How Much Is Elon Musk Worth After Being Named Time’s Person of the Year?

Mandatory Credit: Photo by Action Press/Shutterstock (12276248c)Elon Musk, Tesla CEO, is on the premises of Tesla Gigafactory at a press meeting.
Action Press/Shutterstock / Action Press/Shutterstock

The CEO of rocket producer SpaceX and electric car maker Tesla, Elon Musk is changing the way the world moves. So much so that Time magazine has named him its Person of the Year for 2021.

“He is reshaping life on Earth and possibly life off Earth, as well,” Edward Felsenthal, Time’s editor-in-chief, said Monday on NBC’s “TODAY” show.

Musk wears many hats, including inventor, executive and futurist — roles that have paid him well. Elon Musk’s net worth is currently worth $297 billion, according to Forbes.

His worth shifted throughout of 2021. The entrepreneur’s worth had increased by $25.6 billion overnight after Hertz announced they would be placing an order for 100,000 Telsa EVs for its fleet on Oct. 25.

Then, over the course of the week of Nov. 8, Musk lost $1 billion. The drop began after a tweet on Saturday, Nov. 6, in which he asked his followers if he should sell 10% of his Telsa stock. Once his fans said yes, he lost $50 billion when stock prices dropped. The subsequent loss came after he sold $5 billion in Telsa stock on Wednesday, Nov. 10.

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Despite the ups and downs, Musk is still the richest man on –and off — the planet.

See: The World’s 2,000 Billionaires Have More Wealth Than Almost 5 Billion People Combined

Elon Musk’s Net Worth: $297 Billion

Elon Musk built his fortune by turning his vision into reality. Before he graduated from high school, Musk earned $500 for a computer game he created. He then went on to found a series of successful tech companies and sell them for a hefty profit. His early interest in technology evolved into a career that made him the wealthiest person in the world as of 2021.

  • Net Worth: $297 billion (as of Dec. 15, 2021)
  • Date of Birth: June 28, 1971
  • Primary Sources of Wealth: Entrepreneur, inventor, investor
  • Career Highlights: CEO of SpaceX and Tesla Motors

See the List: These 47 Billionaires Got Richer During The Pandemic

Elon Musk’s Career Timeline

Elon Musk taught himself to program when he was a teenager living in his native South Africa. At the age of 17, he moved to Canada to attend Queen’s University, but he left after three years to attend the University of Pennsylvania. There, he earned a bachelor’s degree in economics. He later dropped out of a doctorate program and created his first company, Zip2 Corporation.

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Read More: Elon Musk’s Biggest Bets That Paid Off

In 1999, Musk sold Zip2 for $307 million in cash and $34 million in stock options. He went on to found the company, which was later acquired by eBay for $1.5 billion in stock in 2002. That same year, Musk created SpaceX. The following year, he joined Tesla. Today, he owns 48% of SpaceX and 20% of Tesla.

Curious? Weird Things Top Billionaires Have in Common

Elon Musk’s Philanthropy

Since 2002, the Elon Musk Foundation has given away $25 million, with the bulk of this amount going to nonprofit science and education programs. The foundation also has funded $75 million in grants. In addition to donations from his foundation, Musk has given money to groups like Wikimedia Foundation, Big Green and Future of Life Institute.

Musk, who is not known to be philanthropic, gave away $150 million directly to charities between January and April of 2021. According to Recode, that doubled all his previous outlays combined.

Giving Back: Jeff Bezos and 14 Other Wealthy People & Families Chipping In To Fund Education

Elon Musk’s Real Estate

As of July 2021, Musk sold off all his property. He resides in a $50,000 tiny house he rents from SpaceX.

Musk previously owned a 100-year-old house in northern California that he bought it for $23.364 million in 2017. His portfolio once showed six other homes in California. Those properties included a 20,000-square-foot house in Bel-Air that he bought for $17 million in 2012 and a 9,300-square-foot house that he paid $24.25 million for in 2016. After announcing that he would sell half his worldly possessions, Musk sold his six Southern California properties.

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About the Author

With more than 20 years of experience as a freelance writer, Allison Hache knows a thing or two about creating quality content. She earned a bachelor’s degree from Florida Southern College and a master’s degree from the University of Florida. Her work has been featured on national and local websites.

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