![]() ![]() In 2016, Musk acquired the company for USD 2.6 billion in stock and included its operations under Tesla Energy. It was initially headed by his cousins with Musk as its main funding backbone. Under the Tesla banner is Musk’s other company, SolarCity is a renowned solar power systems installer for residences in the US. On the whole, the world’s 50 richest people have suffered heavy blows to their net worths and lost almost half a trillion dollars since the beginning of 2022, owing to the COVID-19 pandemic that disrupted the supply chain and adversely affected the share prices of these businesses.Īccording to coinsmarketcap, as of 28 June 2022, Tesla’s market cap stands at USD 724.95 billion and is the major contributor to Musk’s net worth. High labour costs, inflation and a disrupted supply chain were some of the major reasons behind it. Bezos, too, suffered a significant hit and had lost about USD 64.6 billion. However, he remains the world’s second richest person. One of the main reasons for this was a lack of supply chain and unavailability of parts The Economic Times article also mentions that according to the Bloomberg Billionaires Index, his net worth stood at USD 193 billion at that time. He reportedly lost about USD 77.6 billion of his net worth as of July 2022. Since the beginning of 2022, Tesla shares dropped almost 40 percent, inflicting a substantial hit on Musk’s wealth. On, a report by Economic Times said that Elon Musk’s net worth dipped below USD 200 billion, as Tesla shares hit an 11-month low. Things seemed to be going well until Tesla stocks came under immense pressure and scrutiny. He has also committed over half his stocks as security for company loans. It became one of Tesla’s bestselling electric cars of all time.Īccording to Forbes, as of 28 June 2022, Elon Musk owns about 25 percent of Tesla shares and options, which makes up a major chunk of his net worth. In 2017, Tesla began the production of Model 3, a less expensive electric car. The carmaker earned about USD 226 million through an initial public offering in 2010 and soon launched the world’s first premium fully electric sedan called Model S. The valuable carmaker produced the world’s first all-electric, zero-emission sports car Roadster in 2008. Didn’t even own a house or anything sellable. ![]() I gave Tesla last of my remaining cash from PayPal. Tesla financing round closed at 6pm Dec 24th 2008 – last hour of last day possible or payroll would’ve bounced 2 days later. It was then that Musk took over the role of Tesla’s CEO. ![]() The same year, however, the company was on the brink of bankruptcy, but Tesla got a fresh lease with a USD 40 million lifeline fund from investors and Musk’s personal wealth. The following year, Musk came on board as a major funder and went on to become the chairman of Tesla in 2008. Tesla Motors, now Tesla, Inc., was founded by entrepreneurs Martin Eberhard and Marc Tarpenning in 2003. The luxury electric vehicle company is one of the most sought-after car manufacturers known for making vehicles that boast speed, features and elegance. The Tesla tale Image: Courtesy David von Diemar/ Unsplash When he grew up, he obtained a Canadian passport and left South Africa in 1988 to seize the opportunities in the West. Here’s all about Elon Musk and the businesses he owns Early life Image: Courtesy Suzanne Cordeiro/ AFPīorn in Pretoria, South Africa, on 28 June 1971, Musk created a video game at age 12. Wondering how Elon Musk started his journey and what other companies he has invested in? Read on to know more. However, on 13 December 2022, Musk’s net worth dipped to USD 164 billion and the apex position was taken over by Bernard Arnault, the CEO and chairman of LVMH - the world’s largest conglomerate of luxury brands such as Louis Vuitton, Celine and Tag Heuer. ![]() Surpassing incredible entrepreneurs like Bill Gates, Jeff Bezos, Mark Zuckerberg and Warren Buffett, the Tesla and SpaceX CEO had bagged the highest spot in the 2021 Bloomberg Billionaires Index, with a net worth of USD 223 billion. With a net worth in billions and strategic acquisitions of companies that are pioneering game-changers in the world, Musk has made the unimaginable quite a reality. Business magnate and investor Elon Musk is one of the world’s richest people. ![]()
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