How Much ‘Frugal’ Billionaire Elon Musk Splurges on Private Jets and More
Written by
Claire Boyte-White
Edited by
Gary Dudak
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Elon Musk’s comments about his frugal spending habits have been widely publicized, including that he stays in friends’ spare rooms when working at Tesla’s Bay Area headquarters. However, it was uncovered that Musk did own a $7 million home in Austin, Texas, at the time of those comments, so who is to say how subjective the term “frugality” really is?
Now his financial prowess and spending habits are put to the test as head of the Department of Government Efficiency (DOGE), and it remains to be seen just how much his perception of budgeting is warped by his immense wealth. Musk currently has an estimated net worth of over $348 billion (which can change day to day). Still, the billionaire’s reputation for penny-pinching remains — with one exception.
Musk’s Private Jet Collection
Claiming that frequent air travel is necessary to maximize available work hours, Musk is well-known for frequent use of private jets for commutes as short as five minutes. In 2022, he took a flight almost every other day, burning enough jet fuel to emit more than 132 times the average person’s carbon footprint for an entire year.
Some of that CO2 might be offset by the number of Teslas on the road, but the price tag certainly isn’t. Musk’s 2023 flights reportedly totaled more than twice his 2022 emissions and racked up $3.2 million in fuel costs. As of last year, Musk’s private jets made an estimated 355 trips throughout 2024.
While Musk’s gas bill might be staggering, it doesn’t come close to covering the cost of the newest jewel in the jet-setter’s crown: a brand-new Gulfstream 700.
$78 Million of Cutting-Edge Design at Supersonic Speeds
Gulfstream began deliveries of the sparkling new G700 on April 23, 2024, according to a press release. In addition to being its most luxurious aircraft, the G700 is also the fastest, reaching Mach 0.99 during testing.
Though its maximum cruising speed is slightly slower at Mach 0.935, Elon will still be cruising the stratosphere at just under the speed of sound. Here are the details:
- Maximum speed: Mach 0.935
- High-speed range: 6,650 nautical miles
- Long-range cruising speed: Mach 0.90
- Maximum range: 7,750 nautical miles
- Cruising altitude: 41,000 feet, the lowest in the industry
- Accolades: Holds more than 50 world speed records
According to Gulfstream, being able to fly longer distances at higher speeds means fewer flight hours and less frequent maintenance. Combined with its more aerodynamic wing design, this sleek speedster claims to be more fuel-efficient than its predecessors — a feature that the Tesla founder should appreciate. Even the newly announced G800 doesn’t match the G700 for speed.
Unparalleled Luxury at 41,000 Feet
While its record-breaking stats are certainly impressive, the G700’s expansive, customizable cabin is what truly warrants the staggering $78 million price tag. Gulfstream touts the G700’s cabin as being the largest in the industry, with multiple layout options designed to meet the needs of any discerning traveler:
- Up to five living areas
- Optional UltraGalley kitchen with more than 10 feet of counter space
- Optional crew rest area
- Optional Grand Suite with double bed, full-length wardrobe and standing shower
- Optional six-place conference or dining area
The G700’s Innovative Interior
No matter the layout, the interior refinement of the G700 is sure to make flying feel like more of a treat than transportation. In addition to high-speed Wi-Fi and surround sound, the G700 features:
- Convertible handmade seats with award-winning design
- Ultra-high definition circadian rhythm lighting system
- Whisper-quiet cabin
- Fresh, plasma-ionized air
- Touch controls with haptic feedback
- 20 of Gulfstream’s industry-leading panoramic oval windows
- Quartz countertops
- Natural stone floors in the galley and bathrooms
How Many Jets Does Musk Own?
Previously reported to own a not-so-frugal four-jet fleet, including a Gulfstream 650ER, two Gulfstream 550s and a Dassault Falcon 900B, Musk may have recently whittled down his collection. Currently, FAA records show only the G650ER and one G550 listed under the shell company Musk uses to purchase his aircraft, Falcon Landing (which shares the same address as Space X headquarters).
Maybe he’s simply restructured ownership for additional privacy after a highly publicized feud with the owner of ElonJet, which rigorously tracks the billionaire’s flight data. Or maybe the notorious cost-cutter is making room for his newest palace in the sky. After all, who’d want to fly anything else?
Does Musk Own More Jets Than Jeff Bezos?
In the ongoing battle of the billionaires between Musk and Bezos, Musk is currently the top contender for the richest man in the world. Musk is ranked No. 1 with an estimated net worth of $348.1 billion, while Bezos is in a relatively distant second position with an estimated net worth of $218.1 billion.
Currently, records show the Amazon founder’s Poplar Glen company owns just two Gulfstreams to Musk’s three. He does, however, also own a host of smaller aircraft along with a $5.5 million Seattle hangar and is alleged to own a 10-seater Pilatus PC-24, according to Business Insider.
Caitlyn Moorhead contributed to the reporting for this article.
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