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Elon Musk, the inventor and economically savvy businessman, has been making waves in the business world with his recent purchase of Twitter. In today’s climate, technological inventors are one of highest valued positions to be in — and one of the most lucrative. That clearly rings true in Musk’s case, as the man behind groundbreaking modernization of the travel industry through Tesla Motors and Space X is now also the richest man in the world.
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Here’s a look at how Elon Musk accumulated his impressive wealth and how long it would take the average American to become as rich as him.
Elon Musk’s Road To Becoming the Richest Man in the World
Elon Musk began accumulating wealth when he sold PayPal, an online payment app, for $1.5 billion in 2002. The 50-year-old is renowned for co-founding the electric car company, Tesla Motors, where he owns 21% of the company and has $183 billion in shares, Forbes reported. In November 2021, Tesla’s stocks were climbing so rapidly that Musk was briefly the first person to ever be worth over $300 billion.
In addition to transforming transportation on Earth, he has also made great leaps in space exploration through his rocket firm, SpaceX, which is valued at $100 billion, Forbes reported. Musk continues to make financial moves, with his latest being in April when he became the owner of Twitter after paying the company $44 billion. He made the deal after revealing he is the largest shareholder of the social media site, with a 9.1% stake in Twitter.
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Elon Musk’s Net Worth
Musk’s net worth is $246.5 billion as of April 27, according to Forbes. His net worth began growing rapidly in 2002 after he sold PayPal.
How Long Would It Take To Be as Rich as Elon Musk?
Using the median U.S. income and average per-capita personal consumption expenditure, and comparing it to Musk’s net worth, GOBankingRates found that it would take 10,910,641 years and 93 days to become as rich as Musk with just savings. Even if the savings were invested, it would still take 9,972,673 years and 69 days.
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