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The multi-billionaire owner of Amazon, Jeff Bezos was more wealthy before the pandemic and had a record-breaking success. But by 2021 January, everyone was shocked when Jeff Bezos was overtaken by Elon Musk who became the richest man in the world. How Elon Musk got rich? He became the fastest to raise his wealth within a short period of time. His net worth was said to be approximately $185 billion. But how did he do that? Continue reading to know the fascinating story. 

How Elon Musk got rich?

In March 2020, he had a net worth of only $27 billion dollars and was barely on Bloomberg’s list of the 50 richest people in the world.  In just nine months, he added $165  Billion dollars to his net worth.  And climbed his way into the top five richest people. It was within a month, that he overtook Bill Gates, the owner of Microsoft, and Mark Zuckerberg, the owner of Facebook, and became the third richest person in the world.  In December 2020, he took the second position and it was actually impossible for him to take the first place. But to the shock, he made it. 

It was hard work the key to success of Musk. It may seem that he became rich overnight but the truth is that Musk has been working his entire life. He launched his electric car company, Tesla, in 2003 but it got its first profit in 2020. He dedicated his hours to get things back on track. His work ethic and focus made him rank among the world’s wealthiest. 

His interest in technology 

profit

The only path to becoming the world’s richest people is through Entrepreneurship. Every billionaire musk passed is building an extremely profitable and scalable business. He was born with the skill of innovation and entrepreneurship. He discovered his love for technology and computers at the age of 10 and learned to code. He launched his business career at the age of 12 by selling his software a game called Blaster. 

He created Zip2 with his brother Kimbal, for the purpose of creating city guides that were available for online newspapers. In 1999, Compaq obtained the software and he made it off with $300 million. He co-founded the online bank X.com the same year and merged with Confinity in 2000 to form PayPal and it was bought by eBay in 2002 for $1.5 billion. 

Tesla and SpaceX

Tesla

In 2003, he created SpaceX 2003 to build spacecraft for commercial travel. In 2008, he successfully secured contracts with NASA to supply the cargo to the International space station. SpaceX launched the first unmanned Falcon 9 rocket on a resupply mission to ISS. For the first time, a private company had sent a spacecraft to the space station. He was focused on his long-term goal of colonizing the mars. 

Although SpaceX did a revolutionary success, it was Tesla that made him the richest person in the world. He launched the company using the funds of the PayPal sale. The success of Tesla paved way for Musk to enter the exclusive realm of the world’s richest people. Tesla overtook the general motors to become the most valuable carmaker in the U.S. In 2020, Musk was pushed over the edge to become the world’s wealthiest. How Elon Musk got rich through Tesla? The share price of Tesla got increased in 2020 and in the first week, it increased by 20% by giving a push to make him the richest. 

His work ethic and forward-thinking played a role in rising Tesla. But other than that there were few factors that made him successful and were outside of his control. The U.S, elections resulted in renewing faith in the future of the electric car industry, as the democrats are generally seen as more friendly to green agendas with tax credits for consumers, and the pandemic also has helped Tesla to reach heights. 

How does he spend his money? 

He bought a spree, snapping up over $100 million dollars worth of prime California real estate, which includes a $17 million dollars, 1.67-acre estate complete with 2 story library, home theatre, private gym, and 1000 bottles wine cellar. He purchased the Lotus Esprit submarine car from James Bond at auction for $920,000. He owns a Ford Model T and a Jaguar E-Type series that are gas-powered. 

How Elon Musk got rich? 

entrepreneur

He works 120 hours a week and takes only 2 weeks off in the 12 years since he found Tesla. Whenever he has free time, he usually works more. He managed to do impossible things through his hard work and focus. When he became the world’s richest, it put pressure on the billionaire innovators to prove that Tesla can live up to expectations and become more profitable than the entire motor industry. 

No matter how he became rich, or how he managed to stay at the top, you can expect to see interesting things from Musk and Tesla in the future. 

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