Elon Musk net worth: How tech genius became the world’s richest man

Elon Musk is a ‘disruptor’ says Zuby during Twitter discussion

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On Monday Twitter accepted a $44bn (£34.5bn) takeover offer from Elon Musk to assume control of the social networking site. The tech-guru already owns the electric vehicle manufacturer Tesla and the aerospace giant SpaceX, through which he has made his tremendous fortune.

What is Elon Musk’s net worth?

Forbes Magazine states that Mr Musk has a net worth of $273.6bn (approximately £214.71bn), making him the richest person in the world.

Jeff Bezos, the founder of Amazon, is ranked as the second wealthiest person alive today with an estimated fortune of $171bn (approximately £134.20bn).

Bernard Arnault & family, Bill Gates and Warren Buffett make up the remaining three places in the top five of this list.

Tesla and SpaceX, two of the companies under Mr Musk’s control, are the predominant reasons as to why he’s accumulated such a staggering fortune.

Tesla, the world’s most valuable electric car manufacturer, crossed the $1 trillion (£748.4 billion) mark for the first time this year.

Altogether, he owns 21 percent of the car manufacturer but has pledged more than half his stake as collateral for loans.

Last year, Mr Musk explained via Twitter that he does not “take a cash salary or bonus from anywhere”, only stock.

Elsewhere, SpaceX has an estimated value of $74bn (approximately £58.07bn) following a round of funding in February 2021 and securing a commercial contract with Nasa.

Alongside these Mr Musk has pursued several other business ventures including Neuralink, which focuses on connecting the human brain to computers, and The Boring Company, which builds tunnels for intra-city transit systems.

At the beginning of 2020, the 50-year-old was ranked as the 35th richest person in the world before eventually claiming top spot in January 2021.

Mr Musk grew up in South Africa until he moved to Canada aged 17. He then transferred to the University of Pennsylvania as a student and has since settled in the US.

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On Monday Mr Musk added Twitter to his portfolio of businesses after becoming the company’s majority shareholder just a matter of weeks ago.

In a statement he said: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spambots, and authenticating all humans.

“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

Twitter is currently led by Parag Agrawal, who himself only took over from co-founder and former boss Jack Dorsey last November.

However, it is not yet clear who will assume leadership of the new company.

Mr Musk is expected to oversee a number of changes to Twitter including the eradication of fake accounts.

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