Elon Musk: The Story of Becoming the World's Richest Person

 

SpaceX founder and Tesla CEO Elon Musk has become the world's richest person. His net worth has crossed $ 185 billion ($ 1 trillion 85 billion).

On Thursday, Musk's company saw a big jump in share prices, after which he reached the first place in terms of total assets.

Musk has achieved this place by leaving behind Jeff Bezos, the founder of the online shopping platform 'Amazon'. Jeff Bezos was in this position since 2017.

Elon Musk Net Worth

Musk's electric car company Tesla has increased its market value significantly this year. On Wednesday, it reached $700 billion for the first time, which is more than the total market value of car companies Toyota, Volkswagen, Hyundai, GM and Ford.

Tesla Inc. CEO Elon Musk has overtaken Jeff Bezos in wealth based on the calculation of the Bloomberg Billionaire Index. Elon Musk's wealth has increased by $3.58 billion to $194 billion. Although the Amazon CEO's wealth is also only $ 194 billion according to the Bloomberg Billionaire Index, but he is second in the index. Bezos's wealth has decreased by 18.2 crores.

Many US economic analysts have written that 'after the change of power in America, the future of Elon Musk's company maybe even brighter.'

He believes that 'the entry of Democrats will increase the work of electric car company Tesla even more because Joe Biden's party made frequent promises to promote a 'green-agenda' during the election campaign.'


Who is Elon Musk and what does he do?

The scope of Elon Musk's work is not limited to the company that makes the cars of the future. His company Tesla makes parts and batteries for electric cars that are sold to other car manufacturers.

They make 'solar energy systems' installed in homes, whose demand has increased over time. He also runs a space exploration company. At the same time, they are preparing a blueprint for a 'super-fast underground transport system' in America.

Today, Elon Musk is recognized as an American entrepreneur, but he was born in South Africa. His mother is originally from Canada and father is from South Africa. According to Musk, he was very fond of reading books since childhood.

He says that 'I used to be very calm in childhood, because of this I was also harassed a lot.'

At the age of 10, Elon Musk learned computer programming and at the age of 12 he created a video game called 'Blaster' which a local magazine bought from him for 500 US dollars. This can be called Musk's first 'business achievement'.



 The 49-year-old Elon Musk's business started in 1999, when he and his brother Kimball found a successful deal for their software company 'Zip-2'.

At the age of 27, Musk invested the money in a new company called 'X.com' and this company claimed that 'it is going to revolutionize the money transfer system'.

This same company of Musk is known today as 'Pay-Pal', which was bought by E-bay in the year 2002 and for this Musk received $ 165 million. This was the biggest achievement of his career.

After this Musk started working on the techniques of space exploration. His same program was named 'Space-X', which said that 'human beings will be able to live on other planets in the coming time'.

In 2004, Elon Musk founded the electric car company Tesla, and he said, "Everything will be electric in the future, including rockets going to space, and Tesla will play an important role in bringing this change."


 What is the secret of Musk's success?

Elon Musk was asked, 'What is the secret of your success?' And the answer that Rowlett understood is: 'Elon Musk's 'attitude' towards business means his different view of business and his work.'

In this interview a few years ago, Musk said, "I don't know how much wealth I have. It's not like there are bundles of notes lying around. It should look like Tesla, Space-X and Solar." I have a stake in Citi and that market share has some value. But it doesn't really matter to me because that's not the goal of my work."

Rowlett writes that 'this approach of Musk is probably working. In the amount of wealth they have today, if they want, they can buy many big car manufacturers of the world together. He will turn 50 this year, but as a 'wealthy man' he has absolutely no dream to say goodbye to the world.'

Musk says he wants to put the biggest part of his capital into building a base on Mars, and he wouldn't be surprised if he put all his capital into making this mission a success.

A human base on Mars would be a huge success in Musk's eyes.

They believe that 'this will lead to a better future.' In an interview  about the founding of Space-X, Musk said, "I formed the company because I was dissatisfied with why the US Space Agency is not more ambitious about space exploration, why it is not further thinking. 


'People should know me as an engineer'

Musk wants people to know him more as an engineer than as an investor. In an interview with Rowlatt, he said, "I wake up every morning to find a solution to a new technical problem. I don't consider success a measure of how much money is in the bank."

Rowlett writes that "Musk wants to revolutionize the car industry, he wants to colonize Mars, run super-fast trains that run in vacuum tunnels, integrate AI with human brains, and want to run the world on solar power. All of these things have one thing in common, that the kind of futuristic fantasies you'd find in children's magazines in the early 1980s. And it's no secret that Musk's Childhood was spent in South Africa reading a lot of magazines, books and watching movies."

Musk does not believe in the slow pace of change. They want to leave fossil fuels behind as soon as possible. At the same time, they are in favour of developing colonies on Mars in order to prolong the existence of humanity.


 Risk Appetite

Elon Musk is a risk taker and he has proved it. In 2008, when the world faced an economic recession, Musk's condition had also become very bad. After this his new companies saw many failures. The first three launches of Space-X failed. Tesla also had many production-related problems, and Musk was in trouble.

In his interview, Elon Musk had told that there was a time when he had to borrow money from friends for his expenses.

But was he never afraid of going bankrupt? In response to this question, Elon Musk told Justin Rowlatt, "What would have happened at the most, if my children had to go to a government school, then what would be the big deal in this, I myself have studied in a government school."

Rowlett writes, "During our meeting, I found that Musk was definitely disappointed by one thing, and that was the criticism. He said that the criticism must be based, but here people are openly waiting for Tesla to sink However, he said that he never changes his intentions because of criticism. According to Musk, when he laid the foundation for Space-X and Tesla, he himself did not believe that he would be able to make money from it.


 

Addiction to work

Those who know Elon Musk closely say that he is addicted to work. While preparing the Tesla Model 3, he said that 'he works 120 hours a week and he enjoys it.'

During the Corona epidemic, when his factory in San Francisco had to be closed, Elon Musk spoke openly against the restrictions of the lockdown. He said, 'Those who are making the noise of the epidemic, they are idiots.' He called the stay-at-home orders 'coercive' and said that the 'Covid lockdown is against constitutional rights'.

During the epidemic, a son was born to Elon Musk's house. On this occasion, he told the world through Twitter that he has named his son X A-12.

Some believe that Elon Musk's mind cannot be read and that his behaviour is difficult to predict. But it doesn't seem to have any effect on his work. As an entrepreneur, he is a visionary person.

In September 2020, he said that 'soon all his company's cars will be self-driving.' They also intend to bring affordable electric cars in the next three years.