The ranks of the wealthiest people on the planet include 9 self-made Americans and a French luxury goods tycoon.
Musk is CEO of electric car company Tesla, rocket firm SpaceX and social media company Twitter. He owns 23% of Tesla between stock and options, but has pledged more than half of his stock as collateral for loans. The car company accounts for about two-thirds of his fortune. He bought Twitter for $44 billion in October 2022 and owns an estimated 74% of the social media company, which is now worth less than half what he paid for it.
Originally from South Africa, Musk moved to Canada before his 18th birthday, worked a variety of jobs, enrolled at Queen’s University in Ontario and then transferred to University of Pennsylvania, where he earned a bachelor’s degree in economics. In 2000, he merged an online bank he cofounded, X.com with a similar outfit cofounded by Peter Thiel to form PayPal, which eBay bought in 2002 for $1.4 billion. He founded SpaceX in 2002 in El Segundo, near Los Angeles. In 2004 he joined Tesla as an investor and chairman, a year after it was founded; he was later granted the cofounder title. Musk, who became CEO of Tesla in 2008, took the company public in 2010. Its market capitalization soared during 2020 and 2021.
Musk became the world’s richest person on June 8, 2023 and still ranks No. 1 on August 1. Tesla shares have more than doubled since the start of the year, , propelling Musk’s fortune higher. Musk was also the world’s richest person for most of 2022—until December, when a drop in Tesla’s share price pushed down the value of his fortune.
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