Elon musk biography bloomberg stock

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Posted: January 21, 2025 | Last updated: January 21, 2025

Elon Musk, the billionaire entrepreneur and innovator, is the founder and owner of Tesla, SpaceX, X.com and The Boring Company. With a net worth of $236 billion, Musk has been the world’s richest person since 2021, according to Forbes and Bloomberg Billionaires Index. His journey to this status is marked by bold, risky investments that defied conventional norms. Born into a well-off family, Musk demonstrated an early passion for computers and design. At 17, he enrolled at Queen’s University in Canada and later transferred to the University of Pennsylvania in 1992, where he studied physics and business. During his time there, he and a few friends rented a house and converted it into a nightclub, showcasing his entrepreneurial spirit. Musk’s rise to wealth began when he co-founded Zip2, an online business directory, with his brother Kimbal. The company became a success, providing businesses with a platform to establish an online presence. In 1999, Compaq purchased Zip2 for $307 million. This sale earned Musk $22 million, marking his first major financial milestone. At just 28 years old, Musk became a millionaire, a turning point that enabled him to pursue even more ambitious ventures. He used part of his fortune to start a banking startup that later evolved into PayPal after merging with another company. As CEO of PayPal, Musk oversaw its rapid growth, culminating in its sale to eBay for $1.5 billion in 2002, which earned him $180 million. Using his PayPal earnings, Musk took a bold step by founding SpaceX in 2002, with a vision to "colonize" Mars, and Tesla in 2003, aiming to revolutionize transportation with electric sports cars. SpaceX endured several failed rocket launches, while Tesla grappled with battery issues and nearly went bankrupt during the 2008 recession. However, a pivotal investment from NASA and Tesla’s successful launch of the Model S in 2012 turned the tide. Today, Musk owns about 23% of Tesla through stock and options, with its stock surging over 1,100% in the past five years. Musk continued to diversify his ventures by founding The Boring Company and Neuralink in 2016. The Boring Company, focused on tunnel-digging technology, raised $675 million in 2022 at a valuation of $5.7 billion. In 2022, Musk also acquired Twitter, rebranded as X, for $44 billion and now owns 74% of the platform. Musk has cemented his legacy as one of the most significant figures of modern times, being a key player in the social, political and tech sectors worldwide.

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