Ever wondered “How much does Elon Musk make a year?”

As the CEO of multiple high-profile companies like Tesla and SpaceX, Elon Musk’s income is a topic that piques many people’s interest.

According to the Bureau of Labor Statistics, the average person makes approximately $51 per day. However, with an estimated net worth in excess of $234 billion, Elon Musk‘s daily earnings are far from ordinary…

In this post, we examine Elon Musk’s annual earnings and sources of wealth from ventures such as SpaceX, Tesla and Twitter, as well as his extravagant spending habits. We also explore how he spends his enormous fortune.

We even answer most important questions, including:

  • Why did Elon Musk name his child X Æ A-12
  • Why is Elon Musk turning Twitter into a free-speech platform?
  • Is Elon Musk really the world’s richest African American?

…And much more!

By the end of this post, you will know everything you need to know about Elon Musk and his astonishing yearly income.

“I think it is possible for ordinary people to choose to be extraordinary.” — Elon Musk

So how much does Elon Musk make a year? Let’s find out!

Who Is Elon Musk?

Elon Musk, a name that has become synonymous with innovation and technology, is one of the most influential figures in today’s tech world. 

Born on June 28, 1971, in Pretoria, South Africa, he moved to the United States to attend the University of Pennsylvania.

Musk made his first significant mark on the digital landscape by co-founding PayPal, which was later sold to eBay for $1.5 billion in 2002 (Elon got $200 million for his stake in the company).

This success set him up as an entrepreneur capable of disrupting traditional industries through innovative technology.

But Musk’s entrepreneurial journey didn’t stop there…

In fact, it was just beginning! After PayPal’s sale, Musk founded SpaceX, an aerospace manufacturer and space transportation company with a vision to make space travel affordable and accessible for everyone.

Besides SpaceX, Tesla Inc., Neuralink, and The Boring Company are some other ventures where Musk has played pivotal roles. 

His leadership at Tesla has been particularly noteworthy; under his guidance as CEO since 2008, the electric vehicle manufacturing company has revolutionized the automobile industry with its cutting-edge technologies.

Musk’s ambition doesn’t end with transforming transportation both on Earth and in Space—he also aims to merge humans with artificial intelligence via Neuralink.

How Much Does Elon Musk Make A Year

As one of the most successful entrepreneurs in the world, Elon Musk’s annual earnings are a topic of great interest. However, determining his exact income can be complex due to his various business ventures and unconventional compensation plans.

The primary source of Elon Musk’s income is through his roles as CEO at SpaceX and Tesla, including his stock options…

In 2023, he reportedly earned $595 million from Tesla alone thanks to an ambitious pay package tied directly to company performance milestones. This remuneration model means that if Tesla performs well on key metrics like market capitalization or profitability, then Musk stands to earn billions.

Musk also draws significant wealth from SpaceX. 

Although private companies do not disclose salaries publicly, it’s estimated that he earns a substantial amount considering SpaceX’s valuation recently soared past $100 billion.

Calculating Elon Musk’s Yearly Income

The easiest way to calculate how much Elon Musk makes a year is to use his net worth over the last 5 years. 

In 2018 Elon Musk’s net worth was “only” $19.9 billion, while today in 2023 it has reached over $234 billion! Using these numbers, we arrive at the following conclusions:

  • Per Year: $42.82 Billion
  • Per Month: $3.57 Billion
  • Per Week: $832.58 Million
  • Per Day: $118.94 Million
  • Per Hour: $4.96 Million
  • Per Minute: $82,600
  • Per Second: $1,376

As of 2023, Elon Musk makes approximately $42.82 billion per year from stock appreciation from companies like Tesla and SpaceX.

Elon Musk’s Other Sources Of Income

Besides these two main sources, other smaller revenue streams include SolarCity (now part of Tesla), The Boring Company, Neuralink, and more, which contribute to boosting his overall yearly earnings.

A notable aspect about Elon’s salary structure is that unlike traditional CEOs who receive hefty base salaries with bonuses on top, Musk has opted for a riskier but potentially far more lucrative approach where he primarily gets paid only when certain aggressive growth targets are met by his companies. 

You can learn more about this unique arrangement in this detailed analysis by Forbes.

To sum up, given the numerous variables involved including stock options vesting schedules and varying performances across different businesses, estimating how much exactly Elon makes per year becomes challenging. 

Nonetheless, based on available data, it appears safe to say that Mr. Musk certainly ranks among some of the highest-earning individuals globally today.

How Much Does Elon Musk Make From SpaceX, Tesla, And Twitter?

The earnings of Elon Musk, one of the most influential entrepreneurs in the tech industry today, are a hot topic. His income is derived from multiple sources, including his companies SpaceX and Tesla.

Musk’s salary from these ventures varies greatly from year to year, largely due to the performance of his businesses and their stock prices.

In 2023 alone, it was reported that Musk made an astonishing $595 million per week. This figure was derived from the surge in Tesla’s stock value over that time period.

Earnings from SpaceX

Musk founded SpaceX, a private aerospace manufacturer and space transportation company, back in 2002 with the goal of reducing space travel costs and enabling colonization on Mars. 

As CEO and lead designer at SpaceX, he draws no salary but owns the majority of shares, which have significantly increased over time as well.

Earnings from Tesla

At Tesla Motors, where he has served as CEO since 2008, Musk takes home a minimum wage salary for tax purposes but refuses to cash it out. 

Instead, his compensation plan is tied directly to company performance milestones, such as market cap targets or operational goals like vehicle production numbers.

Earnings from Twitter?

Reports have been circulating about Elon potentially taking a sizable interest in Twitter, the popular social media platform, although nothing has been verified as of yet. 

If this happens, it could potentially add another stream of revenue for him, given Twitter’s global reach and profitability potential.

Elon Musk Net Worth – A Detailed Overview

Elon Musk, the visionary entrepreneur and CEO of SpaceX, Tesla, and Neuralink, has a net worth that is as dynamic as his innovative ventures. 

His wealth fluctuates with the stock prices of his companies.

The Forbes real-time billionaires list provides an up-to-date estimate of Elon’s net worth. According to this list, he was briefly the richest person in the world in 2023.

A Look at The Numbers

In January 2023, Elon’s net worth soared past $185 billion due to a surge in Tesla’s share price, temporarily surpassing Amazon founder Jeff Bezos

However, fluctuations in Tesla’s stock have since affected his ranking on Forbes’ billionaire list.

By August, his net worth had reached an astonishing $234 billion, a number that puts him at the top of the list of the richest people in the world.

Tesla Shares Influence Wealth

Musk owns about 20% of Tesla’s shares, which significantly impacts his overall wealth. In fact, more than half of his fortune comes from Tesla alone

This explains why any change in its stock price can have a drastic effect on his net worth.

Wealth Comparison With Other Billionaires

To provide some perspective on Elon Musk’s wealth, even after recent declines in stock prices, he remains among the top five wealthiest people globally

He often competes with other billionaires like Bernard Arnault and Bill Gates for these positions.

The Future Of His Wealth

If we consider Elon’s ambitious plans for Mars colonization through SpaceX or revolutionary transportation ideas like Hyperloop or Boring Company tunnels, it seems likely that Musk will continue to grow his fortune exponentially.

Elon Musk Net Worth By Year

Understanding Elon Musk’s net worth requires a look into the past. His wealth has seen exponential growth over the years, thanks to his numerous successful ventures.

Musk’s financial journey is truly an inspiration for any budding entrepreneur or business professional.

How Elon Musk’s Net Worth Changed Over Time

  • 2014 = $8.4 Billion
  • 2015 = $12.1 Billion
  • 2016 = $10.7 Billion
  • 2017 = $13.9 Billion
  • 2018 = $19.9 Billion
  • 2019 = $22.3 Billion
  • 2020 = $24.4 Billion
  • 2021 = $151 Billion
  • 2022 = $219 Billion
  • 2023 = $234 Billion

The Journey Begins – 2008

In 2008, Elon was on the brink of bankruptcy. Both Tesla and SpaceX were struggling, but he managed to keep them afloat with his personal funds.

A Billionaire – 2012

By 2012, after several successful SpaceX launches and Tesla Model S sales, Musk had become a billionaire with an estimated net worth of $1 billion.

The Rise Continues – 2015-2020

Between 2015 and 2023, Elon’s fortune saw rapid growth due to increased sales of Tesla cars and multiple successful missions by SpaceX. Between 2016 and 2023, Elon’s net worth surged from $13 billion to an estimated $27 billion.

An Unprecedented Surge – The Present Day

In recent times (as per Bloomberg Billionaires Index), Musk’s wealth skyrocketed, making him one of the richest people on Earth. 

As per reports from the July-August timeframe in 2023, his total assets are valued around the $220-230 billion mark, significantly higher than previous years’ records. 

This dramatic increase can be attributed largely to Tesla’s soaring stock price along with other factors like the success rate in space exploration missions, etc.

Elon Musk’s Business Ventures

Elon Musk is a serial entrepreneur known for his role in creating some of the most innovative companies of our time. His journey started with Zip2 Corporation, an online city guide software company, which was sold to Compaq for $307 million.

Musk then co-founded PayPal, the world-renowned payment system, and made a fortune when it was bought by eBay for $1.5 billion in 2002.

The real breakthrough came with SpaceX, founded in 2002 with the goal of reducing space transportation costs and enabling the colonization of Mars. Today, SpaceX has launched numerous satellites into orbit and transported cargo to the International Space Station (ISS).

Tesla Motors and SolarCity

In addition to SpaceX, Elon also heads Tesla Motors – a leading electric vehicle manufacturer that aims to make sustainable energy mainstream. 

Additionally, Elon serves as chairman of SolarCity – a top US solar panel installation provider.

The Boring Company and Neuralink

Beyond these ventures, Musk continues pushing boundaries through The Boring Company – aiming to revolutionize transport infrastructure via underground tunnels; and Neuralink – working on implantable brain-machine interfaces (BMIs).

OpenAI and Starlink

Musk’s other notable projects include OpenAI – an artificial intelligence research lab; and Starlink – a satellite internet constellation being constructed by SpaceX, providing satellite Internet connectivity worldwide.

Ambitious Future Projects: Hyperloop and Mars Colonization

Last but not least are his ambitious future plans like Hyperloop – high-speed travel within vacuum tubes; and colonizing Mars – turning humans into a multi-planetary species.

How Does Elon Musk Spend His Money?

Being one of the wealthiest individuals on the planet, Elon Musk has access to a vast fortune. But how does he spend his money? Let’s explore.

Musk is known for his extravagant purchases and investments in various sectors.

The Tesla CEO owns multiple properties across several states but recently pledged to sell most of them as part of his goal to “own no house.” 

He also spends heavily on innovative technology and research through companies like SpaceX and Neuralink.

Musk’s Philanthropic Efforts:

A significant portion of Musk’s wealth goes towards philanthropy. He signed the Giving Pledge in 2012, committing much of his wealth to charitable causes. 

Some notable donations include $10 million to the Future Life Institute and funding projects focused on renewable energy and pediatric research.

Luxury Purchases:

In addition to real estate, Musk has made some unique luxury purchases over time. 

Musk has made some unique luxury purchases, such as a Lotus Esprit submarine car from a James Bond movie that cost him nearly $1 million and a private jet worth around $70 million.

Tesla And SpaceX Investments

Beyond personal spending, Musk invests heavily back into his businesses. 

A substantial amount goes into R&D at both Tesla and SpaceX with aims such as making electric cars mainstream or achieving multi-planetary human existence respectively.

Funding Future Ventures:  Musk also sets aside funds for future ventures that align with his vision – be it hyperloop transportation or developing brain-computer interfaces via Neuralink.

In conclusion (though not literally), while Elon Musk certainly enjoys certain luxuries afforded by immense wealth, he predominantly reinvests it back into technological innovation aimed at bettering humanity’s future.

Elon Musk’s Family Life

Born to a Canadian mother and South African father, Elon Musk showed a keen interest in reading and learning from an early age. 

His entrepreneurial journey began at just 12 years old when he sold a game code.

Musk is currently the father of nine living children.

In 2000, he married author Justine Wilson. They had their first son, Nevada Alexander, who tragically passed away from SIDS after ten weeks. Later, they decided to have five sons through IVF – twins Griffin and Xavier (born in 2004), followed by triplets Damian, Saxon, and Kai (born in 2006).

The couple divorced in 2008…

In December 2023, Elon welcomed another child named X Æ A-12 with musician Claire Boucher, also known as Grimes.

A Glimpse into Their Lives

Musk’s family life has always been under media scrutiny due to his high-profile status. Despite this attention, Musk strives to provide a sense of normalcy for his children

He often mentions assigning chores to them, emphasizing the importance of responsibility and hard work.

Maintaining Work-Life Balance

Musk’s work schedule is famously grueling, often exceeding eighty hours per week across all his ventures. 

Despite his demanding schedule, Elon still manages to make time for his kids, showing that even the busiest of people can attempt to balance their professional and personal lives.

Raising Future Innovators?

Similar to his own childhood, Elon encourages curiosity among his children

The boys are homeschooled, following what Elon refers to as “The Ad Astra School” model, which prioritizes nurturing critical thinking over conventional schooling methods.

Elon Musk Famous Quotes

As one of the most successful entrepreneurs in the world, Elon Musk has a lot to say about innovation, success, and the future. Here are some of his renowned sayings that invigorate millions everywhere throughout the world.

“When something is important enough, you do it even if the odds are not in your favor.”

This quote emphasizes Elon’s belief in pursuing what matters regardless of challenges. It reflects his approach towards building companies like SpaceX and Tesla against all odds.

“I could either watch it happen or be a part of it.”

Musk’s proactive mindset comes across clearly here. He encourages us to participate actively rather than being passive observers in life.

The Power Of Persistence

“Persistence is very important. You should not give up unless you are forced to give up.”

A testament to his relentless pursuit for innovation and progress, this quote from Musk reminds us never to quit on our dreams easily.

Innovation And Risk-Taking

“There’s a tremendous bias against taking risks. Everyone is trying to optimize their ass-covering.”

This statement underscores how risk-taking plays an integral role in achieving groundbreaking innovations – a principle he lives by while running businesses like SpaceX and Tesla.

Vision For The Future

“If we drive down the cost of transportation into space, we can dramatically improve things for humanity.”

Musk shares his vision for making space travel more accessible through this powerful quote – demonstrating why he founded SpaceX with its ambitious goals such as colonizing Mars.

Elon Musk Frequently Asked Questions

1. How Much Does Elon Musk Earn Per Year?

Elon Musk earns a staggering $42.82 billion per year, solidifying his position as one of the highest-earning individuals in the world.

2. How Much Does Elon Make Per Hour?

With an impressive income, Elon Musk makes approximately $4.96 million per hour, highlighting his substantial earning potential.

3. How Much Does Elon Musk Have Money?

Elon Musk’s net worth is estimated to be around $329.4 billion, reflecting his tremendous wealth accumulation.

4. Will Elon Musk Kids Inherit His Money?

It is unclear whether Elon Musk’s children will inherit his fortune, as financial matters regarding inheritance are often private and subject to personal decisions.

5. What Is Elon Musk’s IQ?

Elon Musk’s IQ is estimated to be 150 – 155, or as high as Albert Einstein and other legendary geniuses. 

His remarkable achievements and innovative thinking have showcased his intellectual brilliance.

6. Who Is The No 1 Richest Person In The World?

Currently, Elon Musk holds the title of the number one richest person in the world with a staggering net worth of $234 billion.

7. How Did Elon Get Rich So Fast?

Elon Musk’s rapid wealth accumulation can be attributed to his entrepreneurial ventures, such as Tesla, SpaceX, and other successful business endeavors.

8. Is Elon Musk Self Made?

Elon Musk is considered self-made due to his entrepreneurial initiatives and the founding of several highly successful companies, showcasing his determination and business acumen.

9. Who Is The Richest Person Alive?

As of now, Elon Musk holds the title of the richest person alive, with a net worth of approximately $234 billion.

10. How Many Hours Does Elon Musk Work A Day?

Known for his intense work ethic, Elon Musk reportedly puts in long hours – reportedly as much as 14-17 hours per day! 

He frequently does 100+ hour work weeks when he is trying to scale his companies.

11. What Does Elon Musk Own?

Elon Musk owns several notable assets, including Tesla, SpaceX, The Boring Company, Neuralink, and SolarCity, cementing his influence in various industries.

Verdict – How Much Does Elon Musk Make A Year

Calculating Elon Musk’s annual earnings is not as straightforward as it might seem. 

Unlike most CEOs, his salary from Tesla is minimal; instead, he relies on a complex compensation plan based on the company’s performance.

Based on our estimates, Elon Musk makes approximately $42.82 billion per year, thanks to the appreciation of his Tesla and SpaceX stocks.

According to CNBC, in 2023 alone, he unlocked four tranches of options worth billions each due to Tesla’s soaring stock price and market capitalization.

The majority of his wealth comes from owning shares in his companies rather than drawing a large salary or cash bonuses. In fact, Musk’s net worth largely fluctuates based on the share prices of SpaceX and Tesla.

In terms of weekly income? It varies greatly depending upon fluctuations in these businesses’ values. However, if we were to break down his $234 billion net worth into an approximate weekly figure over a year – it would equate to around $$830 million per week.

Elon Musk is rolling in dough, thanks to his mega-successful ventures like SpaceX, Tesla, and Twitter. While it’s hard to pin down his exact weekly earnings, it’s safe to say he’s raking in a boatload of cash. 

With a net worth that would make Scrooge McDuck jealous, Musk’s innovative ideas and entrepreneurial spirit keep him in the spotlight!