Elon Musk Net Worth 2021: Did Musk’s Wealth Increase After Becoming the TIME Person of the Year?

Many on the internet probably recognize Elon Musk as one of the richest men on earth. Not everyone knows, however, that Musk is a talented entrepreneur specializing in risky investments. Ironically, his unconventional business plans have earned him over $ 250 billion and recognition as TIME Person of the Year.

When it comes to Musk, the titles “CEO of Tesla” or “CEO of SpaceX” usually follow the grain of thought. However, more recently, he also won the honor of being TIME magazine’s “Person of the Year 2021”, being one of the most successful businessmen in the industry.

Elon Musk Net Worth After TIME 2021 Personality of the Year Award

Forbes briefly explained why Musk was selected for the honor. Experts pointed out that Musk is revolutionizing transportation on Earth and in space, thanks to his electric car company (Tesla) and his space rocket manufacturing company (SpaceX). Note that these are just a few of Musk’s contributions to today’s age of technology.

Musk is also the founder and major investor of PayPal, The Boring Company, SolarCity, OpenAI, and Neuralink. All of this contributed to his massive fortune.

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Elon Musk 2021 Net Worth: Has It Increased?

According to TIME, Musk made his money a little differently compared to other famous billionaires. They noticed that Musk had several radical ideas. However, “there was a method to his madness.” In particular, Musk has taken a risk with every project by putting his finances on the line in every new business model. In the end, some of those bets made Musk the richest private citizen on the planet to date.

After dropping out of college, Musk and his brother Kimbal founded the online business directory called Zip2. It was then sold to Compaq in 1999, where Musk grossed at least $ 22 million.

He later invested the money in an online banking startup called X.com. After meeting Peter Thiel, co-founder of a payments startup called Confinity, they combined their efforts and eventually formed the online platform PayPal. When it was sold to eBay for $ 1.5 billion in 2002, Musk raked in a fortune of $ 180 million.

Not one to take a break, Musk invested the money in his aerospace company SpaceX in 2002. He also allocated some of it to electric vehicle maker Tesla. Both companies almost went bankrupt in their early years. However, Musk never gave up. Eventually, his investments started to pay off. To date, SpaceX is currently valued at $ 100 billion, while Tesla and its dominance in the industry is valued at $ 1.02 trillion.

TIME also posted a photo comparing Musk’s earnings in 2020 to this year. At the time, Musk had earned a respectable net worth of $ 25 billion. However, the number is more than doubled, as Musk’s current earnings are estimated at $ 266 billion.

As of this writing, Forbes quoted Musk at exactly $ 253.8 billion with downward growth of 4.39%. Nonetheless, it still made Musk the richest man on Earth in the list of real-time billionaires.

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