Throwback to 2008:
August – SpaceX witnessed its third continuous rocket launch failure. Founder Elon Musk nearly declared bankrupt. Both SpaceX and Tesla run out of cash. Musk knows he needs to turn things around.
September – Musk works very hard on the 4th rocket launch. The launch is successful.
December – Gets a contract from NASA for 12 flights worth $1.68 billion
9 years later:
Elon Musk’s net worth crosses $20 billion as SpaceX share prices skyrocket.
Earlier this year, Forbes released its list of the World’s Billionaires in March. According to this list, Musk’s net worth was valued at $13.9 billion, and as of today, his net worth is at $21.3 billion. This indicates that over the last 5 months, Musk added a whopping $5 billion to his net worth.
This surge in Musk’s wealth is twofold:
• On July 27, aerospace company SpaceX, closed a $350 million equity funding round, pushing the value of the company to $21.2 billion, according to financial data analytics company CB Insights. In 2015, SpaceX was worth only $12 billion. The jump in valuation added $4 billion to Musk’s net worth, according to Bloomberg.
• Tesla’s stock price also surged 7% on Thursday, after the company announced its quarterly results, despite some investors’ concerns about Tesla’s ability to deliver on its Model 3 production promise. The increase in share price added $800 million to Musk’s fortune, according to Bloomberg.
Musk is often labelled as the most futuristic entrepreneur. His startups: SpaceX, PayPal, Tesla, Hyperloop, SolarCity, OpenAI, The Boring Company, Neuralink and Zip2, rightfully justify such a tag.
Musk has a lot going for him too. The new Tesla Model 3 is ready to roll out its first line of production and is ready to boost production for thousands of units. SpaceX is also making major advances, currently working on reusable rocket parts that could bring down launch costs significantly.
“I’m not trying to be anyone’s savior. I am just trying to think about the future and not be sad. You’ll tell me if it ever starts getting genuinely insane, right?” said Musk in a TED talk a Vancouver, Canada.
Here is a timeline of Elon Musk’s journey so far: