been insane if he thought the odds were in his favor. So they asked him why do it? And he replied by saying that when something is important enough, you do it even though it’s not in your favor. Elon poured in his personal fortune of 100 million dollars into something he did not believe might work at the beginning.
Mars and billionaire mindsets
Elon says that Mars is the next natural step. In fact, he continued, it is the only planet we really have a shot at establishing a self-sustaining city. Once we do build such a city, there will be a strong forcing function for the improvement of space flight technology that will then enable us to settle colonies elsewhere in the solar system and ultimately extend beyond our solar system. What gets him more excited is the fact that this would be an incredible adventure-the most glorious adventure yet, and it would be remarkably fascinating and grand.
There should always be things to overjoy and invigorate people. Musk shares insights, like having a mindset of selecting to do things differently-provided that they are better. One must not do things differently just because they’re different, he goes on. They need to be better-different. Besides, it is all about the decision, he explains. We should think beyond the normal things and have an environment where that kind of thinking is encouraged and rewarded, and where it’s OK to fail as well.
The richest man on planet Earth
Elon Musk cracked the algorithm! World’s richest person, overstepping Amazon founder Jeff Bezos, who’s had his berth since October 2017. Musk’s fortune escalated by more than 150 billion dollars in the past year, alone. Musk was down the list, and then throughout the past year, Tesla’s amazing ascent helped with the outcome. Not to mention that Elon has so much authority and stock in the company; it had a colossal influence on his personal wealth.
In a nutshell, Tesla’s seven-fold stock price increase sent Elon Musk’s fortune skyrocketing past Bezos. Despite the fact that Tesla only lately recorded its first actual profit, the automaker’s market is now more prominent than Toyota, Volkswagen, GM, Ford, Hyundai, Honda, Nissan, Fiat Chrysler, and Peugeot. Combined.The success of Tesla stock is booming. Bezos has been through difficult conditions. First, he is no longer the master of the list. His net value is 187 billion dollars. He had a high-profile divorce lately which resulted in an enormous portion of his personal wealth being split with his wife; she has taken a ridiculously high amount of stock in the company as well. They divorced in Washington State, and part of the deal over there, along with the significant set of rules on how assets are split up, was all money talk.
Had that not occurred, then Musk would most probably still be trailing Bezos by a fairly large margin. At the moment, the number is 190 billion dollars of which is just ahead of Bezos, yet that showcases how crazy the 150 billion in net worth in one single year (podcast). Tesla’s share price has risen 743% on the back of consistent profits and the ability to keep selling EVs when pretty much the entire sector was down in 2020, with the pandemic and economical crisis.
The major reason behind Elon Musk’s staggering success and a monumental increase in wealth is the boost in Tesla shares which only recently bounced 4.8% to advance Elon’s estimate exceeding Bezos’s net worth. Tesla is indeed turning into a money-spinner for Musk who has massively benefited from the EC maker’s rise extraordinarily. Musk present holds a 20% stake in Tesla, plus above that, he owns around 40 billion dollars of possible paper profit on vested stock options.
It is frugal to note that even though Elon Musk is now the richest person in the world, his riches, similarly to Bezos’s are all in stocks; we all know it’s unpredictable. Musk’s wealth is not easy to transfer into cash money, which jeopardizes Musk to depreciate his companies’ stocks and consequently his wealth, that is if he tries selling a piece of his owned shares on the market.
I shall end this with one of Elon Musk’s perks, which we have all come to enjoy. When asked what’s the feeling, being the richest man on the planet. See his tweet below. Also, don’t forget to keep checking our website for constant news on Elon Musk!