![]() ![]() He reportedly lost about USD 77.6 billion of his net worth as of July 2022. Since the beginning of 2022, Tesla shares dropped almost 40 percent, inflicting a substantial hit on Musk’s wealth. On, a report by Economic Times said that Elon Musk’s net worth dipped below USD 200 billion, as Tesla shares hit an 11-month low. Things seemed to be going well until Tesla stocks came under immense pressure and scrutiny. He has also committed over half his stocks as security for company loans. It became one of Tesla’s bestselling electric cars of all time.Īccording to Forbes, as of 28 June 2022, Elon Musk owns about 25 percent of Tesla shares and options, which makes up a major chunk of his net worth. In 2017, Tesla began the production of Model 3, a less expensive electric car. The carmaker earned about USD 226 million through an initial public offering in 2010 and soon launched the world’s first premium fully electric sedan called Model S. The valuable carmaker produced the world’s first all-electric, zero-emission sports car Roadster in 2008. Didn’t even own a house or anything sellable. I gave Tesla last of my remaining cash from PayPal. Tesla financing round closed at 6pm Dec 24th 2008 – last hour of last day possible or payroll would’ve bounced 2 days later. It was then that Musk took over the role of Tesla’s CEO. The same year, however, the company was on the brink of bankruptcy, but Tesla got a fresh lease with a USD 40 million lifeline fund from investors and Musk’s personal wealth. The following year, Musk came on board as a major funder and went on to become the chairman of Tesla in 2008. Tesla Motors, now Tesla, Inc., was founded by entrepreneurs Martin Eberhard and Marc Tarpenning in 2003. ![]() The luxury electric vehicle company is one of the most sought-after car manufacturers known for making vehicles that boast speed, features and elegance. The Tesla tale Image: Courtesy David von Diemar/ Unsplash When he grew up, he obtained a Canadian passport and left South Africa in 1988 to seize the opportunities in the West. Here’s all about Elon Musk and the businesses he owns Early life Image: Courtesy Suzanne Cordeiro/ AFPīorn in Pretoria, South Africa, on 28 June 1971, Musk created a video game at age 12. Wondering how Elon Musk started his journey and what other companies he has invested in? Read on to know more. However, on 13 December 2022, Musk’s net worth dipped to USD 164 billion and the apex position was taken over by Bernard Arnault, the CEO and chairman of LVMH - the world’s largest conglomerate of luxury brands such as Louis Vuitton, Celine and Tag Heuer. Surpassing incredible entrepreneurs like Bill Gates, Jeff Bezos, Mark Zuckerberg and Warren Buffett, the Tesla and SpaceX CEO had bagged the highest spot in the 2021 Bloomberg Billionaires Index, with a net worth of USD 223 billion. With a net worth in billions and strategic acquisitions of companies that are pioneering game-changers in the world, Musk has made the unimaginable quite a reality. The upheaval under Musk at Twitter has made other tech leaders, like Meta CEO Mark Zuckerberg, look more empathetic by comparison.Business magnate and investor Elon Musk is one of the world’s richest people. And this week, several top managers at the company have resigned, including chief compliance officer Marianne Fobarty, chief information security officer Lea Kissner, and chief privacy officer Damien Kieran. And the reason we were able to keep alive is partly by just being paranoid.”Īfter taking over Twitter, Musk fired around 50% of the company within a chaotic 24-hour period. It was excruciatingly difficult to keep us alive in 2009. Tesla did not, despite being a startup electric vehicle company. It’s worth remembering that in 2009, General Motors and Chrysler both went bankrupt. I have recession PTSD from keeping X and PayPal alive through the 2000 recession, keeping Tesla alive in the 2009 recession. “I’ve been through the recession of 2–9, and I’m somewhat paranoid about dying in recessions. The world’s richest man recalled the stress he felt in previous economic downturns as the cofounder of X.com, which later became PayPal, and the CEO of Tesla. Musk told Twitter staff he wants them to work with a “maniacal sense of urgency” because “we are headed into, I think, quite a serious recession,” according to The Verge, which acquired a recording of Musk’s comments. ![]()
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