Elon Musk net worth is skyrocketing higher than a SpaceX star-ship, as we all know the Tesla CEO and Co-founder is worth around whooping $177.3 Billion making the second richest man on the planet and was briefly the richest man in the world in January when his net worth climbed to $189.7 Billion.
Elon Musk Earns Way More Than Most Americans
As you might already know, Musk’s Net worth is tied to Tesla’s share price meaning it fluctuates over time. Elon musk gets richer as the price of Tesla stock climbs. In 2020 his net worth increased by a ridiculous amount and is still doing so in 2021. The amount of cash this billionaire makes in a single minute is just astronomical. Today we are gonna be looking at just how quickly Elon Musk makes money and how much.
Elon Musk has always been known as the billionaire who doesn’t care about money and has even said so himself. He said he is more concerned about changing the world and taking civilization to the stars. Elon Musk is a centi-billionaire only on paper as reports say he has about $548 million in debt, and the Tesla CEO even plans on borrowing more to have cash at hand.
Elon Musk’s income at Tesla is $0 and has never taken a paycheck from the company. This is standard practice for many CEOs like Jeff Bezos for example, his salary at amazon is $81,840, and that likely won’t change as he switches from CEO to executive chairman. So I know you might be wondering, how then does Elon Musk get paid if his salary is lower than that of a burger flipper?
Well, the answer is that Elon Musk is paid via a very complex compensation package that awards him lots of stock options when Tesla achieves certain stock, revenue, or profitability performance metrics.
For example, Musk received $50 Billion in stock option when Tesla’s market cap reached $650 Billion. At the time of writing Elon Musk owns about 240 million shares of Tesla which equates to 25% of the company.
Now it, not just Tesla that made Musk incredibly rich, he also owns 48% of SpaceX and his stake in the company is worth about $46 Billion. SpaceX’s most valuable venture is its Star-link satellite internet constellation which is valued at about $80 Billion. What funny is the fact that Musk’s path to becoming a billionaire practically happened overnight. It took far more longer for Bill Gates and Jeff Bezos to pass the $100 billion milestones.
We can’t precisely calculate how much musk makes in a minute because he doesn’t have any income, but what we do know is how fast his Net Worth is increasing. His net worth increased by $140 Billion in 2020 alone.
At the beginning of the year he was worth a mere $27 Billion (well that nothing), but at the end of the year, he was worth $167 Billion. Now with that, we can do the math of how much his net worth increased per day. Musk’s net worth increased by $383,561,643 per day in 2020. (insane right) let me break it down further for you, that $15,981,735 per hour and $266,362 per minute.
Now how does all this compare to the average American? Well according to the US Bureau of Labor Statistics, the median income for a full-time wager salary worker on a weekly basis is $936 per week, that $48,672 per year. That means Musk makes more than 5x more money in a single minute than what an average American makes in an entire year.