When we talk about a billionaire’s wealth, it seems normal until you look at his daily, hourly, and per-second earnings. There are rich people who earn daily wages in thousands of dollars. And then there is Elon Musk.
From his massive net worth growth in 2023, estimates show that the tech guru has an average daily earnings of $354 million.
Read on for more about Elon Musk’s net worth, his daily earnings, and how we arrive at the estimated figure.
A Brief Introduction of Elon Musk
When talking about the richest people, few names in the global business sphere compare to Elon Musk. He is a tech guru who has brought to life some of the most successful companies in the world. One of these companies is the online payment platform PayPal. Others are Tesla Motors and the private aerospace company SpaceX. Given his massive net worth of $225 billion, just how much does the tech magnate earn in a day?
Elon Musk was born in South Africa in 1971. He left his home country for America in 1988 with a backpack and $2,000. Though he was escaping the apartheid rule of compulsory military service, he also believed in the American dream.
The Tesla CEO is worth $225 billion, making him the wealthiest person in the world. After the Twitter acquisition in October last year, Elon Musk continues to solidify his position as the richest man in the world.
How Do We Calculate Elon Musk’s Daily Income?
Calculating the daily earning of a person like Elon Musk is quite a challenge. This is because the SpaceX founder does not earn a traditional salary. Elon Musk’s earnings rely on the stock market. This means he can lose or gain in a day.
Let us first look at Musk’s daily earnings over the past decade. He became a billionaire in 2012 with a net worth of $2 billion. It took him only ten years to climb up the ladder and take the lead as the richest man in the world. Since the tech guru has kept his private wealth private, we rely on the available data to calculate his earnings.
In January 2013, Elon Musk was worth $2.6 billion. According to Forbes’s real-time billionaire list, his current net worth, August 2023, is $225 billion. This means Musk added $222.4 to his net worth in ten years. Dividing this net worth by ten years comes to an annual income of $22.24 billion, $185 million monthly, and $15.4 million daily.
It is important to note that this data is based on estimates using the available information and possibly not 100% accurate. For instance, Elon Musk entered the Guinness Book of World Records in 2022 after a massive wealth loss of $182 billion. This left the techno king with an estimated net worth of $140 billion as of January 2023.
How Much Did Musk Make Per Day in 2023?
Over the past few months of the year, Elon Musk regained his position as the wealthiest person in the world. Calculating his actual income is impossible since he does not receive a salary from his companies.
As such, we subtract his January net worth of $140 billion from his current net worth of $225 billion. This brings us to a $85 billion gain in eight months. To arrive at his daily income in 2023, we divide this net worth difference over eight months. This comes to $10.6 billion per month and $354 per day.
There are several factors that make it impossible to arrive at the exact amount. For example, on October 25, 2021, Hertz ordered 100,000 Teslas. Though this order plummeted Tesla’s stock, it boosted Elon Musk’s net worth by $36 billion in a single day.
Take a Look at How Much Money Elon Musk Makes Every Minute:
Brief Overview of Elon Musk’s Business Empire
SpaceX: A Galactic Venture
Elon Musk founded Space Exploration Technologies, SpaceX, in 2002. The company’s primary goal was to build affordable space rockets capable of ferrying goods to space and, eventually, people. Over the next four years, SpaceX developed its first rocket, Falcon 1, launched in 2006. The rocket did not reach Earth’s orbit. But after several trials and development, it finally entered Earth’s orbit in 2008.
At this time, NASA was looking for a suitable program to replace its space shuttle program. After SpaceX successfully launched into space, NASA decided it was the best alternative for its space shuttle program. The two organizations entered a contract that saw Elon Musk use the Falcon 9 rocket to resupply International Space Station.
SpaceX has helped NASA develop its first commercial spacecraft that docked at ISS. SpaceX built the spacecraft that launched into the Earth’s orbit with a human crew.
Through SpaceX, Elon Musk built and launched Falcon Heavy, the rocket that replaced Falcon 9. He also developed Starlinks, an internet company with the goal of supplying the internet to the remotest areas of the world.
Tesla’s Electrifying Impact
Tesla Motors was the brainchild of Marin Eberhard and Marc Tarpenning. They founded the automotive company in 2003 to manufacture electric vehicles. Elon Musk joined Tesla by buying shares worth $6.5 million. The share purchase made him the biggest shareholder and the board chairman.
Within two years of his leadership, Tesla developed and sold over 2,000 roadsters. The company held a public offering that raised $226 million. Musk used this amount to launch models S, X, Y, 3, and the Cybertruck.
In addition, Elon Musk opened mega factories in different parts of the world to manufacture EVs and lithium-ion batteries. Musk is still the company’s CEO and continues to lead it to greater heights of success.
Neuralink, Boring Company & Other Ventures
Elon Musk has founded many brilliant technology companies, such as SpaceX. The tech guru has also launched some crazy ventures, such as The Boring Company and Neuralink. The Boring Company has only one goal, to ease city traffic by building a hyperloop system. Neuralink aims to connect the human brain to computers.
How Elon Musk’s Daily Earnings Compare to Other People’s Salaries
Elon Musk Vs. The Average American
Elon Musk has estimated daily earnings of $354 million in 2023. According to the Bureau of Labour and Statistics, the average person in the U.S. has an annual income of $74,738. Let us put this information into perspective. An average American will work for 4,737 years to match Elon Musk’s daily earnings. He earns more in a minute than many Americans throughout the year.
Factors That Drive Elon Musk’s Daily Earning
Company Stock Prices
Elon Musk does not receive a regular paycheck as we do, and he ensures that we are constantly reminded. Musk makes his money through stock options. His massive net worth is tied up in his SpaceX and Tesla stock. He holds the largest Tesla stock at 13.04%, representing 412.6 million shares. He holds 47.4% of SpaceX shares.
The tech guru’s income greatly depends on the market value of these company shares. For instance, Musk made $36 billion on October 25, 2021, following a surge in Tesla’s share price. This was caused by Hertz’s massive order of 100,000 Tesla vehicles.
Tesla and SpaceX are trendsetters in the technology industry, explaining why the Tesla CEO’s wealth skyrockets by the day. Tesla plays a pivotal role in the revolutionary EV industry, and SpaceX is setting the bar for space exploration.
Ventures and Acquisitions
Another one of Elon Musk’s money-making tricks is ventures and acquisitions. He has a portfolio of companies he has founded and others he acquired. He invests in ideas that he loves, which are quite diverse.
For example, he invests in renewable energy through Tesla and space exploration through SpaceX. He also explores neurotechnology through Neuralink and infrastructure through The Boring Company.
Elon Musk sold his first video game source code for $500 at the age of 12. In 1999, he founded the X.com venture. This was one of the world’s first online banks insured by the Federal Deposit Insurance Corporation. In 2000, he merged X.com with Confinity, a payment and cryptography company founded by Peter Thiel, Max Levchin, and Luke Nosek.
In 2001, the merger became PayPal, and Elon Musk became its largest shareholder, with 11.7%. In 2002, eBay bought PayPal for $1.5 billion. Musk received $180 million from the sale. In 2022, he acquired Twitter for $44 billion. He has since changed the platform’s name to X.
FAQs
How Much is Elon Musk’s Hourly Income?
Though Elon Musk’s income relies on equity in companies he invests in, we assume that he earns throughout the 24 hours of the day. In this regard, we divide his estimated daily earnings of $354 million over 24 hours. This means he earns approximately $14.75 million per hour.
We could also work around the same using the stock market open hours. But that will mean we have to consider all the weekends and holidays within the year.
How Much Money Does Elon Musk Have Now?
According to Forbes’s real-time billionaire list, Elon Musk has a net worth of $225.3 billion.
How Rich was Elon Musk at the Age of 17?
According to a Tweet Elon Musk shared in 2018, he arrived in North America at 17 with only $2,000 and a backpack filled with books. He left South Africa, his birth country, to chase the American dream.
What is Elon Musk’s IQ Score?
Elon Musk has an IQ score of 155, among the highest. His high IQ score makes him quite creative and quick to solve difficult problems.
How Many Hours of Sleep Does Elon Musk Get?
According to an interview with CNBC on May 2023, Elon Musk has increased his sleep time to six hours a night. He said his initial three hours hurt his brain.
Does Elon Musk Work 100 Hours Weekly, or Is This Just Occasional?
Before he upped his sleep time to six hours, Elon Musk used to work for at least 20 hours a day, up to 120 hours a week. The former Twitter CEO, Jack Dorsey, faulted this plan, terming it bullshit.
Conclusion
Speaking about a billionaire’s wealth seems normal until you break it down to hourly and per-second rates. His extraordinary daily income of $354 million is rooted in his groundbreaking ventures like Tesla and SpaceX. These trendsetting companies are out to change the world in many ways.
