Mr Musk is now worth an outstanding $281.6billion (£210billion) but life wasn’t always made of gold for the entrepreneur extraordinaire. Here’s how he made his fortune and why he now claims to be ‘cash poor’.
This was the first time Mr Musk got to handle such a big amount of personal wealth, and while he earned a substantial $22million (around £16million) from the sale he was still a majority shareholder in the business that would become PayPal.
This is the key element that helped Mr Musk build up such an immense net worth in a relatively short period of time.
By holding onto shares instead of taking out the cash to reap all the benefits of his hard work, Mr Musk was able to multiply his wealth eight times over when eBay bought PayPal.
When he came into this windfall, Mr Musk set up SpaceX, Tesla and SolarCity in quick succession over a few years.
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The success of these companies, and his continuous investment in them, would make him the wealthiest man in the world.
In 2010, Tesla stocks skyrocketed in 2010, taking Mr Musk’s wealth with it.
Mr Musk appeared on…
