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This article is part of our research for the US Single Family Office database, showcasing family offices of America’s wealthiest individuals and their key investment interests. These interests include sectors such as real estate, financial markets, private equity, venture capital, and renewable energy.
Musk, the business founder & investor
Elon Musk is one of the richest and most influential entrepreneurs of the world. As of October 2024, Forbes estimates his fortune at around $260 billion. Musk started his career in the late 1990s when he founded and later sold his first company, Zip2, to Compaq in 1999 for more than $300 million. He then co-founded PayPal, which eBay bought for $1.4 billion in 2002. With his newly earned wealth, Musk founded SpaceX in 2002 to make space exploration more affordable. In addition to Tesla and SpaceX, Musk has founded or invested in several other companies. These include The Boring Company, which focuses on tunneling and infrastructure; Neuralink, which develops brain-computer interfaces; and OpenAI, an AI research lab.
Musk’s latest business activities
Musk’s influence also extends to social media and artificial intelligence. In 2022, he acquired Twitter for $44 billion and rebranded it as “X” under his newly formed company, X Corp. In March 2023, he launched xAI, an AI company designed to compete in the rapidly expanding AI landscape. He has also emerged as a significant figure in American politics. He became the second largest individual donor to Donald Trump in October 2024.
Excession, his personnel family office
Elon Musk’s family office, Excession LLC, was set up in 2016 to manage his complex personal and financial affairs. The name ‘Excession’ comes from Iain Banks’ science fiction novel of the same name. In the novel, an artificial intelligence society interacts with a mysterious entity called the Excession. The family office Excession operates with a high degree of secrecy and is led by former Morgan Stanley Senior Vice President Jared Birchall. Unlike many family offices, which diversify their portfolio by investing in a range of companies, Musk’s family office focuses primarily on managing his interests within his own companies. These include Tesla, SpaceX, Neuralink and X Corp.
Picture source: Cameron Earl via Unsplash
Last Updated on November 26, 2024
