4 Things Elon Musk Did Right To Get on Track To Being a Trillionaire
Written by
Marc Guberti
Edited by
Jenna Klaverweiden
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Elon Musk, the richest person in the world with a net worth of nearly $360 billion, may be on track to become a trillionaire. It’s incredible that so much money can gravitate toward one person, but then again, it’s hard to find someone like Elon Musk. Starting an online fintech company before it became mainstream, starting the electric vehicle (EV) trend with Tesla, launching rockets into space that land back safely and turning Twitter into X don’t even touch on his artificial intelligence (AI) ambitions, such as Grok and Optimus.
It’s hard to find anyone who can match Musk’s results and intellect across multiple industries. However, hard work and smarts aren’t enough to become a trillionaire. There are more factors at play, and this guide will outline some of the things Musk did right on his path of wealth building.
Outworking the Competition
Musk is well known for his intense work schedule. He works roughly 80 to 100 hours per week, and while long hours don’t guarantee success, they could better your odds of outperforming the competition.
An 80-hour workweek comes to a little more than 11 hours per day, assuming Musk also works on the weekends. It’s also plenty of time that he can allocate toward multiple companies instead of having only one business.
Starting Multiple Businesses Around Mega Trends
Musk has made a fortune from several businesses instead of just one company. PayPal, Tesla, SpaceX and xAI are some of the lucrative companies that he launched. Many of these businesses also came at the right times, as they were early to various megatrends.Â
For example, PayPal was an early company in the online payments industry, and Tesla led the EV boom and dictated competitors’ actions. Musk often gets involved in mega trends early, builds companies around them and positions himself to profit handsomely when those mega trends gain traction.
Anticipating Future Problems
Musk has started many businesses in the early stages of mega trends, and that’s because he anticipates future problems. Identifying the issues that many people will want solutions to can help him gain market share.
Musk’s ability to anticipate what products and services will be valuable in the future is part of the reason he may become the world’s first trillionaire.
Investing In His Companies
A salary alone won’t turn you into a trillionaire. Musk builds wealth by investing in his companies and benefiting as those companies gain value. The tech billionaire recently bought $1 billion worth of Tesla stock, indicating he wants more exposure to the company’s upside.
That’s a bullish indicator for Tesla investors, but it also demonstrates Musk’s eagerness to participate in his companies’ successes. As his companies grow, his net worth rises with them.
More From GOBankingRates
