In addition to holding a new position, Elon Musk is managing six major companies with a staggering net worth nearing $300 billion. According to Forbes, Musk’s wealth has surged to nearly $310 billion after hitting a major milestone. The world’s richest man owns stakes in many large companies and privately-held firms across the U.S.
Tesla
Tesla is the most famous company associated with Elon Musk. Although no longer the chairman of the board, Musk remains the CEO, influencing the company’s direction and holding about 12% of Tesla’s shares. As the world focuses on reducing emissions, Tesla’s large-scale electric vehicle production has earned Musk considerable praise. Tesla is the world’s most valuable electric vehicle manufacturer with a market capitalization over $1 trillion. Tesla also owns Tesla Energy, a subsidiary focusing on electric vehicle batteries. In China, Tesla holds a significant market share despite strong competition from local rival BYD. In Q3, Tesla reported $2.5 billion in profit, an 8% increase year-over-year.
SpaceX
Founded in 2002 by Musk, SpaceX focuses on the development of rockets and spacecraft. The company is currently valued at around $210 billion, based on a recent buyout offer in late 2024. Musk holds about 42% of SpaceX’s shares. His goal is to commercialize space exploration and colonize Mars. SpaceX is breaking records, becoming the first private company to launch four civilian astronauts to the International Space Station and return them safely. NASA remains SpaceX’s biggest customer, and the company is considered a major player in the defense contracting sector.
Neuralink
Musk co-founded Neuralink in 2016 to develop technologies for treating severe brain conditions and potentially linking AI with the human brain. In December 2021, Neuralink revealed it would begin human trials involving computer chips implanted into the brain, although initial tests were conducted on animals. As of July 2024, Neuralink is valued at approximately $8 billion.
The Boring Company
Founded in 2016, The Boring Company focuses on developing transportation infrastructure. Musk proposed the “Hyperloop” project, aiming to create high-speed underground tunnels for self-driving cars. The company plans to build a network of tunnels for rapid transportation without the congestion. However, the results have been modest, with many tunnels and projects still incomplete. Some critics suggest Musk has sidelined the project as his focus shifted to other ventures.
X Social Media
X is the new name for Twitter after Musk acquired the platform for $44 billion in October 2022. Musk has stated his goal is to turn X into a “super app,” similar to WeChat in China. As of October 2024, the market value of X has dropped to $9.4 billion, a 75% decrease from Musk’s original purchase price. X faces financial challenges as advertising revenue declines, and it carries a $13 billion debt from the Twitter acquisition, due in 2025. However, Musk’s strong support for Donald Trump during the latter’s presidential campaign is expected to help X regain business momentum as some advertisers return to the platform.
xAI
On July 12, 2023, Musk launched xAI with the goal of exploring “the nature of the universe” and developing an alternative to ChatGPT. Musk owns about 60% of xAI. The company has attracted AI experts, some of whom previously worked at Google and Microsoft. According to Business Insider, Musk bought 10,000 graphics cards from Nvidia to aid in the company’s AI training. Recent reports suggest that xAI could be valued at four times higher than the current value of X. A funding round is underway, and xAI is in talks to raise funds at a $40 billion valuation.
Conclusion
Elon Musk continues to defy the odds, managing six companies while his wealth rapidly increases. From revolutionizing electric vehicles to conquering space, AI, and social media, Musk is reshaping industries and accumulating wealth at an unprecedented rate. What’s next for the world’s richest entrepreneur?
