Elon Musk is one of the most influential people of the 21st century. He is the co-founder of PayPal and Tesla, as well as the founder of SpaceX, Neuralink, and The Boring Company. As the wealthiest person in the world, it’s normal to wonder about his fortune and how he came to be in this position.
Lucky for you, in this article, we give you all the information you need about the famous billionaire.
How Much Does Elon Musk Make per Day?
So how much does Elon Musk make a day? Due to Elon Musk's wealth being connected to the Tesla stocks on Wall Street, as Tesla’s numbers go up, his income also skyrockets. Back in January, his net worth made an astounding jump of $33.8 billion in only one day due to the rise of Tesla stocks.
His net worth in 2022 was calculated to be about $273 billion. This means he makes an average of $432 million per day!
Breaking Down Elon Musk's Income and Wealth
Elon Musk has eclipsed Jeff Bezos as the world's richest person, although his fortune, like many billionaires, is mainly based on his stock holdings.
SpaceX is another main source of income, which makes a lot of money by charging governmental and commercial clients to transport various items into space, such as satellites, supplies for the International Space Station, and people.
Since 2017, his fortune has grown by 129% yearly, putting him on track to join the trillion-dollar club in just two years, with an expected net worth of $1.38 trillion by 2024, according to the Approve research.
Musk got his first significant income when PayPal was sold to eBay in 2002; he pocketed about $165 million. This added $2 billion to his net worth, landing him his first appearance on Forbes' Billionaires List in 2012.
Surprisingly, Musk's net worth was $27 billion at the beginning of 2020. His net worth rose by $150 billion by the end of the year, mainly because of Tesla stocks.
Who Is Elon Musk?
Even though we know a lot about Musk and his fortune, do we actually know enough about the famous billionaire?
For example, do you know how old Elon Musk is? Musk was born on June 28, 1971, making him 50 years old.
Musk is considered a very influential person in our time because of his projects based around our future. For example, Musk said Neuralink hopes to start implanting its brain chips in humans in 2022. Although, he stated the first people to receive the chips would be those with severe spinal cord injuries.
Another example of his vision for the future includes The Boring Company, which builds tunnels. Both companies are now worth several hundred million dollars. These two most recent ventures serve as vivid illustrations of Musk's entrepreneurial attitude.
Elon Musk’s biography is one of the internet's most common searches. He has a fascinating biography about his early life, accomplishments, fortune, and personal life.
In 1995, he moved to California to attend Stanford University but instead chose to pursue a career in business, co-founding Zip2 with his brother Kimbal. Then, in 1999, Compaq bought the company for $307 million. That same year, Musk co-founded the online bank X.com, which later merged with Confinity to form PayPal in 2000. eBay then bought the company for $1.5 billion in 2002.
As mentioned earlier, Elon Musk’s net worth is about $273 billion. An interesting aspect about Musk is that he gets praised for paying his taxes. Between 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion in earnings.
Based on selling $14 billion in Tesla stock, his tax burden in 2021 was expected to be $12 billion. Musk has often criticized famous people who avoid paying taxes saying that it is crucial to pay.
Even though there is no public data showing his IQ, some experts say it must be around 150 to 155. This is incredibly high, considering geniuses like Einstein and Hawking had an IQ of 160.
How Much Does Elon Musk Make in an Hour?
Online people often search “how much does Elon Musk make in an hour” or “how much does Elon Musk make per second.”
The CEO makes approximately $22,500 in one minute or about $375 per second.
To emphasize how much this is, an average person earns about:
- $51,000–$70,000 annually
- $4,250–$5,830 monthly
- $100–$300 per day
Interestingly, Bezos and Musk keep leapfrogging one another for the world's wealthiest person title. Since 2018, Bezos has had more money than anybody else, but the Tesla stock spike in January saw Musk overtake him for the first time. However, a month later, Bezos reclaimed his title. Then, in March, Musk had more money and overtook him once again.
Where does this rivalry end? Bezos and Musk are also vying to be the first uncomfortably wealthy person to colonize space. Musk's SpaceX recently received a $2.9 billion Nasa contract, which Bezos' Blue Origin is contesting. The Amazon CEO Bezos wants to deploy internet-bearing satellites into space, prompting Musk to call him a "copycat."
Another incident when this happened was when Amazon acquired self-driving cab company Zoox, which resembles Musk’s Tesla company.
While Bezos has refrained from criticizing Musk, he has targeted his opponent's ambitious goal: populating Mars, which is SpaceX's primary mission. Bezos is focused on bringing humans to the moon, and the prospect of reaching Mars is "un-motivating" to him. Musk used a wide-ranging Times interview to speak on Blue Origin, seemingly implying that Jeff Bezos, 57, is too old to make genuine progress.
How Much Does Elon Musk Lose per Day?
When analyzing Musk’s fortune and income, we also need to look at his downfalls. So, how much does Elon Musk lose per day? The most recent sink of his fortune happened in January. Surprisingly, it was connected to politics.
After being snubbed at a White House seminar for electric automobiles, Musk criticized President Joe Biden on social media. According to Forbes, after announcing record profits, Tesla's stock dropped 11%, cutting Musk's value by $24.5 billion.
Although Musk holds the record for highest income and financial jump, he also holds a record for the biggest loss in just two days. Tesla shares fell for two days in a row, which caused Elon Musk to lose $50 billion. It's the worst two-day drop in the Bloomberg Billionaires Index's history and the most significant one-day drop since Bezos' $36 billion loss back in 2019.
He also had a loss with SpaceX, which cost him around $20 million, a setback for Musk's innovative internet infrastructure plan and a mark on SpaceX's otherwise spotless record. The occurrence happened earlier in February, when Musk's Starlink launched into the Earth's upper atmosphere, with 40 out of the 49 satellites being knocked out by a storm.
Although SpaceX does not publish the cost of its Starlink satellites, some analysts estimate that each module costs between $250,000 and $500,000, implying that a fleet of 40 would cost roughly $20 million.
However, despite all the losses, he remains the world's wealthiest individual, and his companies continue to thrive.
Interesting Facts About Elon Musk
If you’re still curious about Musk and his lifestyle, here are 10 interesting facts about Elon Musk you probably didn’t know:
- Elon Musk made a video game at 12 that he sold to a magazine. For $500, PC and Office Technology magazine purchased the space battle game 'Blastar.' Musk was also a co-founder of the ‘’Rocket Science’’ gaming company.
- Musk has been able to lower the cost of traveling to the International Space Station by up to 90% because of advancements at SpaceX. A mission that used to cost $1 billion now costs $60 million.
- Musk has given one of his boys the name Xavier, which he admitted was inspired by Professor Xavier of the X-Men.
- Musk also owns the Wet Nellie, a James Bond-style bespoke automobile. In the film The Spy Who Loved Me, the Wet Nellie is a custom-built Lotus Esprit submersible.
- Musk was featured in an episode of The Simpsons called "The Musk Who Fell to Earth."
- Musk only spent two days at Stanford University. He started at Stanford for graduate studies in applied physics in 1995, but he was already enamored with the internet's game-changing potential. Musk stated in his deferment application that if his endeavors failed, he would return in six months; the department chairman responded that he didn't expect to see the young computer genius again.
- He was the inspiration for a Solar power company. Musk was driving to Burning Man with his cousin Lyndon Rive in 2004. Rive, a successful software entrepreneur in his own right, admitted to wanting to start something more important. Musk advised that he should think about solar power. Rive and his brother Peter then founded SolarCity, which expanded to become the country's largest solar provider with the help of their cousin, who serves as chairman.
- He was the inspiration for Iron man. When writer and filmmaker Jon Favreau was looking for methods to humanize Tony Stark, the charismatic, super-smart protagonist of the Iron Man comic book and film series, actor Robert Downey Jr. recommended he contact Musk. Musk then discovered a technique to mimic his fictional counterpart's skills of designing rocket parts on a computer screen by waving his hands across a sensor. Favreau ended up filming parts of Iron Man 2 at the SpaceX plant.
- Musk has a total of six sons. In 2004, he and his first wife welcomed twins (Xavier and Griffin), followed by triplets (Kai, Saxon, and Damian) in 2006. The five children are currently shared between Musk and his first wife, Justine. Musk also had a son in 2002, who died of Sudden Infant Death Syndrome after only 10 weeks of life. Musk started dating Canadian singer Claire Elise Boucher in 2018, and the two of them had a baby named X-A-12.
- Musk came close to selling Tesla for $11 billion to Google in 2013. Tesla was not the corporation it is now at the time, and Elon was losing a lot of money. He approached Larry Page, the CEO of Alphabet, for a takeover at the time. Musk attempted to sell the company to Apple CEO Tim Cook, but Cook declined to meet with him.
A bonus fact is that he receives an annual salary of $1 from Tesla because his fortune comes from his stock share and not from an actual salary.
In Conclusion
Through this article, you now know how much Musk makes a day, his early life, fortune and career, and various other aspects you probably didn’t expect.
In summary, Elon Musk immigrated to the United States to pursue his ambitious goals. For this reason, he has become an idol to many young people who dream of changing the future and living the same lifestyle Musk currently enjoys.
