Elon Musk's Wealth Drops Below $200 Billion For The First Time Since June; What's His Net Worth Now?

Elon Musk’s Current Net Worth

Elon Musk has an estimated net worth of $198 billion as of November 2, according to Bloomberg’s Billionaire Index. Musk lost billions after Tesla posted low quarterly earnings and his net worth dropped to $193 billion on October 30, according to Bloomberg's Billionaire Index. This was the first time since June that his net worth dipped below $200 billion. Despite making a recovery in the last few days, his net worth hasn’t reached the $200 billion mark yet.

Musk holds the record for being the richest person in modern history. He has built most of his wealth as the CEO of EV maker Tesla Motors. He is also the founder/co-founder of several other companies including SpaceX, Neuralink, and SolarCity. He owns X, formerly Twitter, as well. 

Musk owns about 21% of Tesla and since its October 18 earnings call, the company’s stock spiraled 23%, shaving $189 billion off its market capitalization and $41 billion off Musk’s net worth, as per Fortune. Before the earnings call, Musk had a net worth of $234 billion, as per Bloomberg.

Additionally, Twitter (now X), which was bought by Musk for $44 billion last October, has lost about $25 billion in value, based on an internal valuation by X, Fortune reported. On the other hand, Forbes puts Musk’s net worth at $220 billion as of November 2, and he remains the richest person in the world according to both publications.

Elon Musk’s Career and Sources of Income

Musk has co-founded six companies, including Tesla, SpaceX, and tunneling start-up Boring Company. His entrepreneurial career started with the platform called Zip2, created in 1995. He sold it four years later for over $300 million and then started X.com, an online payment system. He then merged it with what eventually became PayPal, the payment platform which was ultimately sold to eBay for $1.5 billion in 2002.

He then founded SpaceX, a privately held rocket company that has contracts with NASA to take the space shuttle's role of resupplying the International Space Station.

He then took over Tesla around 2004, and it produced the world's first all-electric, zero-emission sports car in 2010. The same year it went public. Tesla became the world's most valuable carmaker in 2020 and its skyrocketing success helped Musk become the world's richest person in 2021.

His third company was SolarCity, a provider of solar power systems. He currently serves as the chairman of the company. He also founded Neuralink, a neurotechnology company that is developing implantable brain-computer interfaces.

In 2022, Musk bought Twitter Inc. for $44 billion after acquiring a stake in the social-media firm. He renamed the company X Corp. in April 2023.

Ownership of Companies and Salary

Musk owns about 21% of Tesla between stock and options and takes no salary as the CEO of Tesla. However, he had a highly unusual and extremely lucrative bonus plan tied to the company's market cap milestones.

Further, SpaceX is worth nearly $150 billion, according to Forbes. After it bagged a $750 million tender in 2023, the company’s value increased nearly five folds.

The Boring Company, which aims to defeat traffic by creating underground tunnels, raised $675 million in 2022 at a $5.7 billion valuation, per the company’s website.

Real Estate Assets

In May 2020, Musk pledged that he would sell almost all of his physical assets. At the time his real estate portfolio was about $114 million, as per the New York Post. Musk’s first sale came with four neighboring Bel Air homes for $61.8 million in December 2022, as per the Post. Musk bought the properties in 2018 including a main home and three other adjoining properties to create a privacy buffer.

He also owned a two-story house on Somera Road, Los Angeles, which he bought for $24.25 million in 2016. This six-bed, seven-bath house spanned 9,300 square feet, according to Realtor.com. Musk sold the property for $29.7 million, making a $5.45 million profit.

Among his several other properties, Musk also owned a luxury mansion on Chalon Road, LA, which he bought for $17 million in 2013. The 20,200-square-foot mansion features a two-story library, a theater, and a 1,000-bottle wine cellar, per the Realtor. Musk sold the mansion for $29 million making a $12 million profit.

While Musk swiftly sold all of his properties, his last remaining property was the Hillsborough Estate located between San Francisco and San Jose. Musk listed the estate for sale at a whopping $35 million. The 105-year-old stucco mansion features nine bedrooms, nine-and-a-half bathrooms, hardwood floors, a banquet hall dining room, and more. Musk finally sold the mansion for $32 million in 2021, making about an $8 million profit, as he had bought the property for $23.4 million in 2017 as per the Post.

Social Media Following

Net Worth Over The Years

Personal Life

Musk has been married twice. He was married to actress Talulah Riley. He was also married to Canadian author Justine Wilson from 2000 to 2008, with whom he had five sons. He has also been romantically involved with Canadian musician Grimes since 2018, and he has three children with her. The two recently split and are in a custody battle. Currently, Musk is has 11 children from three different partners.

Musk was also in a relationship with Amber Heard for four months before breaking up in August 2017. However, they dated on and off in the months that followed before finally calling it quits in 2018.

FAQs

How old is Elon Musk?

Elon Musk is 52 years old.

How many kids does Elon Musk have?

Elon Musk has 11 children with three different women.

What is Elon Musk's IQ?

Elon Musk's IQ is reported to be 155,

What is Elon Musk’s net worth?

Elon Musk has an estimated net worth of $198 billion, as of November 2, according to Bloomberg’s Billionaire Index.