Elon Musk Becomes the World's Richest Person beating Jeff Bezos

Elon Musk is a South African-born American entrepreneur and businessman who founded X.com in 1999 (later PayPal), SpaceX in 2002, and Tesla Motors in 2003. When he sold his start-up business, Zip2, to a subsidiary of Compaq Computers, Musk became a multimillionaire in his late 20s.

Elon Musk has become the world's richest person, as his net worth crossed $185bn (£136bn).

In May 2012, when SpaceX launched a rocket that would carry the first commercial spacecraft to the International Space Station, Musk made headlines. In 2016, he expanded his portfolio with the acquisition of SolarCity and cemented his position as a market leader.

Musk officially replaced Jeff Bezos as the world's richest individual in January 2021.

As a child, Musk was so lost in his daydreams of inventions that his parents and doctors requested a test to verify his hearing.

Musk was short, socially awkward and bookish in high school. He was bullied when he was 15 years old and went through a spurt of development and learned how to protect himself with karate and wrestling.

Elon Musk's Companies -

Corporation Zip2

With his brother, Kimbal Musk, Musk founded his first venture, Zip2 Corporation, in 1995. Zip2, a free city directory, was soon offering material for both the New York Times and the Chicago Tribune's new websites. In 1999, Zip2 was acquired for $307 million in cash and $34 million in stock options by a subsidiary of Compaq Computer Corporation.

From PayPal

In 1999, to found X.com, an online financial services/payments firm, Elon and Kimbal Musk used the money from their selling of Zip2. The next year, the purchase of X.com led to the formation of PayPal, as it is called today.

SpaceX, Space Exploration Technologies Corporation (2002)

In the hopes of revolutionizing the aerospace industry and making affordable spaceflight a possibility, Elon Musk founded SpaceX. With the Falcon 1 rocket, a two-stage liquid-fueled craft intended to carry small satellites into space, the firm joined the arena.


Musks is Tesla Motors' co-founder, CEO and product architect, a company founded in 2003 that manufactures inexpensive, mass-market electric vehicles as well as battery devices and solar roofs. Musk supervises all product creation, manufacturing and product design for the products of the company.

It also did not deter Musk from receiving as CEO a groundbreaking new pay plan, in which he will be compensated after hitting rising value milestones based on installments of $50 billion.

For more information on Tesla read our previous article - Link

Some Interesting Facts -

1) Elon Musk is working to revolutionize travel, both on Earth, through Tesla, an electric vehicle manufacturer, and in space, through SpaceX, a rocket manufacturer.

2)He owns 21% of Tesla but has pledged more than half of his stake as collateral for loans; to take the loans into account, Forbes has discounted his stake.

3)In 2018, after making alleged "false statements" about a bid to take Tesla private, prompting an SEC investigation, he stepped down as chairman.

SpaceX, Musk's missile firm, is estimated at $46 billion now.

4)He grew up in South Africa and later, at age 17, immigrated to Canada. As a transfer student to the University of Pennsylvania, he arrived in the U.S.

Reference - Biography.com

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