Tesla and SpaceX founder Elon Musk is now the World's Richest Person. According to Forbes Real Time Billionaires list, Elon Musk has surpassed Bernard Arnault and Jeff Bezos with a net worth of $210.8 billion. Arnault holds the second position with $201 billion, and Bezos the third with $197.4 billion.
Elon Musk's journey to becoming the world's richest person began with his early ventures in the tech industry. Just two days into a Phd program at Stanford University Elon Musk dropped out. After dropping out, Musk dived headfirst into the entrepreneurial world. His first significant venture was Zip2, a company he co-founded with his brother, Kimbal Musk, in 1996. Zip2 provided services like online City guides softwares to newspapers, which was a creative concept at the time. Although struggling initially, the company successfully managed to secure contracts with major publications like New York Times and Chicago Tribune. In 1999, Compaq acquired Zip2 for nearly $300 million, netting Musk $22 million from the sale.
Not resting on his brownie points, Musk quickly moved on to his next venture, X.com, an online payment company he founded in 1999. Aiming to revolutionize the way people handle money, X.com was one of the first companies to offer online banking services. One year down the line, X.com merged with Confinity's money transfer service called PayPal. Musk immediately recognised the potential of Confinity's services and focused on developing and promoting PayPal. PayPal was acquired by eBay in 2022 for $1.5 billion in stock, with Musk earning $165 million from the deal.
Elon Musk's vision extended far beyond online payments. In 2004, he joined Tesla Motors, Inc., now Tesla, Inc., as chairman of the board after leading an initial round of investment. Tesla's mission to accelerate the world's transition to sustainable energy resonated with Musk's vision. The company faced numerous challenges, including production delays and financial difficulties, but Musk's relentless drive and innovative approach helped Tesla revolutionize the electric vehicle market. In 2008, Tesla launched the Roadster, the first highway-legal electric vehicle with a lithium-ion battery. Subsequent models, like the Model S, Model X, and Model 3, solidified Tesla's position as a leader in the automotive industry. Tesla's growth and success have been key drivers of Musk's ascent to the top of the billionaire rankings.
Parallel to his work at Tesla, Musk founded Space Exploration Technologies Corp., or SpaceX, in 2002. His ambition was nothing short of revolutionary: to reduce space transportation costs and enable the colonization of Mars. SpaceX faced a rocky start, with its first three rocket launches ending in failure. However, in 2008, the fourth launch succeeded, securing a $1.6 billion contract with NASA to deliver cargo to the International Space Station. SpaceX continued to achieve groundbreaking milestones, such as the first privately-funded spacecraft to reach orbit, the first privately-funded spacecraft to dock with the International Space Station, and the first reuse of an orbital rocket. In 2020, SpaceX's Crew Dragon spacecraft became the first commercial spacecraft to carry astronauts to the International Space Station, marking a new era in space travel.
In conclusion, Elon Musk's rise to the top is a testament to his visionary leadership, relentless drive, and ability to overcome formidable challenges. From his early ventures with Zip2 and PayPal to his groundbreaking work at Tesla and SpaceX, Musk's journey underscores the power of innovation and perseverance in shaping the future.
