Where does the fortune of Elon Musk come from?
Elon Musk is an engineer and technology entrepreneur. He holds South African, Canadian, and U.S. citizenship and is the founder, CEO + chief engineer/designer of SpaceX, CEO and product architect of Tesla and the founder of The Boring Company. Being involved in many successful companies, Elon Musk build up an impressive fortune of 36 billion U.S. dollars. But this fortune consists “only” of shares in Tesla and SpaceX.
How did Musk’s companies develop?
Musk’s entrepreneurial journey stretches back decades. He made his first fortune after selling Zip2, a software firm, to Compaq in 1999 for a reported price of more than 300 million U.S. dollars. Three years later Paypal, which he also cofounded, was acquired by eBay for 1.4 billion U.S. dollars. Backed by those exits he created SpaceX in 2002 and joined Tesla in 2004 during a series A funding. The famous company was one of the first, that brought electric cars to the mass market and generated high demand all over the world. Today Tesla employs almost 50,000 people and generates over 20 billion U.S. dollars in revenues, but struggles to fulfill its orders and to address the high demand.
Is there an Elon Musk family office?
Although Elon Musk does not have the liquidity to invest a lot (it became disclosed, that Musk owes more than 500 million U.S. dollars in debts) because his wealth is mainly consisting of Tesla and SpaceX shares, he runs a family office. His single family office “Excession LLC” is led by Jared Birchall, the former senior vice president of Morgan Stanley.
How does the Musk family office invest?
The activities are highly secret. But it’s known that Musk owns a lot of property around Los Angeles. Musk said in an Interview, that he is not an investor and does not invest in anything and that the only public securities he holds are that of Tesla. He only invests in companies he owns, such as Tesla, SpaceX, The Boring Company and Solar City.
This article is part of our detailed report “The single family offices of the richest US families“
Picture source: Vlad Tchompalov