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Insider
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What is Elon Musk's net worth? Find out the wealth of the Tesla, SpaceX CEO
- Elon Musk's net worth is currently estimated to be $264 billion and is largely dependent on the performance of Tesla shares. He often vies for the title of the world's richest person with other billionaires like Jeff Bezos and Mark Zuckerberg. Musk became a millionaire before he was 30, after selling his startup Zip2 for over $300 million. He later co-founded online bank X.com, which became PayPal and was acquired by eBay for $1.5 billion. Musk took home around $165 million in the sale. Musk's fortunes have fluctuated over the years, and his estimated net worth reached a peak of $340 billion in November 2021. Musk also owns Twitter and The Boring Company, among other things.
- Tesla is the largest source of Musk's wealth and takes no salary there. Instead, Musk is awarded stock options when the car manufacturer meets challenging performance metrics. Close to half of his wealth is estimated to come from Tesla shares, with over 20% coming from SpaceX stock.
- Musk's 2020 wealth increased rapidly due to Tesla's soaring stock prices during the pandemic. His fortunes were also aided by the rocketing prices of other shares he owns. Musk's wealth, however, has been changeable, primarily related to the ups and downs of Tesla stocks.
- Musk's estimated net worth at the outset of 2020 was almost $30 billion, but just a year later, in early 2021, it had risen to around $170 billion, a five-fold increase in a year.
- Musk's net worth is closely tied to Tesla shares. He has a 100% at-risk performance reward in place, and as a result, he is only compensated when Tesla and all its shareholders do exceptionally well. This helped Musk climb Forbes' Billionaires List in 2012 with an estimated wealth of $2 billion.
- Musk also co-founded SpaceX, a space-exploration firm, and served as its chairman. Musk's net worth reportedly plummeted by $15 billion following the unveiling of Tesla's robotaxi lineup during the 'We, Robot' day on October 10, 2022. In contrast, when Tesla's stock surged by 22% after its earnings beat in November 2022, his net worth increased by around $30 billion.
- Musk's other ventures include tunnel-digging business, The Boring Company, and neurotechnology startup, Neuralink. Musk bought Twitter for $44 billion in October 2022 but stepped down from the CEO position in June 2023.
- Musk is dependent on only compensation such as the 100% at-risk performance reward model for Tesla. Around 20% of his net worth comes from SpaceX stock while the rest is made up of miscellaneous liabilities along with shares of Twitter and The Boring Company.
- Musk's net worth has been on the rise since 2020 and reached its peak of around $340 billion in November 2021. However, the fortunes of his companies, especially Tesla, may impact his overall wealth in the future.
- In 2018, a 10-year performance award for Musk was announced by Tesla, which meant that he would receive no guaranteed compensation of any kind. Instead, his only compensation will be a 100% at-risk performance award.
- Musk has often been vying for the world's richest person position with Jeff Bezos and Mark Zuckerberg, with Musk being currently in the pole position. However, since Musk's net worth is closely tied to Tesla's share price performance, his claim to the title for the long term will depend on Tesla's future shareholder performance.
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Insider
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Dow soars 1,300 points, yields surge as decisive Donald Trump win reverberates through markets
- US stocks soared as Donald Trump won the 2024 election, boosting market confidence.
- Bank stocks and Trump Media shares surged in anticipation of looser regulations.
- Bitcoin reached a record high and bond yields rose, signaling inflation expectations.
- Investors anticipate a volatile few trading days due to the election outcomes.
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Insider
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Donald Trump's election victory is a 'home run' for Tesla
- Tesla stock surged 12% in premarket trading following Trump's election victory.
- Elon Musk's support for Trump has boosted analysts' confidence in Tesla's future prospects.
- Despite the surge in Tesla shares, Trump's victory could be bad news for the wider EV market.
- Tesla's scale and market position could give it a clear competitive advantage in a non-EV subsidy environment.
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Guardian
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How Trump’s ‘new star’ Elon Musk stands to benefit from his presidency
- Elon Musk, who has been a key backer of Trump’s return to the presidency, was in his default wind-up mode as he used his X platform to post a superimposed picture of himself – holding a sink – inside the seat of US power.
- Shares in Tesla, the electric carmaker which he leads as CEO and in which he owns a 13% stake, were up about 15% in pre-trading on Wall Street, implying a wealth gain of $15bn.
- Dan Ives, an analyst at the US financial firm Wedbush Securities, said a Trump victory could add up to $200bn to the value of Tesla, which would increase Musk’s wealth by about $26bn.
- Musk’s control of the network has enabled him to amplify his own pro-Trump messaging on the platform. His is the largest account, with more than 200m followers.
- There is also likely to be a role for Musk in the Trump administration. In September Trump said he would form a government efficiency commission, with Musk leading it.
- Musk has already indicated that a government efficiency body would help SpaceX, stating on X that his business could reach Mars sooner 'so long as it is not smothered by bureaucracy'.
- Other Musk companies include the artificial intelligence startup xAI, which is reportedly heading for a valuation of $40bn, and the brain implant firm Neuralink, which is reportedly worth $8bn.
- The wider US tech sector is expected to benefit as well in terms of regulation.
- Musk is a figure of global fame and power already, but Trump underlined it on Wednesday.
- That star is likely to get brighter, and more powerful, under a Trump administration.
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Teslarati
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Kia unveils new EV Concepts built for adventure
- Kia America showcases EV concepts built for outdoor adventures at SEMA.
- The concept vehicles include a rugged adventure SUV and an all-electric van.
- The EV9 ADVNTR EV concept is a 3-row SUV designed for off-road capabilities.
- The PV5 WKNDR EV concept is a versatile and customizable van for outdoor exploration.
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Teslarati
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SpaceX reports 270K+ mobile phones connected to Starlink Cellular
- SpaceX reported that over 270,000 mobile phones connected to Starlink Cellular on the first day of service availability in hurricane-impacted areas.
- SpaceX provided evidence of the positive impact of Starlink Cellular's temporary emergency authorization during Hurricanes Helene and Milton.
- The service facilitated communication through thousands of messages and connected loved ones, family members, and disaster relief services.
- The US Federal Communications Commission granted SpaceX and T-Mobile temporary authority for Starlink Direct-to-Cellular coverage in affected states.
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Teslarati
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Tesla stock (TSLA) surges amid Trump presidential win
- Tesla shares (NASDAQ:TSLA) rose over 12% in pre-market trading following news of Donald Trump's presidential win.
- Elon Musk's gamble on Trump appears to have paid off, as Trump has secured 277 electoral votes.
- Despite Trump's critical stance on electric vehicles, he has been supportive of Elon Musk, particularly with SpaceX.
- Analysts suggest that a Trump win could positively impact Tesla's self-driving program and accelerate their goals.
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Insider
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Elon Musk wins big by betting on Trump
- Elon Musk invested over $130 million in pro-Trump efforts this year.
- Musk strengthened his ties to Trump, potentially gaining a government role in the process.
- Trump's support for Musk's proposal for a 'Department of Government Efficiency' could give Musk influence over agencies, including the Securities and Exchange Commission.
- Under a Trump presidency, Musk's businesses, including Tesla and SpaceX, may benefit from reduced regulations, subsidies, and contracts.
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Bitcoinist
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Bitcoin Acquisition Continues: Semler Scientific Increases Holdings To 1,058 BTC
- Semler Scientific has increased its Bitcoin (BTC) holdings to 1,058 BTC.
- The recent acquisition of 47 BTC brings Semler Scientific's total holdings to 1,058 BTC.
- Semler Scientific plans to continue purchasing BTC as part of its investment strategy.
- The trend of companies adding BTC to their reserves is growing, driven by optimism about BTC's long-term prospects.
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TechJuice
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Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary
- Elon Musk, CEO of Tesla, recently stated that Tesla has no plans to enter the smartphone market unless necessary.
- Musk mentioned that Tesla could potentially make a smartphone that doesn't work with Android or iOS because of its software, but currently, they have no intention to do so.
- Tesla might consider entering the smartphone industry if tech giants like Google and Apple engage in negative behaviors, such as excessive censorship or acting as gatekeepers.
- It remains uncertain whether Tesla can successfully disrupt the smartphone industry, as building a competing platform for Android and iOS is challenging.
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Teslarati
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GM faces yet another recall of its Chevy Bolt EV
- General Motors (GM) is facing another recall of its Chevrolet Bolt EV due to fire risks.
- The National Highway Traffic Safety Administration (NHTSA) has launched a new recall affecting 107 units that were previously repaired under a previous recall.
- The recall involves 2020-2022 Bolt EV units and 2022 Bolt EUV units, where diagnostic software installation may have failed.
- GM has previously launched three other recalls for the Bolt EV and Bolt EUV due to fire risks.
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Kotaku
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Elon Musk Somehow Became A Top Ranked Diablo IV Player In-Between Cheerleading For Trump
- Elon Musk reveals he is a top-20 player in Diablo IV.
- He has been spending an inordinate amount of time grinding for loot in the game.
- Musk's gaming alt account shows a time of 2:45 for the hardest version of an end game dungeon.
- During an interview, Musk defends gaming as a way to improve mental agility.
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Teslarati
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Tesla adds nifty Supercharging feature for those who haul
- Tesla has added a new Supercharging feature for drivers who haul or tow with their electric vehicles.
- The feature will identify Supercharger locations that have trailer-compatible parking spaces.
- The spots will automatically appear if the vehicle is in Tow Mode.
- This feature makes it easier for EV drivers to find suitable Supercharger locations for hauling and towing.
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Teslarati
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Tesla has opened its Supercharger network to all EVs in Sweden
- Tesla has opened its Supercharger network in Sweden to all electric vehicle (EV) brands.
- Sweden becomes the second European country, after the Netherlands, where Superchargers are open to non-Tesla EVs.
- Non-Tesla EV owners will have temporary authorizations on their bank accounts while using Superchargers, which will be removed after the charging session.
- Sweden has a high EV adoption rate, with over 60% market share, and Tesla's move is expected to benefit EV users in the country.
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Automotiveaddicts
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Why Elon Musk Thinks a $25,000 Tesla for Human Drivers is “Pointless”
- Elon Musk has made clear that producing a $25,000 Tesla for human drivers would be 'pointless' if it didn't operate autonomously.
- This marks a significant shift in Tesla’s trajectory toward a two-seat, fully autonomous 'Cybercab,' rather than the 'Model 2' many had anticipated.
- During Tesla's Q3 earnings call, Musk explained that the $25,000 Cybercab will have no steering wheel, pedals, or need for human control.
- Tesla is now focusing on creating a fully autonomous future to maintain its competitiveness and relevancy in the EV market.
- Experts speculate that Tesla decided against a new, lower-cost platform for an affordable EV to remain competitive, and will instead build any 'budget' model on current platforms priced around the mid-$30,000s.
- The Cybercab unveiled in October is optimized for autonomy, but some analysts worry its two-seat configuration may limit its appeal in the robotaxi sector.
- Musk's ambition for fully autonomous versions of the Model 3, Model Y, and Cybercab to hit the road by next year in California and Texas may be held up by regulatory approvals and safety and reliability concerns.
- Tesla's recent pivot may give competitors BYD, Nio, and Volkswagen a chance to fill the gap for consumers seeking traditional, affordable EVs without autonomous technology.
- Tesla's gamble is a bold one, and whether the Cybercab and other autonomous vehicles deliver on Musk's promises remains to be seen.
- For now, Tesla has shifted its focus towards marketing the Cybercab as the company's gateway to autonomy and reckons it is likely to start production in 2026.
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