How Much Does Elon Musk Make a Day?
Recently crowned the richest man in the world, Elon Musk is the self-made billionaire behind Tesla and SpaceX. The South Africa native unseated Amazon’s founder, Jeff Bezos, for the top spot in April.
Musk’s exact net worth varies, as it largely tied to Tesla stock. However, he is worth $228.4 billion, according to Forbes. This is almost 100 billion more than Bezos — currently the second-richest man in the world — whose net worth is $134.4 billion, both as of June 22, 2022.
It’s hard for the average person to even comprehend a fortune of this size, so it’s only natural to wonder, how much money does Elon Musk make a day? While there’s no way to know that exact number, here’s a breakdown of his wealth.
How Much Money a Day Does Elon Musk Make?
Financially speaking, it’s good to be Elon Musk. The world’s richest man has earned more in a day than the average person makes a in lifetime — several times over.
While he’s been extraordinarily wealthy for years, his fortune has significantly increased since 2018. Just four years ago, his net worth was $19.9 billion, according to Forbes. His net worth held relatively steady for the next two years –$22.3 billion in 2019 and $24.6 billion in 2020 — before skyrocketing in 2021. Last year, his fortune surged to $151 billion, before rising even higher to its current level.
Of course, this meant some very big paydays for the Tesla CEO. For example, Musk earned $37 billion on October 25, 2021. His net worth surge was tied to a very good day for Tesla stock, which saw its price increase nearly 13%. To put this in perspective, Musk’s net worth increased higher than the market value of Dell Technologies — $36.41 billion — Deutsche Bank — $21.12 billion and Sun Life Financial — $27.26 billion — as of June 21, 2022, in one day.
Despite this, Musk technically doesn’t earn a salary. Instead of collecting a paycheck at Tesla, the company’s CEO — and majority shareholder — only gets paid when the electric automaker’s market capitalization and financial growth reach certain targets. This arrangement seems to be working out for him, as he was slated to receive $23 billion in new compensation for the first quarter of 2022. Obviously, Musk isn’t paid by the day but if he was, his rate would certainly be record-breaking.
The NYSE is closed weekends, so for purposes of daily salary calculations, we’ll assume a five-day workweek. Musk likely earned $23 billion in the first quarter of 2022, which had 69 weekdays — we’ll assume he was paid on holidays. Given these assumptions, he would’ve earned $333.33 million per day.
What Does Elon Musk Make Per Hour?
Considering his wealth is largely tied to Tesla stock performance, we’ll say his work hours are the same as the core trading session at the New York Stock Exchange — 9:30 a.m. to 4 p.m. EST. This would mean he’s paid for a 6.5-hour workday. This makes it easier to answer the question, how much does Elon Musk make an hour? Since his daily earnings for the first quarter of 2022 are an estimated $333.33 million per day, his hourly rate would be $51.30 million.
How Much Does Elon Musk Earn Per Minute?
No doubt about it, Elon Musk earned more per minute in the first quarter of 2022 than many people will make in a lifetime. Since his hourly rate was approximately $51.30 million, this means he earned roughly $855,000 per minute.
In the first quarter of 2022, the median weekly earnings of full-time wage and salary workers in the U.S. was $1,037, according to the Bureau of Labor Statistics. Therefore, it would take the average worker 825 weeks — nearly 16 years — to earn what Musk made in a minute.
Elon Musk’s Businesses
Now that we’ve answered the question “How much does Elon Musk make a year?” you’re probably curious about the businesses behind his fortune.
Founded in 2003, Tesla builds all-electric vehicles, as well as clean energy generation and storage products. Musk owns approximately 21% of the company, but more than half his stake is currently tied up as collateral for loans, according to Forbes. A good stock to have, Tesla shares have climbed 33% in the past year. They closed at $711.11 per share on June 21, 2022, with a notably wide 52-week range, spanning from $620.46 to $1,243.49 per share.
Musk also founded SpaceX in 2002 and serves as the company’s CEO. Since inception, the aerospace company has had 164 total launches, 126 total landings and 102 total reflights, according to its website. SpaceX is privately held, but following a share sale in October 2021, existing investors said the company was valued at more than $100 billion. The company has an agreement with new and existing investors to sell up to $755 million in stock from insiders at $560 per share, according to CNBC.
However, the company valuation is likely on the rise, as it’s reportedly raising a new round of funding. This would increase its valuation to $127 billion, according to a May 2022 CNBC report.
Elon Musk’s Real Estate Portfolio
He might be the richest man in the world, but Musk doesn’t currently own his home. In fact, he’s vowed to never own a house again.
In May 2020, he tweeted “I am selling almost all physical possessions. Will own no house.” He made good on that promise, selling seven homes for nearly $130 million, according to The Wall Street Journal. In a June 2021 tweet, he revealed that he’s currently renting a home from SpaceX worth $50,000 in Boca Chica, Texas.
Elon Musk Takes Twitter
Musk may soon add Twitter to his portfolio of companies. In April, he offered to buy the company for $44 billion, and the process moved closer to a vote on June 21, 2022. A Securities and Exchange Commission filing revealed Twitter’s board of directors advised shareholders to approve the deal. Musk owns a 9% stake in the social media company. Only time will tell if he’ll take the helm of Twitter, but if so, this could push his net worth even higher.
Now that you know the answer to the question “How much money does Elon Musk make a day?” you’re probably a bit stunned. Knowing he’s the richest man in the world is one thing, but actually seeing how much he earns per day — and per minute– is truly jaw-dropping.
Information is accurate as of June 23, 2022.
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- The Wall Street Journal. 2022. "Elon Musk Has Sold Seven Homes for Nearly $130 Million After Vowing to ‘Own No House’."
- NBC News. 2022. "Twitter is a step closer to approving $44 billion buyout deal with Elon Musk."
- CNBC. 2022. "SpaceX looks to raise $1.7 billion in new funding, boosting its valuation to $127 billion."
- CNBC. 2021. "Elon Musk’s SpaceX hits $100 billion valuation after secondary share sale."
- CNBC. 2022. "SpaceX fires at least 5 employees over internal letter criticizing CEO Elon Musk."
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- Forbes. 2022. "World's Billionaires List."
- Forbes. 2022. "The World's Richest Person 2022."
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